Israeli insurer Phoenix is now offering people insurance against damage to their homes' contents from war or terrorist attacks amid mounting threats of a missile strike.
According to Haaretz, Phoenix is a pioneer in advancing the policy of covering war damage: until now, it was the state that bore responsibility as private insurers believed the risk was too large. Unlike other companies, Phoenix has found a way to get reinsurance from other firms that step into the game if an insurer has to make generous payouts.
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Phoenix's senior vice president for general insurance Shlomo Miller has emphasized that under current circumstances, these mainly are rockets and missiles that are expected to cause damage to Israelis' homes.
“The problem that this policy offers a solution for is a missile attack. People are insured against earthquakes, but actually there has been more damage from missiles than from earthquakes. We're offering a solution that hasn't existed until now, and we're the only ones in israel that are giving this coverage,” Haaretz cited Miller as saying.
The Israeli government, for instance, provides basic coverage for damage done to a home's contents from war: 88,000 shekels ($24,700) per couple and 9,104 shekels ($2,553) per child under 18. Extra coverage, if required, can be bought through the israel Tax Authority's property tax division, but it doesn't cover…
