There are a lot of things to consider when looking for the right cottage insurance.
The first decision to make is which cottage insurance is right for you, with many policies having different options based on your needs.
To understand which cottage insurance to purchase, we need to distinguish between burglary and thefts. When you own a home, home insurance typically covers both burglary and theft, while cottage insurance usually only covers burglary. burglary is defined as forced entry and items that have been stolen from your house. While theft relates to something where you are involved in the theft in some way, such as you left the keys in your door, a thief saw that, unlocked the door, and stole items. When purchasing cottage insurance, it’s a good idea to have a policy that covers both of these issues.
With cottage insurance, a lot of policies are built around the idea that you won’t be in your cottage year-round. With that being the case, there are certain types of damage that won’t be covered on your cottage insurance policy which your home insurance policy typically covers. An example of this would be from a torrential snowstorm that causes your roof to cave in which might lead you to need both a roofing contractor and potentially something similar to Water Mitigation Services to help fix any possible water damage caused by the melting snow. With the climate that we have in Ontario, it’s important to get an insurance policy that covers heavy snow.
Content insurance is what of the most important parts to your cottage insurance policy and is usually additional coverage. For your vacation home, you’ll be likely leaving valuables there that you won’t be near for months at a time. Burglars take advantage of this and are known to target cottages where the homeowners won’t be there for extended periods of time. The right cottage insurance policy will cover this, with different places up to a certain amount. One thing to keep in mind is that you may be covered under your home insurance policy for various items that you’re taking back and forth, but that may not be enough. Speak to your insurance broker to find out exactly what you’re home insurance policy covers, and what additional coverage you’ll need for your cottage
Another type of insurance to consider is for your water-crafts. Whether you have jet skis, boats, canoes, paddleboats, etc..they can all be covered under your cottage insurance policy. One of the most expensive purchases one makes to increase the level of enjoyment they get out of their cottage is a powerboat, and with such an expensive purchase it’s important to know that you’re covered.