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.