5/11//2010- According to recent figures from the Turkish Land Registry, there are 32,000 Brits who own homes in Turkey. However, many of these resident expats have been forced to change their home insurance provider this month following a legal challenge from the Turkish government.
Policyholders with insurance giant Intasure are being forced to look elsewhere for home insurance cover after the company admitted it cannot insure the home of Brits living in Turkey.
Legal challenge to insurance policies
According to newspaper Altinkum Voices, ‘the Turkish government challenged the legitimacy of full-time residents having home insurance with a foreign insurance operator.’
Clients of the insurance company recently received a letter from the Turkish Treasury confirming that it is illegal for full-time Turkish residents to hold their home insurance with a foreign insurance provider. The letters specifically mentioned Intasure.
Full-time British residents across Turkey now face re-insuring their homes and contents with a local provider.
If you are resident in the UK but have a second property in Turkey as a holiday home, you are not affected by this ruling.
Intasure withdraws from the Turkish resident market
In response to the ruling, Intasure said: “Turkish authorities have been in contact with some of our clients challenging the legitimacy of the Intasure policy sold to UK citizens who become Turkish residents.
“At the inception of the policy Intasure’s understanding was that we complied with legal requirements.
“However, following advice from our Turkish lawyers who have been in contact with the authorities, Intasure have decided to withdraw from insuring property in Turkey owned by Turkish residents.”
According to the authorities, you are considered a ‘resident’ in Turkey if you stay in Turkey for more than six months in any given year or if you have a legal domicile in Turkey.
Our advice is that if you are planning to buy a property in Turkey and move to the country, make sure you take out your home insurance with a local, not a UK based provider.
Are you looking to buy property in Turkey ? Kusadasi , Istanbul , Alanya , Mugla , Antalya
Are you looking to rent property in Turkey ? İstanbul , Antalya , Izmir , Dalyan , Mugla
Author
Nick Marr
I am an internet entrepreneur with a passion for driving big audiences and a love for real estate. I have had plenty of ups and downs which has given me the experience to help others launch their own businesses. I enjoy projects that save consumers time and money, challenge convention and add real value to peoples lives.