With growing fears of hostile missiles from Hezbollah and Hamas, Israel’s Phoenix insurance company is offering homeowners insurance against damage to their homes’ contents from missiles, war and terror attacks in the first Israeli policy to cover war damage.
Until now, people relied on the state for compensation.
Missiles cause more damage in Israel than earthquakes. During the 2014 Gaza war, Haaretz reports, Israel paid over $8.5 million in compensation.
Financial experts are discussing whether the company’s terms are better than those of the Israeli government which provides free basic coverage for damage up to a certain ceiling and extra coverage for a fee.