Compulsory Earthquake Insurance
Earthquake insurance for earthquakes in Turkey is compulsory for residential buildings in urban areas. However it is often not enforced. The Turkish Catastrophe Insurance Pool was created shortly after the 1999 İzmit earthquake and is making payments for the 2023 Turkey–Syria earthquake On 6 February 2023, at 04:17 Time in Turkey, TRT (01:17 Coordinated Universal Time, UTC), a  7.8 earthquake struck southern and central Turkey and northern and western Syria. The epicenter was west–northwest of Gaziantep. The ear .... References {{Reflist Earthquakes in Turkey Insurance ...
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Earthquake Insurance
Earthquake insurance is a form of property insurance that pays the policyholder in the event of an earthquake that causes damage to the property. Most ordinary homeowners insurance policies do not cover earthquake damage. Most earthquake insurance policies feature a high deductible, which makes this type of insurance useful if the entire home is destroyed, but not useful if the home is merely damaged. Rates depend on location and the probability of an earthquake loss. Rates may be lower for homes made of wood, which withstand earthquakes better than homes made of brick. In the past, earthquake loss was assessed using a collection of mass inventory data and was based mostly on experts' opinions. Today it is estimated using a ''Damage Ratio'' (DR), a ratio of the earthquake damage money amount to the total value of a building. Another method is the use of HAZUS, a computerized procedure for loss estimation. As with flood insurance or insurance on damage from a hurricane or ...
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