Protect Your Investments with Compulsory Earthquake Insurance (TCIP)

Protect Your Investments with Compulsory Earthquake Insurance (TCIP)

Due to its geopolitical position, Turkey is located on active fault lines such as North Anatolian, East Anatolian and West Anatolian Fault Lines.

These faults, which move from time to time, cause earthquakes.

As such, it is of great importance to take precautions against earthquake disasters that cause both life safety and material losses.

If we live in an earthquake zone, it is essential to be prepared for earthquakes and to be aware of this issue.

One of these preparations is to have "Compulsory Earthquake Insurance" or "TCIP". In this article, we will talk about Compulsory Earthquake Insurance and other details about TCIP.

What is Compulsory Earthquake Insurance (TCIP)?

Turkey has been faced with major earthquake disasters for many years. The great Marmara earthquake in 1999 and the recent Southeastern Anatolian earthquakes have remained in our memories as earthquakes that resulted in the deaths of thousands of people and caused great losses.

Of course, it is not possible to prevent or predict earthquakes in today's technology, but it is possible to be prepared for earthquakes.

- By building earthquake resistant structures,

- By creating emergency plans,

- By increasing social awareness about earthquake,

- By strengthening civil society organisations,

- We can secure ourselves against possible earthquake disasters by having Compulsory Earthquake Insurance.

 

In 1999, TCIP, which became compulsory with the Earthquake Insurance Law, offers financial assurance against earthquake risk.

In case a person who has Compulsory Earthquake Insurance experiences a possible earthquake disaster;

- The material damage suffered is covered,

If the material damages that may occur in disaster situations are covered by the policy, the insurance company makes the necessary payments after the damages are determined.

- Can benefit from a state-sponsored fund.

People who lose their property during an earthquake can have a new home with the fund in question.

Thanks to this assurance offered by Compulsory Earthquake Insurance, the insured can quickly compensate for their financial losses after a possible earthquake disaster and hold on to life again.

It is possible to obtain Compulsory Earthquake Insurance, which is valid for one year, through insurance companies or online insurance platforms.

The fees to be paid for the TCIP policy may vary according to the characteristics of the dwelling.

Is There a Penalty for Not Having Compulsory Earthquake Insurance?

Homeowners who do not have Compulsory Earthquake Insurance may face administrative fines.

However, in addition to this penalty, not having TCIP will be an obstacle to many processes.

For example; Title deed procedures cannot be completed without a TCIP policy.

During the title deed transactions of a real estate, land registry offices or notaries may request a TCIP policy. The TCIP policy, which is required for title deed transactions, must be among the documents requested for the title deed transaction.

Compulsory Earthquake Insurance is also important in terms of credit utilisation.

In order to obtain a mortgage loan, it is necessary to have Compulsory Earthquake Insurance. This ensures that both the homeowner and the bank are secured.

In the face of damages that may occur as a result of an earthquake, homeowners who do not have TCIP insurance may have difficulty in meeting their financial losses.

Earthquake is a reality. No matter how challenging it is to live this reality, it is possible to protect ourselves and our loved ones by taking precautions against possible situations.

Compulsory Earthquake Insurance is a must to live in a safe structure or to recover quickly and start over after a possible disaster.