Absurd: Is your house insured against earthquakes? Check again - voila! Real estate

Is it possible to rebuild the house within a year after an earthquake?

Probably not (Photo: Reuters)

In the discussion held this morning in the finance committee of the Knesset on the subject of 'the economic preparedness of the State of Israel for earthquakes', Shay Sade, the chairman of the committee for general insurance at the Bureau of Insurance Agents, warned against the policy of the Capital Markets, Savings and Insurance Authority, which requires the insurance holders of a destroyed building to rebuild it within a year, otherwise he will only receive partial compensation of about 60%.

Sde claims that "there is a problem with this policy, the insurance companies oblige the policyholder whose house was destroyed to rebuild his apartment within a year... We all see what is happening in the world, no one describes To himself that after an earthquake someone will really manage to build his house within a year, and if it doesn't happen within a year - he will be at a pretty big pocket disadvantage."

Sade goes on to say that "there is a market failure and an insurance failure in the matter of strengthening buildings. The number of insurance companies that provide insurance for contractors who will strengthen buildings against earthquakes is almost non-existent in the State of Israel today, and if there is already a building that is interested in doing TAMA 38 or strengthening of one kind or another, When he comes to insure himself, he finds himself in a problem, and these are things that need to be taken care of."

Member of the Knesset Moshe Gafni: "Unfortunately, the State of Israel is not prepared for an earthquake" (Photo: Knesset spokeswoman, Noam Moshkovitz Knesset spokeswoman)

In response to Sade's words, MK Moshe Gafni, Chairman of the Finance Committee, addressed the representative of the Capital Market Authority in the debate: "What we see in the world on this issue of earthquakes - the reality of renovating the house within a year is almost impossible. We need to make it easier The people in such a way as to give them a larger time interval. You (representative of the Capital Market Authority) yourself say that among other things you talked about this, so why not change?"

Afterwards, MK Gafni expressed his indignation at the lack of sufficient information from the state regarding the great importance of home insurance due to earthquakes: "There is no citizen in the State of Israel who has seen in recent years an advertising campaign by the Israeli government or the Capital Market Authority, on this issue that due to earthquakes there is An essential need for home insurance."

In summing up the discussion on the economic preparedness of the State of Israel in case of earthquakes, the chairman of the committee, MK Moshe Gafni, concluded, saying "I demand answers within a week.

Unfortunately,

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• Earthquake