While the contents of your property may be covered, it is also important to remember to insure the physical structure of your property. As with contents insurance, structure insurance can cover fire damage, water damage, earthquake, terror activity & vandalism. The main consideration is in the event of total damage as a result of one of the aforementioned causes.
Structure insurance is calculated in two possible ways:
1. Rebuilding Value Insurance – This covers the cost of rebuilding the structure in the event of total damage, giving you the ability to rebuild your structure on the property/land that you already own. The disadvantage in insuring the Rebuilding Value, is that the rebuilding of the structure may be delayed or dependent on your neighbours’ ability to rebuild.
2. Market Value Insurance – This covers the market value insured. In the event of total damage, the insurance company takes ownership of your property, giving you the ability to take the money from the claim and purchase another property at any location.
Goldfus Insurance takes no responsibility for changes in Israeli legislation that may alter the accuracy of the above information. For clarification of any changes, please contact us.