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Wednesday, November 3, 2010
Optional Extra Insurance for household objects against war damage

Dr. Aaron Lerner - IMRA 3 November 2010

Thanks to Oslo and the tremendous vision (or lack thereof) behind Ehud
Barak's historic retreat from southern Lebanon, most Israelis now find
themselves facing the very real possibility that in the coming years they
may find them trying to get compensation from the authorities for damage
resulting from a rocket attack.

It should be noted that standard insurance policies do not cover war damage
and the coverage provided by the Property Tax Law is subject to considerable
limitations.

The following is a translation of the official description of the option
available to purchase extended coverage at a premium of 0.3%

http://www.finance.gov.il/taxes/ftaxes.htm?/itc/pistoy.htm

According to the Property Tax Law and Regulations Related to the
Compensation Fund, the possessions of every resident's home, located in a
residence before war damage are insured against that damage.

Household items are classified by categories: furniture, clothing,
electronic appliances and other household items.

The above Household items are covered free of charge up to the following
limits in value:

Types of individual household items for a or
Furniture
individual NIS 16796 married couple or single parent NIS 29046 for each
child (under 18)NIS 5872, for an adult who lives with the couple NIS 8588
Clothes
individual NIS 4124, married couple or single parent NIS 8249, for each
child (under 18) NIS 1237, for an adult who lives with the couple NIS 4124
Electrical appliances
individual NIS 39957 married couple or single parent NIS 32964 for each
child (under 18) NIS 670 NIS for an adult who lives with the couple NIS 5244
Other household objects
individual NIS 17468 married couple or single parent NIS 7279 for each
child (under 18) NIS 1601 for an adult who lives with the couple NIS 3202

The law does not cover art objects, jewelry, antiques and cash.

Resident who wishes to insure his belongings home about face value in the
regulations, may apply to the Ministry of Taxation: Beer Sheva, Haifa,
Jerusalem, Tel Aviv, complete a "declaration household items for insurance,
to calculate the additional value of the assets they want to insure and pay
a premium rate of 0.3% of the value added. Additional value does not exceed
a total of 727,854 NIS.

The forms are available at the offices of real estate taxation in Jerusalem,
Tel Aviv, Haifa and Ashkelon.

[IMRA: They also have it on internet:
https://www.shaam.gov.il/TFASIM/Files/D02.pdf to download the form]

The declaration form must be accompanied by the certificate confirming
payment of the premium payment. The payment can be made at the Postal Bank,
in cash. The insurance comes into force after receiving confirmation of
payment of the premium statement.

The payment can be made in cash only at the Postal Bank account appears
right on the form. After filling out the form and making payment please send
the completed form along with admission to the Tax Authority - Department of
severance hostility Address: POB 1170 Jerusalem.

Insurance is valid from the date of payment until 31 December that year

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