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Home and Contents Insurance in Turkey - FAQ's

18th July 2017

Home and Contents Insurance

How can you identify the building sum insured when you have your house insured?

When you have your house insured, the term 'building sum insured' used in insurance business means the sum needed to rebuild your house.

When a house is insured, it is based on approximate m2 construction unit cost prices that are identified according to the building structure and quality, and announced every year by the Ministry of Public Works and Settlement. You can find an approximate value by multiplying these prices by gross m2 of your building.

Insurance companies will provide the necessary information on this issue and help for calculation of the building sum insured.

The important point here is that the building sum insured is the rebuilding cost of the building, not its sales value. The land cost in the sales value of the building is not a concern for the insurance, and it should be considered that the land value remains even if the building is destroyed.

 

How can you identify the value of household goods when you have your house insured?

You should determine the value by assuming that what the purchase price would be if you bought your household goods today. Consequently, you are not to be subjected to an Under Insurance application in case of the potential loss in the future. And, the protection against inflation that has been determined annually in the beginning of the policy will protect the value of your household goods up-to-date.

I am a tenant or I want to have insurance only for my household goods. What should I do?

With Comprehensive Household Insurances, you may have insurance either only for building or your household goods. Moreover, you may have both of them insured. Thanks to the insurance provided based on the total value of your household goods; they are protected against fire, theft, earthquake, flood, overflow and other risks.

In identification of the values in your house, is an inspection carried out?

In such insurances, unless the sum insured is too high, no inspection is carried out. The number stated as the sum insured is used

Does Comprehensive Household Insurance cover common use areas in the apartment block?

If you inform your Insurance company, the common areas belonging to your share in the apartment block are included in your comprehensive household policy.

Are valuable assets such as antique, painting, collection, precious carpets included in the policy?

They can be covered by the insurance, provided that the sum insured for each asset is stated separately in the policy. However, if the sum insured is too high, a risk engineer or an adjuster specialized on this issue is assigned by the concerned insurance company for valuation.

What happens to the fire policy when the ownership of an insured asset is changed?

All rights and debts of the policy are devolved to the new owner. However, the case must be notified to the insurer in 15 days; otherwise the insurer doesn't have any liability. Nevertheless, the insurer or the new person entitled may ask for the cancellation of the policy in 8 days beginning from the date when they learn existence of the insurance.

In the household policy, are the household goods invoices demanded when damage occurs?

If damage occurs in the household goods in the scope of a household policy, no submission of an invoice is required. However, precious assets and antiques must be covered by the insurance, provided that the sum insured for each one is stated separately in the policy.

Do I have to lock up my jewelry that is insured in the scope of a Household policy?

To have your jewelry and cash money in your house insured against theft, you must keep them locked up. The value for the stolen jewelry and cash money that are not kept under lock and key are paid in proportion to the sum insured for the household goods. The total value is not covered.

Are damages to my neighbors such as overflow and fire are covered?

They are covered by coverage content and limits of Fire Liability Insurance stated on your policy.




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