Deciphering your insurance policy

In partnership with Alberta Mortgage Brokers Association (AMBA), BrokerLink is proud to offer members exclusive insurance discounts on home and auto insurance.  

Reviewing and understanding an insurance contract is very important. As an insured, you should have a clear grasp on how your insurance policies work and what they contain. 

Whether you’re buying personal or business insurance, there are a few key reasons why understanding your policy is necessary. 

• Your insurance policy’s key dates. As a policyholder, it’s your responsibility to know the key dates relevant to your policy. One important date to keep track of is when your policy expires. This is good to know as it allows you to cancel your insurance policy on or before this date, if you wish, or renew your insurance policy, if your provider allows it. This will also let you know when it’s time to update your documents and personal files to reflect your current insurance policies.  

             In addition, your insurance policy will list the maximum time frame you have to file a claim following an incident.                   If you fail to read your policy, you won’t be aware of these vital dates and timelines, which could cause problems
             down the road. 

• Your payment schedule. Review your payment schedule to ensure it works for you. Missing a payment can affect your coverage, so always have funds available when your premium is due. Members are eligible for no service or interest charges on monthly payment plans.* Contact your advisor for assistance or to discuss options. 

• Your deductible. Your deductible is the amount you’ll need to pay if you make a claim. You can increase the deductible amount to help reduce your premium. WARNING: Carefully consider this option and make sure you can afford to pay your deductible amount out-of-pocket if you need to make an insurance claim.  

• The definitions section. This section explains complex insurance jargon, helping you understand your policy and coverage details. Providing clear explanations and definitions. 

• Your coverage. Your policy will confirm your coverages and what it can protect you against. Similarly, it’ll also outline what it doesn’t cover via the exclusions section which explains the risks or instances your insurance providers won’t cover. 

• Any changes. Understanding your policy helps you track changes in coverage. Many coverages are optional, so you can add or remove them as needed. You can also adjust deductibles or coverage limits. Regular reviews ensure you're aware of changes and their impact on your premium. 

• Current lienholder or mortgage listed. Confirm the lienholder or mortgage company listed is still correct on your auto or home insurance. If your home mortgage is paid off, you may qualify for a discount. 

Have questions about your policy or need specific coverage? Contact a BrokerLink group advisor for step-by-step explanations and to ensure you have the coverage you need. 

Rest Assured, BrokerLink Has You Covered* 

Call 1.833.998.3798 or visit us at BrokerLink.ca/AMBA 

*Subject to policy conditions and exclusions. ©2025 Brokerlink Inc. ™BrokerLink & Design is a trademark of Brokerlink Inc. All rights reserved.