Cottage and Seasonal Insurance Details
A cottage insurance policy can help you protect your vacation home while you rent it out to tourists. This type of insurance is similar in many ways to your homeowner’s insurance policy, but it is also very different.
What is Cottage Insurance?
Cottage insurance can protect your vacation home from damage or theft caused by common disasters such as fire, an explosion, or smoke damage. It can also provide you with protection from damage caused while you are renting your cottage to tourists. But no two cottage insurance policies are the same, and they do not all provide you with the same level of protection.
Many cottage insurance policies do not allow renting under their policy, and you will need to take out a separate policy or an add-on for that type of damage. And there are other types of cottage insurance plans that will only provide coverage for a specified rental period.
To ensure that you have the right type of cottage insurance quote in Ontario that you need for your vacation home, whether you plan not rent it out or not, you should get in touch with the experts here at Duliban Insurance Brokers. We can help you decide which type of cottage insurance policy is right for you. Contact us today for a free quote at 1-855-385-4226.
If you own a vacation home in Ontario, you need to have it protected with a cottage insurance policy. Whether you use your seasonal dwelling for family vacations or if you choose to rent it out to tourists visiting the area, you can find the right type of coverage that you need to protect this valuable investment.
Coverage Limits for Cottage Insurance
Typically, there is a much higher risk for seasonal dwellings than residential properties, so you can expect a cottage insurance policy to be much higher than your standard homeowner’s insurance plan.
Damage can occur that you may not know about for months if you don’t visit the area often, and it can cause even more wear and tear to your home over time. Also, if you rent your vacation home to tourists, there is the added risk of damage or theft caused by tenants.
Do You Need Liability Coverage?
You should always get liability coverage when it comes to any property insurance, especially a cottage rental. This type of coverage will provide you with protection in the event of someone falling or getting hurt while on your property. It will also offer protection if you cause damage to any neighboring properties. Your cottage insurance brokers in Ontario can provide you with more details on precisely what your third-party liability protection covers.
Add-ons Available for Cottage Insurance Policies
If your cottage insurance policy doesn’t provide you with all the coverage you need, you can add-on more coverage options to your policy for an additional fee. Your property may include outbuildings such as a garage, a boathouse, storage building or a dock. Some add-ons that you may want to ask about include:
- Wet Boathouse Coverage
- Watercraft Coverage
- Septic & Sump Pit Back Up Coverage
- Rental Coverage & Income Protection
Some insurance plans will offer coverage for these additional structures, while others will not. For those, you will need add-on coverage to ensure the protection of your belongings.