Getting coverage for your holiday cottage is similar, but not exactly the same, as homeowners insurance. Because you only spend part of the time at your cottage, you may be tempted to go without coverage at all, but this is actually a big reason why you should carry it. Because of the part-time, seasonal nature of these properties, they are more susceptible to theft, vandalism, and other damage than the average residential, full-time home.
Not all insurance companies offer separate cottage coverage. They may require you to get a full homeowners policy to cover your holiday home. You need to find a company that will insure your cottage or vacation home as a secondary property to your primary residence. Some homeowner’s policies will cost quite a bit more for that secondary seasonal property while others will provide the added insurance for a nominal extra charge.
Once you have figured out how your coverage will work, you need to decide what type to purchase to choose. There are different types of coverage that you will can generally choose from. Standard policies usually include the following:
– Falling Objects
– Impact by land vehicle or aircraft
– Windstorm or Hail
– Water Damage
When reviewing your policy, make sure you notice what exclusions are listed. You do not want to be surprised when you file a claim and find out you were not covered. You may want to add additional coverage for more comprehensive protection. Whether you already own a seasonal home or cottage or are looking to purchase one, it’s important to make sure that you have the right level of insurance coverage that will protect against fire, weather damage, theft, or vandalism.
James Campbell has helped many Canadians find the right policy for their holiday cottages. Call us today to discuss your options and get the coverage you need.