Quick Sigorta will provide the biggest guarantee for home buyers and investors with its Building Completion Insurance

 
 

Quick Sigorta has launched QuickBina Tamamlama Sigortası (Building Completion Insurance), a product which has a critical role in preventing the aggrievements due to incomplete buildings and providing coverage for the payments of consumers and new non-cash funds for Turkish economy.

 

Ahmet Yaşar, General Manager of Quick Sigorta, announced that they completed the preparation works for Building Completion Insurance and started issuing policies. “Building Completion Insurance entered the agenda of our market with the aim of preventing the potential aggrievements to be incurred by people wishing to become homeowners, and first became a part of our legislation as of 28 ma 2014 after being published in the Official Gazette on 28 November 2013 as a part of the Law on Consumer Protection no. 6502. The insurance is bought during Prepaid Home Sales and Prepaid Timeshare Sales. On 11 March 2015, Undersecretariat of Treasury published the General Terms for Building Completion Insurance, which was the first legislative arrangement for the insurance business.

 

On 10 December 2018 and 21 June 2019, when the insurers had not paid enough attention to the topic yet, new laws and regulations were published on the Official Gazette, building contractors became obliged to either buy building completion insurance or comply with other safeguards and conditions determined by the Ministry in order to get the license for their buildings for projects to be conducted at risky areas and parcels that house risky buildings that fall under the scope of  Law no. 6306 on Transformation of Areas under Disaster Risk,” he said.  

Ahmet Yaşar reminded that with the regulation dated 2 September 2019 that amended the implementing regulation of Law no 6306, contractors became obliged to give commitments on stated conditions to get their building licenses, but were exempted from this obligation incase of buying building completion insurance. “Thus, building completion insurance became a warranty requested and accepted by regulators for both prepaid home sales and urban transformation projects. As a result, this insurance product started providing coverage for beneficiaries who are trying to own houses against the risks of uninitiated and incomplete constructions or projects. Now, thanks to the assurance provided by Quick Sigorta, home buyers will own a roof over their heads without worrying whether their homes will be delivered by contracts or not, investors will protect their savings, and construction companies will gain advantage in their sales by getting coverage for their buildings without reducing bank loan limits,” he added.  

 

Stating that Quick Sigorta kept working for the national economy, Ahmet Yaşar underlined that Building Completion Insurance, which provides coverage for home buying consumers and landowners within the scope of urban transformation projects, and construction companies, was launched in Turkey by Quick Sigorta as an expert in financial insurance products.  He added that they began to receive serious number of demands immediately after launching the product. Saying that Quick Sigorta was ready for transactions related to building completion insurance and other products with 2500 agents in 81 cities and 600 provinces, Ahmet Yaşar invited interested parties to visit www.quicksigorta.com/bina-tamamlama for detailed information and application process.

Vital product for protecting investors

Stating that real estate is one of the most important asset classes for investors in Turkey, Yaşar said Turkish investors regarded especially new housing projects as investment tools. “New home sales can be considered among the riskiest investments. But investors may prefer these types of investments to increase their expectations of return on investment. Sometimes, individual investors do not understand the risk they are taking and adjust their return expectations accordingly. In that respect, QuickBina Tamamlama Sigortası will become a vital product both in terms of designing projects with accurate risk levels and protecting individual investors when/if the risks are realized.”

 

Quick Sigorta’s priority is to ensure that buildings are completed

 

Within the scope of building completion insurance, insurance companies repay the consumers’ with legal interest or they complete the buildings themselves and deliver the houses to consumers,” said Ahmet Yaşar. Underlining that Quick Sigorta’s first priority was to complete the buildings in order to ensure that homebuyers or investors reach their ultimate goals, Ahmet Yaşar added as follows: “We will closely monitor the business plans, finance models, and risks of new housing projects and help construction companies manage them effectively. If the risks are realized and aggrieve the consumers and investors, we will directly get involved in the project and ensure that the projects are completed, preventing small investors from incurring losses. In that sense, our product will ensure the financial security of small and individual investors and even qualified investors; thus, playing a vital role in improving the investment climate.”

“We will support Anatolia”


Saying that everyone including consumers, investors, constructors, business developers win thanks to Quick Sigorta, expert of financial insurance products, Ahmet Yaşar underlined that eventually Turkish Economy was the real winner.

 
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