A policy is a long document, but most of what you need is in a few places. This guide explains what each part does and what is worth checking.
This is usually the first page or two. It names the insured, the property or person covered, the policy period, the coverages and their limits, the deductibles and the premium. If you only read one page, read this one.
Each coverage has a limit, the most the policy will pay. Check that the limits make sense for what you want to protect. For a home, ask whether the building is covered at replacement cost. For liability, ask what the limit is and whether it applies per claim or per year.
The deductible is what you pay yourself on a claim before the insurer pays. A policy can have different deductibles for different kinds of loss, for example one for water damage and another for everything else.
Exclusions list what the policy does not cover. Conditions list what you must do, such as telling the insurer about changes or reporting a loss promptly. Read these parts carefully, because this is where surprises hide.
Some policies cap certain items lower than the main limit, for example jewellery, electronics or business equipment. Ask whether you have any.
These are changes added to the standard policy, either extending coverage (for example sewer backup) or restricting it. They are listed on the declarations page or in a separate schedule.
Not sure what a word means? See the glossary.
A summary at the front of a policy that lists who and what is covered, the policy period, the coverages and limits, the deductibles and the premium.
Something the policy does not cover. Exclusions can apply to a cause of loss, a type of property or a situation.
At every renewal, and any time your situation changes, such as a move, a renovation, a new driver or a new business activity.
General information, not advice or a recommendation. Rules differ by province and by insurer, so confirm with your insurer or a licensed advisor. This page was last checked in November 2026.