Cottage Insurance FAQs & Points of Interest
Seasonal Property Insurance: A Breakdown
Seasonal property or seasonal home insurance is financial protection for your cottage and any outdoor structures your family may own from the risks they face, such as vandalism, fire, and more. Your cottage insurance also includes contents insurance for the belongings stored inside your seasonal dwelling and liability coverage. Just think of what might happen if your cottage were to catch fire and sustain serious damages without the right cottage insurance. Could you afford to pay for all your losses alone?
Your family doesn’t have to worry. An Excalibur broker gets to know (and should know!) your situation, the total rebuild for your cottage, what your coverage needs look like, and which insurance companies best reflect your requirements and budget.
Your average cottage insurance policy includes protection for the following items –
Your Cottage Building
While the risks you have coverage for will depend on the type of policy you have purchased, your policy will include coverage for your cottage building as well as any outbuildings against either the risks as stated in your policy (if you have named perils coverage) or everything aside from any exclusions listed (if you have all perils/risks coverage.) If you have the former, i.e. “the basic policy,” you may have the option of adding other coverages to expand your existing protection.
Your cottage insurance includes protection for any personal items stowed in your seasonal dwelling up until your stated limits. If you own any items of higher value (jewelry, fur coats, collectibles, antiques), there is a chance you will need to increase your limits or purchase a “floater” to cover these belongings.
Seasonal Property Liability
Liability coverage for your cottage is just as important as it is for your home. This is especially true if you own any recreational items like ATVs, boats, snowmobiles, etc., as these items pose additional risks to you and any guests visiting your cottage. The liability portion of your cottage insurance should be enough to protect you and your family against cases of damages or accidental injury while using your recreational vehicles or if there is an accident while visiting your cottage. Consider the weight of your potential legal fees, liability claims and judgements. If these exceed your limits, you may be forced to pay out of pocket for the difference.
Seasonal Home Insurance Endorsements
You may be eligible to purchase additional cottage insurance coverages which can supplement your existing insurance against a number of different exposures. Some of the coverages that may be available to you can include:
If you own any boats or other water vehicles, your cottage insurance may not already include coverage for them. You may be required to purchase add-on insurance.
If you own any ATVs or off-road vehicles, you may be required to purchase add-on insurance so that they are covered.
Damage by raccoons, squirrels, and bears is not always included with your cottage insurance. Thankfully, you can purchase add-on coverage so that you are protected against any losses due to wildlife.
Excalibur’s cottage insurance brokers can do the work for you and suggest protection options for your seasonal property. With our expertise and knowledge, we can help guide you towards making the right decisions for you and your family’s peace of mind.
Seasonal Property Insurance – Most Frequently Asked Questions
Your time is precious – which is why Excalibur Insurance is here to help answer some of your most frequently asked questions to ensure you have all the knowhow you need to make the right decisions when it comes to your cottage insurance.
How long can I leave my cottage unoccupied?
It depends on your insurance provider, but generally a cottage is “intended” to be unoccupied for extended periods of time, like during the winter. You may be required to install various safety features, like burglar alarms or smoke detectors, or even drop by once in a while to ensure everything is up to par. Depending on your frequency of use, you may want to discuss with your insurance broker to see what your cottage insurance policy states.
Can I get hunting cabin insurance?
Seasonal properties and hunting cabins are very similar, if not indistinguishable. Still, if your cabin is different because of its high-value contents, you may need to discuss with your insurance broker about coverage for these items. Hunting cabin insurance can be especially important if there’s a lot of wildlife in your area where damages can result from unfortunate accidents.
What is the average cost of cottage insurance in Ontario?
Your cottage insurance costs in Ontario will vary based on a number of factors, like how often you occupy your cottage, if you rent it out, how big it is, and more, so it’s difficult to lay out a single average cost. Excalibur Insurance has some figures:
- Your average cottage insurance policy may range between $85 and $125/month.
- Annually, your cottage insurance will average out to between $1,000 and $1,500.
You can determine how much your cottage insurance will cost by requesting a quote from Excalibur Insurance quickly today!
What is “off-grid cabin insurance?”
“Off-grid” just means that you look after your own sewage, power, and water systems. You can do this in your primary residence or as a seasonal activity. Insuring an off-grid property can be difficult as managing your own systems increases your risk. However, it is still possible. You’ll want to discuss with your insurance broker if your seasonal property constitutes as “off-grid” to see if you are getting the right coverage for your unique needs.