TCIP with Mandatory Earthquake Insurance reimburses the financial damage caused by earthquake and earthquake related incidents such as fire, explosion, tsunami and landslide in cash within the limits specified in your policy.
Even if your building is completely or partially damaged, it is under collateral. The following sections of the building are covered in a combined or separate assurances:
- Building blocks
- Main walls
- Common walls that separate individual sections
- Garden walls
- Retaining walls
- Ceiling and floors
- Stairs
- Elevators
- Landings
- Corridors
- Roofs
- Chimneys
Complementary sections of the structure similar to those above
Circumstances outside the Coverage of Assurance
- Cost of removing debris
- Loss of profit
- Business interruption
- Rent deprivation
- Alternative lodging and workplace expenses
- Financial responsibilities and any other indirect damages that may be put forward to such an alternative
- All kinds of movable property, wares and similar
- All physical damages and death
- Immaterial compensation claims
For these types of damage, you may choose different home insurances that you will make in addition to Mandatory Earthquake Insurance.
TCIP aims to enable insurance holders to resume their lives safely after a possible earthquake disaster with Mandatory Earthquake Insurance.
“The earthquake will pass, life will continue…” TCIP says, providing assurance for the maximum amount determined by the increase in construction costs every year.The maximum amount of assurance given by TCIP is 150 thousand TL for all types of construction since January 1, 2013
When determining the maximum deposit amount, the cost of rebuilding the collapsed residential area (excluding land value) is taken into account.
The insurance amount (insurance price) – provided that it does not exceed the maximum colletaral amount – is determined by the size of the residence and structure style.
If the value of the dwelling exceeds the maximum colleteral amount provided by the TCIP, the insured may optionally receive colleteral guarantee from insurance companies for the surpassing amount.
To do this, you must have home insurance from private insurance companies. Mandatory Earthquake Insurance is generally an insurance system developed for residences within municipal borders.
- Under the Disaster Insurance Law No. 6305, following buildings are secured:
- Buildings registered to the deed and built as a residence on immovables on private property,
- Independent departments under the Property Law No. 634,
- Independent sections contained in these buildings, used for commercial, office and similar purposes,
- Residential built by state or given loan, due to natural disasters.
- Mandatory Earthquake Insurance also covers following structures that meet conditions above;
- Buildings with construction servitude,
- Buildings of which the classification isn’t in the deed and the title is “plot etc.”,
- The deed is also valid for cooperative housings that have not been allocated yet.
We would like to remind you that the insurance for residential buildings built before 2000, which do not yet have independent deed, can be made based on the insurance provider’s statement and with the information of the land deed.
Buildings that are out of Scope
The types of buildings out of the scope of Mandatory Earthquake Insurance are as follows:
Buildings and independent departments used as public service building or used according to Public Housing Law dated 9/11/1983 and numbered 2946,
- Buildings which are built by people that are registered to village population or live there, and are either in built-up area, nearby, or town side of a village
- All buildings used for commercial or industrial purposes,
- Buildings without projects and without engineering services,
- Buildings found to have been altered or weakened to adversely affect the carrier system,
- Buildings built against the relevant legislation and project that would adversely affect the carrier system,
- Buildings that have been decided to be demolished by authorized public institutions and buildings that are not suitable for domestic use, are not maintained, destroyed or abandoned.”
- You can get Arbitrary Earthquake Insurance for buildings outside the scope of MEI.
Village settlements – generally low income, no municipal supervision in buildings, and difficult to offer insurance – are excluded from coverage.
However, it is possible to have an Arbitrary Earthquake Insurance if desired for structures in villages.
Similarly, Arbitrary Earthquake Insurance can be made for buildings used for commercial and industrial purposes.
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