http://www.mfa.gov.il/MFA/Facts+About+Israel/State/Acquisition+of+Israeli+Nationality.htm
Acquisition of nationality by birth is granted to:
1. Persons who were born in Israel to a mother or a father who are Israeli citizens.
2. Persons born outside Israel, if their father or mother holds Israeli citizenship, acquired either by birth in Israel, according to the Law of Return, by residence, or by naturalization.
3. Persons born after the death of one of their parents, if the late parent was an Israeli citizen by virtue of the conditions enumerated in 1. and 2. above at the time of death.
4. Persons born in Israel, who have never had any nationality and subject to limitations specified in the law, if they:
* apply for it in the period between their 18th and 25th birthday and
* have been residents of Israel for five consecutive years, immediately preceding the day of the filing of their application.
So it would seem if both you and your husband were born outside Israel then if your children are also born outside Israel they are not citizens. (I would still double check this understanding I am giving, prior to assuming its accuracy.)
Assuming that is correct, if you were born in Israel and your husband was born outside Israel (which you indicated above), AND you renounce YOUR citizenship (even if your husband remains a citizen), then any children born outside Israel AFTER your renunciation takes effect (not when you applied for the renunciation) would not be citizens — since you are no longer a citizen and your husband is not an Israeli-born citizen.