Every one of your policy's loopholes and limitations will be in the fine print somewhere. Knowing them well will pay dividends if you do need to make a claim down the track.
For example, if your bag is stolen while you're swimming at St Kilda Beach, some insurers may deny the claim as "the items were left unattended". If a would be robber wrenches the bag out of your hand, then that's a different story.
Similarly, some policies exclude loss and theft that occurs while you are intoxicated, so try and avoid losing your mobile phone in a nightclub.
Knowing your policy's flaws like the back of your hand should help you to avoid engaging in behaviour or situations that are unlikely to be covered by your insurance.
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