Contents and Home Owners Insurance
Contents Insurance
When it comes to insuring your contents, there are different types of
cover that can be added to the policy. Contents insurance will cover
all items that are detached from the structure of the house. Built in
ovens and cupboards and the like should be added to the structure insurance.
Contents can be insured against:
- Theft
- Fire Damage
- Water damage
- Earthquake
- Terror activity
- Vandalism
The cost of contents insurance will depend on the level of cover required,
and the events insured against.
Valuable items such as jewlery, art and stamp collections will need
to be appraised in order to have the appropriate level of insurance
for those specific items. Goldfus Insurance and Investments work with
an appraisal company that can appraise all types of jewelry and valuables
at no extra cost to the insured.
Items of value that are often taken outside the house (e.g. jewelry,
laptop computers, cameras, musical instruments), can be insured on an
'all risk' basis anywhere in Israel except if they are stolen from inside
a car! The 'all risk' component will cover all loss and damage excluding
wear and tear. Those who wish can also extend the 'all risk' component
to world-wide cover.
As part of the contents insurance, 3rd party liability cover can be
added to cover the policy owners not only in their home, but for accidents
caused to other property.
Bicycles can also be insured on an all risk basis to cover 3rd party
damage as a result of an accident.
Renting a Home (Renter's Insurance)
People renting a home do not need to take out structure insurance, as the property does not belong to them. Instead, they should check that the landlord has structure insurance.
Cases have arisen, where damage to a property's structure as a result of the tenant's negligence, have led to the insurance company of the landlord suing the tenants for the repairs.
Likewise, damage caused to contents as a result of a landlord's negligence, have led to cases where the tenant's insurance company have sued the landlord.
In the situation where the tenant has contents insurance and the landlord has structure insurance, a clause can be written into the leasing contract called Bitul Se'if Shibuv (cancellation of subrogation clause) at no extra cost to protect both parties and prevent any possibility of being sued for negligence.