TCIP from A to Z... Is TCIP enough alone?

In our country, which is located on an earthquake zone, TCIP-Compulsory Earthquake Insurance can cover pecuniary damage caused by earthquakes, or the fire, explosion, tsunami or landslides resulting from an earthquake within the limits.

TCIP from A to Z... Is TCIP enough alone?

Catastrophe Insurance Pool (TCIP). If you are a home owner, Aksigorta has added the mandatory earthquake insurance to its services. However, while you can purchase your insurance in an Aksigorta agency, it is best to first understand the details of your coverage. Let's go over what you need to know, step by step.

General Information

  • TCIP was established after the big earthquake on 17 August 1999, and since the day it was founded, there have been damage payments of 48 million TL for 14 370 houses. The damage payments made until now are an indication that this insurance is important and necessary.
  • The Compulsory Earthquake Insurance provides security not only for coverage against earthquakes, but also for damages such as fire, explosion, tsunami or landslides as a result of earthquakes.
  • The Compulsory Earthquake Insurance provides not only services for the house, but also for businesses that are inside buildings where houses are located. So, this insurance is valid for businesses located under residences.
  • The requirement to have Compulsory Earthquake Insurance is quite clear; without the Compulsory Earthquake Insurance, you cannot have any deed action, electricity or water subscription made.
  • Since the Compulsory Earthquake Insurance is valid for one year, it must be renewed annually. When you renew your policy, you will earn a 20% discount.

Coverage of Compulsory Earthquake Insurance

Houses with deeds, as well as independent sections located in buildings, used for business, as offices or similar, are included in the Compulsory Earthquake Insurance. However, it does not cover village areas. Since the buildings in villages are not inspected by municipalities, and for reasons such as the presentation of insurance being difficult, these regions cannot be covered by the insurance. This is an exception, however, and if you are living in a house registered in the municipality and that has a deed, you must have Compulsory Earthquake Insurance.

The Insurance Amount May Change

Compulsory Earthquake Insurance Premiums are determined by DASK. The risk region, construction type, and the gross surface area of the residence affects the cost of the Compulsory Earthquake Insurance. Since the policy premiums are not determined by the agency, there may not be a price difference between the companies, however, the premiums will be different according to the regions and the risk levels of the buildings.

Is Compulsory Earthquake Insurance Enough Alone?

Although the Compulsory Earthquake Insurance covers the damages incurred by an earthquake, the coverage may not be enough for you. In order to completely secure your house and belongings, you can benefit from Aksigorta Home and Contents Insurance. When you combine the TCIP - Compulsory Earthquake Insurance with Aksigorta Home and Contents Insurance, you will enjoy the feeling of being safe. Whether you are a home owner or a tenant, the Aksigorta Home and Contents Insurance provides solutions to everything from electric failures, to damages caused in common areas of apartments. It also supports customers with free services such as a free locksmith service, glass replacement, or an ambulance coming to your doorstep.

With Aksigorta Home and Contents Insurance, you can combine your house and belongings together, or process these separately to identify the insurance value. In order to be a part of the beneficial and safe world of Home and Contents Insurance, please click here.

© Aksigorta, 2018