Turkey updates DASK earthquake insurance refund rules

New regulations regarding compulsory earthquake insurance (DASK) policies have been implemented in Turkey following a recommendation from the Ombudsman Institution (KDK).

The change addresses grievances from homeowners who faced difficulties reclaiming unused insurance premiums after selling their properties. Previously, new owners often took out separate policies, leading to redundant coverage and complex refund processes for the original owners.

According to the new regulation published in the Official Gazette, when a residential property is sold, the existing DASK policy for the previous owner will terminate as of the title deed registration date. The premium corresponding to the unused days of the policy will be refunded to the former owner. The new owner will then be required to maintain a separate DASK policy.