Home Insurance for Old and Historic Homes on the Bosphorus: What to Watch For

The Bosphorus shore is home to some of Istanbul’s most characterful houses. Neighbourhoods such as Yeniköy, Tarabya, Emirgan and İstinye have old stone buildings, timber mansions and apartment blocks built many years ago. Many expats and international families are drawn to these homes, whether they buy or rent. Living in one is a privilege, but from an insurance point of view it needs to be treated differently from a standard flat. This guide covers the general points to keep in mind when arranging home insurance for an older or historic property.

Why insurers look at old buildings differently

When insurers assess a home, they look at the construction style, the year it was built, the materials used and the overall state of maintenance. In older buildings these factors directly affect both the risk and the likely cost of any damage. A mainly timber building, for example, is assessed differently for fire; old plumbing and wiring can raise the chance of leaks and electrical damage. Repairs in these buildings may also call for more expertise and special materials than an ordinary flat.

That is why it is so important for the insurer to understand the building correctly when you request a quote. Incorrect or incomplete information can reduce the payout or lead to disputes when you make a claim.

Setting the right building value

The most common mistake with older buildings is setting the building value according to the market sale price or a standard cost per square metre. What insurance should be based on is the cost of rebuilding or repairing the building after damage. For a historic property, that cost may be higher than expected because of specialist craftsmanship, traditional materials and repair requirements under conservation rules.

If the building value is set too low, you may be underinsured. In that case, the claim payment can be reduced in proportion to the gap between the declared value and the real value. It is worth asking at the quote stage how the policy handles underinsurance.

Key risks and covers for older homes

Alongside the basic covers of a standard home policy, these areas become more important in older buildings:

• Fire and electrical damage: in buildings with old wiring, check the scope of cover for electronic devices and installations.
• Internal water and damp: leaks from old pipes and the humidity close to the shore can damage timber and plaster. Find out under which conditions the policy pays for internal water damage.
• Storm and roof damage: tiled roofs, bay windows (cumba) and decorative façades can be exposed to storm damage.
• Earthquake: DASK, Turkey’s compulsory earthquake insurance, protects the building up to a set limit. For older and valuable buildings, you may need to top up above that limit with the earthquake cover in your home policy.
• Debris removal and extra costs: check whether items such as debris removal and temporary accommodation after a major loss are included.

Restoration and renovation periods

Restoration or major renovation is common in older homes, and these periods need special attention. Scaffolding, opened-up plumbing and builders on site all change the risk profile. Some policies have specific conditions for renovation periods. Telling your agent before you begin a major restoration helps keep the policy valid during the work.

Once the restoration is finished, update the building value. The improvements may have increased the value of the building, and a policy that continues at the old value may not protect your investment.

Valuables and original features

Historic homes often contain antique furniture, paintings, carpets and collections. Such items may not be adequately protected within a standard contents value. Listing valuables separately in the policy, backing their value with documents and keeping photos makes the claims process easier. You should also clarify whether original ceiling decorations, timber doors or stained glass, which are part of the structure, are included in the building value or assessed separately.

Checklist when requesting a quote

1. Declare the construction style, approximate age and number of floors accurately.
2. Mention any plumbing, roof or electrical renewals.
3. Set the building value on the basis of rebuilding cost.
4. Provide a separate list of valuables.
5. Ask about the deductible and conditions for earthquake cover.
6. Tell the insurer in advance if you plan any renovation.

Looking only at the total price when comparing quotes can be misleading. Two policies may look similar yet differ in how they define the building, the scope of contents cover, deductibles and special conditions. With older buildings, some insurers may ask for extra information, photos or an on-site inspection; see this as a chance to put the policy on a solid footing rather than an obstacle. A building that has been described correctly means a claim without argument. If the building has several separate units, agree with the other owners whose policy covers the common areas and the roof. Keeping maintenance records, repair invoices and photos is also the easiest way to show the insurer that the building has been looked after.

For general points on choosing cover, read our guide home insurance: what to check before buying, and see the options on our home insurance page.

As Ailenizin Sigortacısı, we have compared the terms of different insurers since 1996 to arrange policies for old and unusual buildings. Call +90 530 375 89 61 or message us on WhatsApp for support in English, and we will review the quotes with you based on the features of your home.