Navigating Home Insurance for New Olim in Israel: A Comprehensive Guide 

Welcome to Israel, new Olim! Buying your first home is an exciting milestone, and we're here to guide you through the essential steps of securing your new investment with the right insurance policies. 

Step 1: Purchasing Your New Home – Mazal Tov! 

Q: Do I need to worry about insurance if I haven’t yet paid the full price?   
A: Yes, it's crucial to take out insurance as soon as possible. From the moment you stand to lose money in case of an unfortunate event, such as a fire or natural disaster, it's wise to insure your home! 

Q: What policy do I need at this stage?   
A: You need a home structure policy. This policy covers fire, water damage, storm damage, arson, earthquakes, and includes Third Party Liability.

Step 2: Signing for the Mortgage – Mazal Tov! 

Q: Is it true that the bank requires us to have insurance? 
A: Yes, in Israel, you are legally required to have two types of insurance when taking out a mortgage:   
     a) Coverage for the home structure   
     b) Life insurance to cover the mortgage 

Q: Should we take out this insurance through the bank?
A: Our office recommends using a private insurance company for several reasons:   
     a) Ensuring sufficient coverage   
     b) Handling any claims efficiently   
     c) Many bank policies do not include Third Party Liability.

Step 3: Receiving Your Shipment – Mazal Tov! 

Q: How do we go about insuring our possessions?
A: Our office will send an assessor to inventory all your contents, including jewelry, furniture, paintings, clothing, etc. This detailed English report will form the basis of your insurance contract. There is no extra charge for this service.  

Q: Can we only insure our expensive items?   
A: Unfortunately, no. The insurance policy requires you to insure both high-risk and low-risk items. 

Step 4: Handling Loss or Damage – Oy vey! 

Q: What should we do if we lose an expensive item, like a diamond ring?   
A: Our office will assist you through the entire claims process, including arranging a claims assessor, filing a police report, and negotiating with the insurance company to ensure prompt payment. 

Frequently Asked Questions (FAQs) 

Q: What is the typical cost of home insurance in Israel?   
A: The cost can vary based on the value of the property, location, and specific coverage needs. Our office will provide you with quotes from several insurers to compare prices and coverage options. 

Q: Taking your jewelry to a wedding overseas?   
A: Our office can add on special coverage. 

Q: Coin/stamp collection? Antique furniture? Expensive artwork?   
A: Our office can add specific coverage for high-value items to your regular policy. 

Q: What happens if I move to a new home?   
A: You will need to update your insurance policy to reflect the new address and any changes in the value of your possessions. 

Q: How can I make sure my policy is comprehensive?   
A: Work with a reputable insurance agent who understands your needs as a new Oleh and can tailor the policy to cover all potential risks. 

Securing your new home with the right insurance is a crucial step in your journey as a new Oleh in Israel. Egert & Cohen are here to help you navigate this process smoothly, and will ensure you have the coverage you need. Mazal Tov on your new home and welcome to Israel! 

Contact Egert & Cohen
Tel: 02-622-7999
WhatsApp: 054-967-2757

Email: info@egertcohen.co.il

Website: https://egertcohen.co.il

Egert & Cohen - Your friendly, English-speaking insurance agency, have been providing insurance solutions to cover homes, cars, travel and health since 1985!