When taking out a mortgage in Israel, the banks require that you purchase mortgage insurance which contains two elements: life insurance and structure insurance.
The banks require this in order to protect themselves, as in Israel it is very difficult to evict someone from their home due to lack of payment.
If you do not purchase your own mortgage insurance policy before you take out the mortgage, the bank will either refuse to issue the mortgage or automatically make a policy for you and begin charging you for it.
If you make a private mortgage insurance policy, our office sends a copy to the bank and they will not charge you or, if they already made you a mortgage insurance policy, they will cancel it and stop charging you for it.
Why should I purchase a private mortgage insurance policy?
- Price. The banks only care that you have the insurance, they do not care how much it is costing you. If the insurance is through the bank, you are probably overpaying.
- Coverage. Some bank policies provide third party liability coverage, others do not. All our mortgage policies do.
- Service. Banks are hard to deal with and you may not be pleased when it is necessary for you to update your policy or make a claim.
- Contents. You cannot add coverage for home contents to a mortgage policy, rather you must make a separate contents policy. In the event that there are damages to both structure and contents and your structure is insured through the bank, you will have two manage two claims and pay two deductibles. If the structure and contents are insured through our agency, we will handle the claim and you will have only one deductible.
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