Mazal Tov on Your New Home! Why basic homeowners policy isn’t always enough…

Why You Need Homeowners Insurance?

Your home and content possessions are valuable assets and it is important to protect their value. Even if you are renting a home, it makes sense to purchase comprehensive insurance to make sure your home and its contents are insured and that you won’t face major financial loss in the case of unavoidable damage. Like any type of insurance, homeowners insurance is a way of making sure that you will have the backing when you need it.

If you are a homeowner, you can buy a standard insurance plan, however more extensive coverage is available. At Goldfus Insurance, we offer homeowners insurance plans to fit your needs. It is critical to choose the right level of insurance for your property and possessions so that you can be assured that you will have appropriate shelter and accommodations for your family, no matter what. 

4 Categories of Coverage

When discussing homeowners insurance there are four primary categories of coverage:

1. Property Structure Insurance – Just as the name implies, Property Structure Insurance covers the physical structure of your property. Basic Rebuilding Value Insurance covers the cost of rebuilding in the unfortunate event of damage. Market Value Insurance is more comprehensive, covering the market value for which the property is insured. When purchasing a property with a mortgage in Israel, the mortgage provider requires both Structure Insurance and Mortgage Life Insurance, which covers an individual for the sum of the loan in the event of death. 
2. Contents Insurance – Covering all items that are detached from the structure of the house, this also includes valuables such as jewelry, art, silverware, carpets, and antiques. The standard policy covers your contents for burglary, fire damage, water damage, earthquake, and vandalism. The policy can be extended further to cover other risks too. Portable items of value, such as jewelry, laptops and bicycles can also be covered under Contents Insurance. Goldfus Insurance understands the importance of working with an appraisal report to make sure your policy is structured correctly. An appraisal is arranged after purchasing a policy to evaluate and appraise your valuables at no extra cost to you.
3. Liability Insurance – The policy owners are covered for physical injury and property damages for which they are liable, caused to a 3rd party. Third Party Liability is included in Home Insurance policies offered by Goldfus Insurance, be it structure insurance, contents insurance or both. It is advised to add it if you’re only insuring the structure. 
4. Employers Liability – For those who employ domestic workers, such as cleaners, gardeners, caregivers, etc, it is important to make sure that your policy also includes employer’s liability cover, to account for injuries caused while on the job. Another important point to remember is that the employer’s liability coverage will only cover you so long as you are making contributions to Bituach Leumi on your employee’s behalf.

After understanding these four categories, it is worthwhile to reach out to a Goldfus Insurance agent to thoroughly understand the benefits of each.

Standard Coverage vs. All-Risk Coverage

There are multiple tiers to homeowners insurance plans from the most basic or general plan to the most comprehensive premium plans. The standard policies offer coverage in case of fire, wind,   water damage due to burst pipes, natural disasters, earthquakes, explosions, storms, as well as burglary. For an additional premium, all-risk coverage is a higher level of homeowners insurance. These comprehensive plans are designed to cover, minor and major, according to the individual’s needs. Check with your insurance agent on specific possessions that may hold significant value or are unique items to insure. 

Sound confusing? Don’t Worry! Whether you own your home or are renting, contact Goldfus Insurance today and let us tailor a policy for you. We will patiently guide you through setting up the right policy to meet your needs and budget. Find your homeowners insurance policy today!