While needs vary, experts typically recommend prioritizing these four types of insurance: The ultimate guide to home insurance in Canada
: Specific situations or items that are not covered by your policy, often found in a dedicated section of your contract.
: The fixed amount you must pay out-of-pocket for a claim before your insurance company pays the rest.
: The maximum amount an insurer will pay for a covered loss.
Understanding these five basic components found in almost every insurance policy will help you decode your contract: