Are you going to buy an apartment? Mazel Tov! When applying for a mortgage loan for the purpose of purchasing an apartment or house, or for the purpose of renovating an existing property, the lending body will usually require you to purchase mortgage insurance, which usually includes two components. The following is a brief explanation about them.
What do we in the Shekel Group offer you when it comes to mortgage insurance?
Mortgage Life Insurance
This insurance policy is designed to ensure that in cases where borrowers will not be able to continue to pay the mortgage payments due to the death of one of the spouses, God forbid, the insurance company will continue to bear the payments and this will not become an economic burden on the family.
Mortgage Structure Insurance
This part of mortgage insurance refers to cases where physical damage to the apartment may be caused, for example: fire damage, water damage, natural damage, earthquake and more. In such a case the insurance company will bear the expenses involved in restoring the building to its original condition and the insured will not bear the heavy repair costs, if and when damage is caused to the building covered by the policy. Mortgage structure insurance includes third party insurance and employer liability.
** The information presented to you is general information only and will not be used to determine the obligations and rights according to the terms of the policy or as a tool for interpretation. Only the terms of the policy are binding.