Insurance and Pension

Mandatory Earthquake Insurances provides compensation for the material damages in your building caused by earthquake and earthquake-related hazards. The damages caused in the circumstances below are outside the coverage of the insurance:

• Debris removal expenses
• Loss of profit
• Business interruption
• Loss of rent income
• Alternative residence and business premise expenses
• Financial liabilities and similar indirect losses that may be asserted
• All kinds of movable property, goods and the like
• All bodily injuries and loss of life
• Non-pecuniary damages
• Damages excluding those caused by earthquake or fire, explosion, tsunami or landslide due to earthquake
• Damages that have occurred overtime due to the improper structure of the building itself, independently of the earthquake

For these kinds of damages, you can get different home insurances in addition to the Mandatory Earthquake Insurance.

TCIP provides a maximum amount of coverage determined according to the rise in the construction costs every year. As of January 1, 2013, the maximum coverage amount provided by TCIP is 150,000 TL in all building types.

If the value of the residence exceeds the maximum coverage amount provided by TCIP, you can get an additional coverage for the exceeding amount. For detailed information, you can visit our nearest branch.

In general, mandatory Earthquake Insurance is an insurance system developed for residences within the municipality borders.

In accordance with the Catastrophe Insurances Law No. 6305, the buildings specified below are within the scope of the insurance:

• Buildings constructed on privately owned real estates with title deed registration.
• Independent units within the scope of the Property Ownership Law No. 634.
• Independent units in these buildings, used as offices and similar commercial purposes.
• Residences constructed by the state or constructed with the loans provided by the state, due to natural disasters.
• Buildings with established construction servitude.
• Buildings which have not been amended a type at the title deed registry office, and appear as “land etc.” in the title deed registry.
• Co-op houses which have not been granted title deeds.

Insurance for residences without an independent title deed can be issued based on the statement of the person who is purchasing the insurance policy and the information that appears on the title deed of the land.

Building types that are outside the scope of the Mandatory Earthquake Insurance are as below:

• Buildings and independent units that are subject to the Public Housing Law dated 9.11.1983 and numbered 2946, or buildings and independent units that are used as public service buildings.
• Buildings constructed in the residential areas and the surroundings by permanent residents of a village who are registered in the village population.
• Buildings that are wholly used for commercial or industrial purposes.
• Buildings without a project that have not received any engineering service.
• Buildings that are detected to have been altered or weakened in a way to negatively affect the carrier system.
• Buildings that have been constructed in a way to negatively affect the carrier system, and that are not in compliance with the relevant regulations and the project.
• Buildings that have been decided to be demolished by the public authorities, and buildings which are in poor, destructed and abandoned condition, and therefore not suitable to be used as a residence.