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Many Canadians own cottages in Ontario. Some own cottages and spend their summers there creating priceless family memories, while others use cottages as an investment to rent it out for additional income. Many use their cottage as a second home and migrate to different communities during specific seasons of the year.

If you’re a cottage owner, you understand that obtaining cottage insurance is a responsible move to protect your valuable investment. If you are in the market for cottage insurance, your quote will be impacted by a variety of things. These include the amount of time your cottage is occupied throughout the year, where your cottage is located and how accessible your cottage is to nearby emergency personnel.

Most people assume their cottage insurance policy will be similar to the policy of their home. Cottage and home insurance policies differ. They are considered “Named Perils” policies because there is risk associated with not living full time in the cottage. Part-time occupation equals s more risks, leaving insurance companies to create a specific policy to accommodate those extra risks. Fire, smoke damage, explosion, flood, water damage, building collapse and vandalism are examples of risks that can occur. Cottage coverages are typically more costly when damage occurs because it isn’t noticed immediately; it’s usually discovered after a certain period of time. This can cause more damage. For example, if issues arise and there is a flood from a broken water pipe, this will cause more damage to your cottage should it goes unnoticed.

Here’s a tip: Avoid pipes bursting by adding antifreeze to plumbing in drains and toilets around the cottage before winter arrives. There are many intricacies of cottage coverage that can be explained in detail to you by the licensed professionals at Oracle RMS who have many years of experience providing this specific type of insurance.

For every cottage, there are different coverages to include depending on the situation. These are the available coverages for cottage insurance:

Contents Coverage: Due to the fact some cottages are used on a part-time basis, owners keep the contents inside in between stays. Most are permanent additions that reside there all year round. This coverage will protect the contents that remain in your cottage permanently in case they ever be compromised.
Detached Private Structures Coverage: This coverage protects detached structures on your property such as a garage, tool sheds or a boathouse. This is a reasonable part of your coverage should you own any of the above structures.

Watercraft Coverage: Should you own a boat, jet ski, canoe, or row boat, they too can be protected under a cottage insurance policy. Details regarding this coverage vary and can be better explained by a licensed professional at Oracle RMS.

Personal Liability Coverage: Should you be at fault of personal injury to a person or property damage, this will cover your damages. For example, if an individual suffers a slip and fall at your cottage.

At Oracle RMS, you’ll receive:

  • A variety of quotes from different insurance carriers giving you the opportunity to go with the best price
  • A custom insurance plan for your home with the only coverages you want and need
  • Support during the claims process, making it stress-free for you
  • An insurance plan if you own a home, condo, apartment, detached home, etc.

You will need a stand-alone cottage rental insurance if you rent your cottage out instead of staying in it yourself. This will cover perils, risk and liability insurance coverage. Whether you rent out your cottage for certain times of the year or rent it out full-time, there are specific insurance coverage available. At Oracle RMS, we will create a custom tailored insurance plan for you that acknowledges what is unique about your situation and your cottage. Reach out to a licensed professional today to receive a quote for cottage insurance!

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