Home insurance

There is no doubt that today’s culture of increased consumption leaves us with possessions that accumulate over the years. How can we protect our property? For this purpose, we purchase home contents insurance.

An insurance policy for the contents of the apartment is a basic and standard policy, the terms of which have been determined by the Ministry of Finance, and any insurance company may add additional clauses for the benefit of the consumer in order to improve it.

The basic coverage is coverage against fire: the damage of fire and smoke breaking out outside or inside the house, may cause great damage to our property and even destroy it completely. The policy covers burglary and theft damages, both compensation for the stolen property, and for its destruction during the burglary. Additional coverages included in the policy cover damage from natural damage, which mostly occurs during the winter: such as storm damage, flood, hail or snow. The policy covers damages that were caused as a result of the explosion of the water pipes, causing damage to furniture, carpets, and even clothes in closets.

There is no doubt that earthquake coverage is one of the most important coverages in the policy. Today there is no certainty that the state will compensate us during an earthquake, and if it does, the compensation may be in an amount significantly lower than the value of the contents we have.
Another coverage, just as important, is coverage for damage caused by our negligence to a third party, for example: neighbors or guests who come to visit us.

What is the right amount of content for us to insure?

The contents insurance amount ranges from about 70 thousand shekels for apartments of young couples to about 300 thousand shekels for apartments in average families. In cases where the consumer has valuable valuables in his possession, the insurance amount may be much higher, and for that it would be appropriate to have a professional content assessment by a qualified appraiser.

How much does all this cost us?
The average premium for contents insurance amounts to an amount ranging from NIS 500 to NIS 2,000 per year. It depends on the insurance amounts determined, the coverages we purchase, and the floor we live in – ground, mezzanine or top floor. Of course, the premium for luxury apartments may be higher than the average premium, due to the large amount of insurance we will purchase.

Every policy has exclusions and stipulations, and in the content insurance, we must also pay special attention to the protection conditions that the insurance company requires from us, for example: activating an alarm system, installing bars, or installing a safe.

In conclusion, the most useful way to protect our property, which has been accumulated over the years, is through a home contents policy. For this purpose, it is recommended to sit down with a professional, as our insurance agent, and match the right insurance to personal needs at the fairest price.