Cottage Owner’s Insurance Tips
Your cottage is an oasis in the desert of modern life. Cottage life is an investment in your own peace of mind. Like all investments, you want to protect what you have worked so hard to achieve. Whether you are insuring your first cottage or have owned your property for years and need to update your coverage, there are a few things that you need to take into consideration.
A winterized year-round cottage can be insured as a second home, but seasonal cottages require a different kind of insurance. Unlike your home insurance, which covers everything except for a few things mentioned in your policy; most cottage insurance only covers specific things, or “named perils.”
Because of this, you are going to want to talk to your broker about what type of coverage would best suit you. Generally, windstorm, plumbing, theft, vandalism and fire are the top five causes for loss when it comes to seasonal cottages.
Thinking of renting out your cottage to help defer costs? Don’t fail to mention it to your broker. If it is discovered that the property was being used for purposes other than what is originally covered in your policy your insurance company could refuse to cover losses, even if they are incurred by you. Owners no longer need to pay commercial insurance premiums. Your broker can craft a policy that covers rentals and a whole host of issues specific to your cottage.
There are many factors to consider when finding a cottage owner’s insurance policy that’s just right for you. Isn’t it time that you sat down with a McDougall insurance broker and found out how they can help you secure your peace of mind? Contact us at 1-800-361-0941.