Private health insurance, protect your family

First of all, it is important to recall that in Israel the "Insurance" budget of a household represents on average 20% of the family income, but the emphasis, among so-called "secular" Israelis, is essentially placed on health insurance and provident plans or car insurance, and much less on home insurance.

The reason is simple. Israelis, who have often seen their loved ones suffer from the shortcomings of the public health service, or be plunged into precarity overnight following the sudden death of a spouse, prefer to take precautions in terms of health insurance and life insurance, and consequently do only the minimum when it comes to home insurance.

When they are homeowners, most of the time, Israelis content themselves with insuring what is known as the walls as required by the bank that granted them the loan needed to purchase their home, but neglect other important points to know in order to properly insure their dwelling, which nonetheless constitutes the bulk of their assets...

We offer particularly interesting discounts that can allow you to insure your property optimally, benefiting from all the coverage available.

There are several levels of home insurance coverage:

The walls: this insurance concerns the owners of the property, whether they are occupants or non-occupants.

This coverage allows restoring part or all of a dwelling in which a claim has occurred, whether it is related to a plumbing problem, a short circuit, a partial or total fire INSIDE THE APARTMENT OR HOUSE ITSELF.

It should be noted that the reconstruction value is absolutely identical, whether the property is located in Mitspé Ramon in the south of Israel or in the upscale neighborhood of Tsahala in Tel Aviv. The reconstruction cost ranges from 6,500 to 9,000 shekels per square meter, depending on the finishes. This means, for example, that a 75 m² apartment is insured for the wall value at a minimum of 487,500 shekels, regardless of where it is located.

Damage caused by rain is not covered unless it involves a storm officially declared as such by the Israeli Meteorological Service.

Earthquake coverage is GENERALLY included by default in home insurance policies by Israeli companies due to the high risk of seismic activity. If an insured person does not wish to benefit from this coverage, they must sign a waiver, but in that case, it is not guaranteed that an insurance company will agree to issue them a policy, because these companies consider that in Israel the probability of such an event is very high.

Land value: this insurance also concerns owners, occupants or non-occupants.

This coverage is, unfortunately, very rarely mentioned by insurance firms, which are above all keen to offer competitive rates, because it has a cost, whereas it is particularly important.

This coverage does not apply to individual houses since the land belongs by default to the owner and they can be rebuilt identically even if the neighbors have not taken out this insurance, but only to apartments located in buildings which, in the event of a fire or gas explosion devastating the entire building, have little chance of seeing their building rebuilt and therefore of recovering their pre-claim apartment. Indeed, since few owners take care to subscribe to this insurance, when a gas explosion completely destroys a building as was the case in Natanya about ten years ago, or in Raanana following a fire two years ago, it is not possible to rebuild the building as it originally was. The owners who did not insure for the land value have nothing to show for it on television since they will only be compensated for the wall value and not for the actual value of their property.

It should be noted that the land value is generally calculated on a basis of 3 to 4 times the wall value. This means that if an apartment has a floor area of 120 m², the wall value, for a standard construction, will be 780,000 shekels (120 times 6,500 shekels), and therefore the land value will be a maximum of 3,120,000 shekels.

It is important to clarify that the wall value is not added to the land value but serves as the basis for calculating it.

It is obvious that it is not possible to follow speculative trends. If a 3-room apartment has 80 m², in the event of total destruction of the building, its owner will be compensated, thanks to this coverage, for a maximum of 4 times the wall value, but this compensation cannot track the speculative market if it is located in the Ein Kérem neighborhood of Jerusalem or in Névé Tsédek in Tel Aviv...

A minimum of 6 months is required for the compensation procedure relating to this coverage to be initiated, which is the time needed for the company to confirm that the building will not be rebuilt.

Even though the total destruction of a building remains rare, the risk exists , and when such a disaster occurs, owners are not in a position to purchase a new property if they did not take care to subscribe to this coverage beforehand.

Furniture and jewelry: this insurance concerns occupant owners and tenants.

As the name suggests, this insurance covers the value of furniture and jewelry in the event of a claim or burglary.

If the amount to be insured reaches at least 200,000 shekels, it is important to ask the insurance company to send an expert at least every 4 years to draw up a detailed list of the value of each piece of furniture or piece of jewelry, which will be essential in the event of a problem. The cost of this appraisal will be paid by the insurance company and not by the insured.

In any case, it is always advisable to take photos and short videos of the apartment or house with all the furniture and to carefully keep purchase receipts.

Finally, the more floors a building has, the higher the risk of a claim, and consequently, home insurance rates are higher.

There are still many points to address, such as third-party liability , coverage in the event of terrorist acts such as rockets , and deductibles that should be carefully checked .

For any additional information, please contact me directly at 054 307 0916 or by filling in the form below.

insurance jewelry insurance contract deductible Home tenant furniture walls insurance policy owner earthquake land value Do not wait to take out private health insurance, protect your family!

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