Shimon Cohen – Insurance

The Policies you Always Wanted… but Didn’t Know How to Get!


These are not your standard home or car policies. These are the “secret” policies that even insurance agents don’t know about!

1)Hearing Aids

The Problem:
Most standard home insurance policies do not cover hearing aids. (They are expensive, small and quite easily lost.) In addition, they obviously have to be covered for “All-Risks” — that is everywhere.

The Solution:
We have found one company that is prepared to insure hearing aids for “All-Risks.” The cost is the same as for insuring your computer for “All-Risks.”

The Small Print:
Depending on the cost of the hearing aids (from NIS 6,000 to NIS 20,000), the usual deductible of approx. NIS 500 is doubled.

Our Recommendation:
After “hearing” (sorry!) of numerous losses (and near losses), this is certainly worth while!

 2)Kalnoah/Golf Cart:
These are those cool vehicles, usually driven by older, less mobile folk.

The Problem:
These vehicles are not considered cars in terms of theft. In other words, you can get cover for Third Party Liability (causing damage to someone else’s person or property) but it has proven difficult to insure these approximately NIS 30,000 “toys” against theft. The fact that they are usually stored in the entrance to one’s building doesn’t help the risk — even if heavy locks are used.

The Solution:
We found one large insurer (Migdal) and one friendly agency (in Haifa) willing to take on the risk. The Kalnoah has to be solidly chained when not in use.

The Small Print:
You can’t insure the Kalnoah on its own but only as a part of a home policy. The Haifa agency is willing to set up a minimum home policy including the Kalnoah. This means that you don’t need to leave your current agent but rather take out a basic second policy.

Our Recommendation:
The Haifa people are friendly and we’re happy to “help the process.”

3) Vaad HaBayit Insurance:

The Problem:
Every building should essentially have insurance for the common areas. For what? A fire burning the entrance and lift, a visiting lawyer slipping in the dark and suing everyone, a major leak in a common pipe.

The Solution (in two parts):
A) Join an organization call HaAgudah LeTarbut HaDiyur (loosely translated, the Council for the “Culture of Dwelling.”(It sounds much better in Hebrew.) They give all type of consultations – legal, engineering, financial — and most important…
B) … a cheap but comprehensive insurance policy for your building. Cover includes Third Party Liability, water damage, leaking roof cover and Employers Liability.

Our Recommendation:
This is by far the most reasonable policy in the market and runs at approximately NIS 2,000 for an apartment building with ten apartments (for both A + B above).
For any or all these policies, feel free to call our office.

Claim of the Month
Mrs. L. had a claim three years ago. She insured her jewelry while on a trip overseas. Her ring, which belonged to her husband’s grandmother, was lost while in her cousin’s house. Extensive searches at the time and over the next year didn’t help. The insurance company paid out the claim of NIS 3,500.

A few weeks ago, Mrs. L. called me with the following story: The cousin in the U.S. unfortunately had a robbery where everything was stolen except for the ring. (Yes, you guessed right, it was the ring that had been “lost” three years previously!) Apparently, the ring had been in the cousin’s safe but had slipped behind a shelf. The robbery dislodged it and it was the only “survivor.”

But now the big question: Whose ring is it? The L. family or the insurance company? A call to their Rabbi and my meeting with the insurance company came up with the same result – the ring belonged to the company. However, in a nice ending, the insurance company agreed to “sell it back” to the L. family for NIS 1,000, acknowledging their honesty. Granny’s ring had come home!

Remember, we’re here when you need us! Call us with any questions at: 02-6232546.

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