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Seasonal Property Insurance
It’s the time of year to start thinking about seasonal property insurance! Spring has arrived, and with it the yearning to get out to the Cottage, Cabin or Lodge. If you own a seasonal property in Ontario it’s important to make sure you have the right kind of seasonal property insurance.
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The Best Seasonal Property Insurance Coverage
Not all cottages are the same, so it’s important to really understand what kind of insurance coverages you will need. A rustic cabin in the woods is not the same as a luxury cottage in Muskoka! Your principle homeowners policy may offer some coverages on contents temporarily kept at your cottage however if you have a big seasonal property with a few high-end finishes then separate insurance could be required to ensure the property and contents are insured correctly.
Your insurance broker will need to ask enough questions to be able to understand what your insurance needs would be. These questions include things like the location of your property and the potential area risks, for example, an isolated area with no fire hall versus a nearby township with a fire hall. Property ownership is also important, especially if there is more than one owner of a property. The broker will also need to know about custom finishes or detached structures along with any ‘toys’ that are kept at the cottage e.g. boats, skis, or tools. Exclusions are also important to review as you may find vandalism or water damage is not covered if the home is vacant for extended periods of time.
Other Insurance Considerations
Liability is also important to understand with seasonal property insurance – If you have a homeowners policy your third party liability may extend to your seasonal property. However, it is worth considering Umbrella Liability to give extra coverage in the event of a claim. With cottages being a source of much outdoor activity there is an even greater risk of injury or damage to someone else’s property.
As always, talk with your insurance broker so you can be well informed and make the best decision. We insure homes AND seasonal and rental properties! If you are looking for a competitive quote, or you just need advice on property insurance, give us a call at 1-877-454-4476 or visit our quote page.