Insuring your property and contents makes financial sense. But how do you choose the right cover for your holiday home in Turkey and who will insure you? We explain.
In our last article we ran through the compulsory insurance called DASK that provides a ‘bare bones’ coverage for earthquake damage.
But your property may also be subject to other risks such as fire, weather, subsidence, heave, landslips and other dangers that can render it a pile of rubble along with your contents including furniture, clothes, lights, TV, cooker and more.
Burglary is also an increasing problem in the area so covering your valuables against this risk makes sense too.
Choosing a Policy
If you followed our previous articles you should now be in a position to shop around for the right policy for the cover you require.
There are a great number of insurance providers in Fethiye ranging from the banks to branches of national insurance companies and insurance brokers.
By law all insurance sold in Turkey must be bought through a properly registered Turkish incorporated insurance company i.e. the insurance companies must have a licence to operate in Turkey.
There are 52 registered insurance companies in Turkey so there’s certainly a big choice to choose from.
Unfortunately websites that scour the market for the best policy price, as in the UK, don’t exist in Turkey yet to our knowldge. So that means you’ll need to take a trip to town and shop around.
It is worth getting a quote from Intasure first though to use as your benchmark when shopping around.
They resell insurance for homes in Turkey via a Turkish registered insurer Ray Sigorta so their policies are legal in Turkey.
Because Intasure sell them from the UK they have the added benefits of plain English policy wording, customer protection via the FSA and payments in Sterling.
It’s also worth asking your friends who they insure with and any claims experience they have.
Hit the Streets
When its time to hit the streets make sure you have all your requirements, as covered in our previous articles, written down so you can get as accurate a quote as possible.
Your first port of call will probably be your bank because it’s familiar. Turkish banks offer a wide range of home and contents insurance with monthly payment options.
Next try an insurance broker. Look in the local paper for companies offering this service.
Then try one of the agents of the national insurance companies such as Aviva, AIG, Zurich or the like.
You should also ask the insurance sales person to translate the policy for you so you understand the extent of the cover, excesses and the clauses that will force a claim to be rejected.
We’ve listed some of the common terms used in policies at the end of this article.
Compare and Contrast
When you have a selection of quotes it’s good practice to review them not only on price but also on the cover provided.
You may find after this review that the cover quoted is too high or low on some things.
If this is the case it’s worth revisiting the broker/bank or agent to find out if there is a possibility to increase/reduce cover and any premiums payable.
Don’t Forget DASK
Don’t forget that you will also need to purchase a DASK policy (The Turkish Catastrophic Insurance Pool) in addition to any buildings and contents insurance. Your insurance broker, agent of bank can do this for you.
Turkish Insurance Terms
A brief selection of words used in insurance policies.
- Bina – Building
- Esya – Furniture
- Degerli Esya – Valuable items
- Nakit – Cash
- Hirsizlik – Burglary
- Ferdi Kaza Vefat/Sakatlik – Personal Death or injury
- Ferdi Kaza Yillik – Annual death benefit
- Agac Deverilmesi – Tree damage
Building construction types
- Diger yapilar – other
- Yigma kagir yapilar – stone or brick
- Celik betonarme karkas – steel reinforced concrete
[span class=important]Please note that this article does not advise you on which particular insurance policy to take out but acts as a prompt for you to review your own insurance cover.[/span]