Guide: how to organize your insurance portfolio with Har HaBituach (הר הביטוח)
One of the major challenges in managing a family budget is accurately tracking insurance policies. Many of us have different policies purchased over the years through agents, workplaces, or banks, and it is often hard to know exactly what we pay for each month.
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One of the major challenges in managing a family budget is accurately tracking insuranceA contract under which an insurance company undertakes to compensate the insured in the event of damage in exchange for a periodic payment. policies. Many of us have different insurance policies purchased over the years through agents, workplaces, or banks, and it is often difficult to know exactly what we are paying for each month.
The Har HaBituach (הר הביטוח) website is a free, objective government platform established to give you a complete, quick, and clear picture of all the insurance coverageThe list of events and damages for which the insured is entitled to compensation. registered in your name in one place.
What should you prepare in advance?
- Your ID card (including its exact issue date).
- Answers to various identification questions for passing the website’s securityA general term for a tradable financial asset (such as a share, bond, or unit in a fund) that represents a right to an asset or to profits. stages.
To perform the check, go to the Har HaBituach website of the Capital Market, Insurance and Savings Authority.
Step-by-step instructions
Step 1: enter
On the website’s home page, click the “Entrance for Insured Persons” button.
Step 2: secure identification
Enter your ID number and password.
If you have not yet registered for the national information system, click “Register” on the left and complete the verification process using the questions shown on the screen.
Step 2: generate the consolidated report
As soon as the identification stages are complete, the system will generate an up-to-date consolidated report for you containing all insurance policies and service plans that were in force during the past month.
Step 3: analyze the information and costs in the report
The insurance products are divided into 3 categories—general, health, and life.
Go through the list of insurance products in each category and examine the following information:
- Type of coverage: A clear division by category (health, vehicle, home, life, loss of working capacity, and more).
- The insurer: The name of the insurance company managing the specific policy and the official contract number.
- Pricing: The exact monthly cost and annual cost you pay for each policy.
Step 4: locate and address suspected duplicate insurance
One of the website’s most important services is the automatic marking of policies where duplicate insuranceA situation in which multiple policies cover the same risk, resulting in unnecessary premium payments. is suspected (a situation in which you pay two different companies for exactly the same risk). Check whether overlaps appear, which are common mainly in the following cases:
- Holding two separate personal-accident insurance policies.
- Paying twice for property policies (such as comprehensive insurance) for the same vehicle.
- Bureaucratic overlap between different medical and surgery coverages in Israel.
Please note: It is important to know that the Har HaBituach system indicates only a “suspicion” of overlap between coverages. Before rushing to cancel an existing policy at the click of a button, it is recommended to stop and check the matter with an objective professional, to make sure whether it is entirely unnecessary duplication or instead two separate, complementary coverages that you truly need at the moment of truth.
Step 5: generate a vehicle insurance-history report
If you want to reduce the cost of your vehicle insurance, go to the dedicated reports tab and immediately generate, free of charge, a no-claims report for the past three years. If you were careful drivers and did not file claims during this period, you can present the file to any insurance company in the market to receive a significant discount on the premiumThe periodic payment made to the insurance company..
Step 6: save and send the data to a professional
At the upper left of the page, you can choose to download the complete reports to your computer as an Excel file, print them, or send them directly to your email address, insurance agent, or family financial adviser. This is an excellent tool for carrying out a periodic “system review” or when comparing new price quotes against your existing policies.
Important point: A quick check in Har HaBituach will give you a quick overview of all your existing insurance products and allow you to see whether you are paying twice for certain insurance products and whether there are cheaper options that suit you.