If you own a cottage or are thinking of purchasing one, you’re probably aware that your cottage needs insurance. But cottage insurance is not exactly like home insurance.
Because you probably don’t live at your cottage, there are certain risks associated with it. Cottages that are not lived in all year round are more susceptible to damage or break-ins.
Recreational property insurance usually covers fire, explosion or smoke damage, but doesn’t always include water damage or vandalism.
When purchasing insurance for your cottage, make sure you know what’s included in your policy. If you require insurance that isn’t included, make sure you are purchasing additional coverage.
Here are some more tips for cottage insurance:
1) Take an inventory of the contents of your cottage and purchase additional coverage if your contents pass the insured limit
2) Do you have a separate boathouse, garage or shed? If these are not covered in your cottage insurance, purchase additional coverage
3) The same goes for boats, as this type of coverage is often limited as well.
Contact your local insurance broker in Guelph for information about your cottage insurance options!