Not sure if you need insurance for your cottage or seasonal home? Properties that are left unoccupied become more prone to damage, theft and vandalism. And cottages are often located further away from fire stations, which can make it difficult to get the protection and security you need in the case of an emergency. Having a property locked up for months on end could equate disaster if a pipe bursts or pests decide to invade. That’s why having insurance for your secondary properties is always a smart idea. Besides, your cottage is a valued asset, so why wouldn’t you want to protect it? If you decide to get cottage and seasonal insurance, use this short guide to answer all your questions before you decide on a policy and provider.
Do you need a secondary form of insurance?
No. In most cases, your home-away-from-home will be listed on your primary home insurance policy as a secondary property. You can elect to hold a separate stand-alone policy, but this is often much more expensive than adding it on to your primary policy.
What if my cottage is in another province?
Professional insurance brokers like Rowat Insurance can cross reference the insurance between both provinces. That means you’ll only have to get one policy instead of two.
Does the coverage only protect against fire and break-ins?
There are many different types of policies to choose from. Some providers only offer “Named Perils policy” which provides coverage for only specific perils outlined in the policy, such as fire or smoke damage. We recommend having coverage for the structure as well as everything inside it including the people staying. It should also include minor and major repairs, protection from natural disasters resulting in total loss, compensation for necessary repairs, and coverage for lost items in the case of burglary.
Am I covered if I rent out my property?
Before renting, it’s important to check with your insurance provider to see if renting is covered under the policy. If it’s not included, you may not be covered for damages that renters inflict. The policy may only cover you for a certain rental period so be sure to talk to a broker about the best coverage for you if you do plan to rent it throughout the season.
If you own a getaway home in Ontario or Quebec, our team at Rowat Insurance can help you find the best protection for your needs. Our team of knowledgeable and friendly professionals will work with you to determine the level of coverage you need to match your budget and lifestyle. We work with a wide range of insurance providers, so you can rest assured that the products we offer you are based on your needs – not an insurance company’s profit margin. Contact us today at Rowat Insurance; we’re ready to help!