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DASK Mandatory Earthquake Insurance Coverage and Premium Amounts Increased

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The maximum coverage amount and minimum premium amounts for DASK Mandatory Earthquake Insurance have been raised. The Insurance and Private Pension Regulation and Supervision Agency made changes in the mandatory earthquake insurance tariff and instructions. HOW MUCH IS THE COVERAGE AMOUNT FOR MANDATORY EARTHQUAKE INSURANCE? According to the regulation published in the Official Gazette, the maximum coverage amount for Mandatory Earthquake Insurance for one residence has been increased from 1,272,000 TL to 1,704,162 TL. HOW MUCH ARE THE PREMIUM AMOUNTS FOR MANDATORY EARTHQUAKE INSURANCE? According to the regulation published in the Official Gazette, updates have been made to the minimum premium amounts for Mandatory Earthquake Insurance. Ranging from the first group to the seventh group according to risk, they have been updated to not be less than 1,441 TL, 1,283 TL, 1,092 TL, 1,024 TL, 765 TL, 546 TL, and 371 TL, respectively. The square meter cost basis for the insurance amount calculation has been set at 8,039 TL for reinforced concrete buildings and 5,359 TL for other buildings. Moreover, the fixed amounts stated in the regulation will be applied by increasing based on the monthly change rate of the Monthly Domestic Producer Price Index with the base year 2003=100 announced by the Turkish Statistical Institute (TÜİK) in the previous month. In case the announced rate is below zero, the rate will be considered as zero. In case of decimal points in the calculated amounts, the decimals will be rounded up.

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