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: Specific situations or items that are not covered by your policy, often found in a dedicated section of your contract.

Understanding these five basic components found in almost every insurance policy will help you decode your contract: toinsurance

: The fixed amount you must pay out-of-pocket for a claim before your insurance company pays the rest. : Specific situations or items that are not

: The maximum amount an insurer will pay for a covered loss. : The summary page at the front of

: The summary page at the front of your policy that lists your personal info, coverage limits, and premium costs. 2. Identify Essential Coverage Types

While needs vary, experts typically recommend prioritizing these four types of insurance: The ultimate guide to home insurance in Canada

: The recurring amount you pay (monthly or annually) to keep your insurance active.