Cottage Insurance in Ontario
‘Going to the cottage’ is a way of life in Ontario – if it is your escape from the stress of everyday life then it is important to make sure you protect that little piece of heaven.Cottage insurance functions much the same as your home insurance policy does; it protects your cottage dwelling and contents as well as your liability. Here is a brief overview of Cottage Insurance in Ontario and also what to look for when you begin your search for insurance coverage.
When it comes to property insurance it is important that you understand what level of coverage is actually included in your quote rather than just the quoted premium. Unlike auto insurance in Ontario, insurance companies will use their own proprietary wordings, which means what one company may include in coverage another company may exclude.A good example of this is permission to rent your cottage on a short term basis; Depending on the insurance company short term rentals may be excluded while others may be more accepting. Our brokerage deals with insurers which allow you to rent your cottage up to 120 days. Compare the coverage, not just the prices.
Finding cottage insurance for that lovely island getaway should not be a problem, however, depending on your replacement cost & construction type, this can sometimes be an issue. For example, if you have a luxury log home built on an island you may find you have a limited choice of insurance companies willing to quote something so specialized. Giving your insurance broker as much information as possible will help them find the right insurance company for your cottage.
Discounts and Exclusions
When you are receiving quotes you may not think about certain criteria being excluded so it’s important to ask the right questions. For example, damage caused by pests is typically excluded, however certain insurance companies will cover damage caused by bears, raccoons & squirrels. Look at the location of your property and think about how close you are to water as you may find limitations or exclusions for coverage for water damage.
Most insurers will also offer certain discounts on your cottage insurance with the most common examples being Alarm discounts, Car & Home discounts and Claims Free discounts. Some companies also offer a Heat Sensor & water alarm discount and/or a Mature owner discount.
If you are looking for insurance for your cottage, or you need better options, we have a range of providers we can quote you through. Call us today at 1-877-454-4476 or go to our quote page for more information.