Can I Get Seasonal Insurance for My Cottage?
The short answer is, yes you can. Your vacation cottage is, like your home, one of your most important assets, and it should be treated as such by making sure it’s properly insured. However, the process involved with insuring your vacation property is slightly different from insuring your primary home. Below we’ll explain the factors involved so you are well-informed before choosing an insurance policy for your cottage
How’s It Used?
The appropriate insurance policy for your cottage will be determined largely by how the property is used and how often it is occupied. Whether you use your cottage year-round, or simply rent it out during the summers, you should consider how often you use the home when deciding how much coverage to purchase.
Coverages for Your Cottage
The majority of insurance companies will only consider providing insurance for your vacation home if you insure your primary residence with them as well. You have the option of having your vacation property listed on your home insurance as a “seasonal” location, or you can have insurance for the property as a separate, stand-alone policy.
There is one significant difference between insurance for your primary home and insurance for your cottage: insurance for your cottage is nearly always provided as a “named perils” policy, instead of a comprehensive policy, because of the particular risks involved with the part-time occupation of the vacation property. The nature of “named perils” is that you have insurance coverage for specific risks, such as fire or smoke damage. Coverage for other certain risks, like water damage or vandalism, may be more difficult or expensive to arrange, owing to the part-time occupancy. For instance, if a water pipe is busted or if burglars break into your cottage while it’s vacant, the damage will likely be more severe than it would otherwise because no one is there to take action.
If you own a cottage or seasonal home in Ontario or Quebec, we can help make sure that you have the appropriate insurance in place. Our team of licensed insurance brokers is always on your side; we work for you and not the insurance companies. We will put in the effort to find the optimal cottage insurance coverage at a price that’s within your budget. Request a quote today or contact us to learn more about how we can protect your assets.