: The fixed amount you must pay out-of-pocket for a claim before your insurance company pays the rest.
Understanding these five basic components found in almost every insurance policy will help you decode your contract: toinsurance
While needs vary, experts typically recommend prioritizing these four types of insurance: The ultimate guide to home insurance in Canada : The fixed amount you must pay out-of-pocket
: The maximum amount an insurer will pay for a covered loss. toinsurance
: The recurring amount you pay (monthly or annually) to keep your insurance active.