How to Read an Insurance Policy Without Missing What Is NOT Covered

Most people read the front page of their insurance policy — what's covered — and stop there. That's exactly what insurers count on. The real information is in the exclusions section. Read it first. That's where you'll find out that your "comprehensive" health plan doesn't cover dental, that your home insurance excludes flood damage, or that your travel insurance won't pay if you had a pre-existing condition.

Also check the deductible, the waiting period before coverage kicks in, and the exact process for filing a claim. An insurance policy is a contract, not a promise — and contracts are defined as much by what they exclude as by what they include.