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Insuring an apartment can ensure that your most prized property is safe and it will give you the peace of mind you need. What are the important factors to look out for when dealing with insurance? And what is recommended to take notice of beforehand? Here are a few pointers:
Apartment and property insurance policy usually includes two clauses which can be purchased together or separately - structure insurance and contents insurance.
● Structure insurance:
structure insurance at its basic form is identical in most insurance companies and is fixed by law. In practice, it covers damages to the structure such as fires, earthquakes, natural disasters, floods, explosions etc., and also covers damages to objects attached to the structure such as windows or doors. When dealing with luxury property, different clauses must be added to the basic insurance in order to ensure that the property is fully covered, due to its value, which is higher than that of other properties. As a result, when purchasing insurance, one must pay attention to all the assets or equipment which are not attached to the structure but are located within its territory, such as a private pool, a large shed, pool house, office, etc.
● Contents insurance:
the second clause that should be paid attention is apartment contents insurance, particularly in luxury property, in which there is an abundance of valuable equipment, objects and assets. Similarly to structure insurance, content insurance also provides insurance in the incident of fires, damages caused by nature, theft, robbery or burglary, floods and earthquakes. However, it should be taken into consideration that this insurance policy does not cover jewellery worth more than 10% of the contents value as well as other specific cases which you should be aware of before purchasing insurance.
Apartment insurance in Israel is based on minimum stipulations bound together under the law regulations of the financial services supervision of 1981. Nevertheless, it is a basic policy, and prior to signing it, one should thoroughly check what it includes and in what cases does it provide coverage. Of course all insurance companies have expansions and additions to the basic insurance, which will provide the owners of the properties with solutions and peace of mind.
● Basic structure insurance does not cover many incidents, it does not cover the land value, sheds, swimming pools or any other equipment not attached to the structure, so if you want to receive full coverage you should check the options with the insurance company.
● Basic contents insurance does not cover jewellery worth more than 10% of the contents value, as well as securities, bonds, shares and stocks, bills of sales, gold, silver, precious metals, stones that are not part of jewellery, stamp collections, weapons, ammunition, manuscripts, drafts/sketches, account books, traveler's cheques, promissory notes, flight tickets etc.
Third Party is anyone who is not the insured person. In an incident which requires the activation of the insurance due to a disaster, accident, or death of the third party within the boundaries of the house or apartment, the insurance company must cover the sum of money paid by the insured person according to damages order.
A basic apartment and property insurance won’t always provide an ideal solution for luxury apartments or property. Therefore, you should be aware of the clauses not covered by the insurance, in order to receive coverage for all your needs from the insurance company. If you want to feel safe and have peace of mind, you should insure valuable items separately and mention specific insurance sums for them in the policy. In addition to that, in order to make sure that the insurance fulfills your needs entirely, you should consult with experts, who will be able to direct you to the most suitable policy for you, with all the necessary additions.
