With the new regulation published in the Official Gazette last month, announced by the Insurance and Private Pension Regulation and Supervision Agency (SEDDK) communiqué, and which will come into force on September 5, the practice of transferring the ZDS policy to the new property owner in case of sale has been terminated.
According to information obtained from the Natural Disaster Insurance Institution (DASK), when a house is sold as of this date, the ZDS policy of the old home owner will not be transferred to the new home owner. The current policy will expire as of the date the sale is registered in the title deed upon the former homeowner's application to the insurance company or agency for cancellation. During the title deed process, it will be checked whether the person purchasing the house has a ZDS policy in his/her name.
From the perspective of those who sell their house, the premium amount corresponding to the unused days in the expired policy will be refunded to the person who insured or took out the policy upon the application of the previous home owner. Thus, after the sale, instead of transferring the old homeowner's policy to the new homeowner with an additional document, the ZDS policy will be issued in the name of the new owner of the house.
The new regulation covers the process of selling the house as well as other situations where the owner of the house changes other than the sale. In cases other than sales and sales-like transactions, the current ZDS policy will not expire and will continue with the new beneficiary of the house.
Due to transactions other than sales, the new beneficiary will be required to notify the insurance company that mediates the policy within 15 days from the date of learning about the existence of the existing policy. After receiving the notification, the relevant insurance company or agency will record the beneficiary change in the policy within 24 hours and give the updated policy to the new beneficiary.
"For premium refund transactions, the relevant insurance company or agency can be contacted."
Making evaluations regarding the regulation in question, DASK Secretary General Balkır Demirkan said that, as an institution, they closely follow the needs of the insured and the requirements that arise in practice, and that they work in constant consultation with SEDDK by identifying the needs for the more effective functioning of the ZDS system.
Explaining why the regulation is needed, Demirkan pointed out that it is important that the processes in the ZDS system are clear and understandable for citizens, and that the application is carried out in the same way for all parties.
Demirkan noted that the new regulation aims to clarify the process of how the existing policy will continue in case the owner of a house changes, to strengthen the unity of implementation and to issue the policy in the name of the correct person.
Referring to the process of premium refund for the unused period of citizens who sold their homes, Demirkan said, "Our citizens can contact the insurance company or agencies that issue their policies for the transactions regarding premium refund. The refund amount will be calculated according to the unused period of the policy, based on the registration date in the title deed." made the statement.
Stating that in the new practice, insurance companies and agencies will play an important role, especially in changes of beneficiary other than sales, Demirkan stated that they will not only record the change in the policy within 24 hours upon notification of the new beneficiary of the house and give the updated policy to the new beneficiary, but also that they will be the application point of citizens for the refund of premiums for unused days in policies that have expired due to sale.
Advice for those who will buy and sell a house in the new period
Balkır Demirkan gave the following advice to citizens who will buy or sell a house after September 5:
"In the new period, it is important for our citizens to consider ZDS policies as a part of the process, especially in home buying and selling transactions. Our citizens who sell their homes need to know that their current policies will expire with the sale process in the title deed and they need to contact their insurance companies or agencies for the premium refund for the unused days of the policy. Our citizens who buy a house will be checked whether there is a valid ZDS policy in their name before the title deed process."
Reminding that in cases of beneficiary changes other than sales, the current policy will continue with the new beneficiary provided that additional documentation is provided, Demirkan concluded his words as follows:
"In this case, the new beneficiary must notify the insurance company that mediates the policy within 15 days from the date of learning about the existence of the current policy. Following the notification, the necessary policy update will be made by the insurance company or agency within 24 hours. Our citizens can first contact the insurance company or agencies that issue their policies for transactions related to ZDS policies. If they cannot reach the insurance company or agencies or need information and support regarding the process, 'I have a message to DASK' on our website dask.gov.tr. They can reach our institution from the section.
