Home & Auto
If you are looking to insure a cottage or second home in Ontario, or even Quebec, your insurance needs are unique. Scrivens can help!
If you’re investing in a second home like a cottage, here are the basics to help you make the best buying decision when it comes to determining insurability and estimating your ongoing cost of ownership of your cottage in Ontario or Quebec.
At a minimum, your lender will require that you carry hazard insurance to protect your cottage against damage from theft, fire, flooding, or windstorms. It is also a good idea to add liability insurance, which covers you and members of your household for accidental injuries to your visitors.
Opting for property plus liability insurance adds up to a standard home insurance package. For an extra layer of protection, a personal umbrella liability policy extends your liability coverage for all properties named in the policy.
Since most home insurance policies require occupancy as a condition of insurance, the fact that you visit infrequently may preclude you from obtaining full homeowners coverage. Dwelling fire insurance is an alternate coverage option utilized in insuring residential rental or non-owner occupancy property, including vacant property.
A dwelling fire policy continues to offer coverage for a home and other structures (e.g., detached sheds or garages) for perils named in the policy. Named perils listed in a typical dwelling fire policy protect against damage caused by fire, collapse, lightning, wind, hail, explosion and smoke. For more coverage, consider adding personal property protection and liability.
Whether your second property is an apartment unit or a family home, if you’re renting the property, you will have little control over the physical damage that can occur in or on it. To mitigate your risks, tenant-occupied dwelling insurance will cover the costs incurred by damage, including fire, storms, burglary and vandalism. However, it doesn’t cover your tenant’s personal property.
Renting your property furnished or unfurnished also has insurance coverage implications. If you are renting your property furnished, make sure to let us know. We can advise you on the best coverage options and whether you need to consider requiring longer-term tenants to carry additional tenants insurance.
As with all home insurance, it’s important to be sure that there is enough coverage to protect all of your property values and assets when purchasing coverage.
Before investing in a second home or rental property, contact a professional Ontario cottage insurance broker to learn more about the solutions for your insurance needs. Call us at (613) 236-9101 or visit our contact page for more details.