Protecting Your Mortgage with Essential Insurance.
When taking out a mortgage in Israel, #insurance is a key requirement. Here’s what you need to know about the two types of insurance you’ll need to have:
1️⃣ Life Insurance
💡 What it does: Protects the mortgage in case of unexpected events.
💰 Cost factors: Age, health, and other personal details.
📄 Exceptions: In some cases, if it’s demonstrated that the mortgage can still be paid even in the event of passing, the bank might approve the mortgage without requiring life insurance.
2️⃣ Home Insurance
💡 What it does: Covers property damage, ensuring your property can be restored to its original condition.
⏳ How long it’s needed: Required until your mortgage balance drops below 30,000 ILS.
🔒 Why Do You Need These Insurances?
These policies not only protect the bank but also provide peace of mind, shielding you from unexpected financial burdens.
🔍 Choosing the Right Provider
✔ Compare insurance providers in Israel for competitive rates.
✔ Check for discounts if you bundle both life and home insurance.
📩 Need Help with Insurance Requirements? Let’s Connect!
If you have questions or need assistance with the insurance side of your mortgage, I’m here to help.
📝 Follow this series for more essential tips on buying property in Israel!
