As we’re quickly approaching the summer, it’s important for cottage owners to understand their seasonal home insurance fully. Sometimes policy owners may not realize what could affect their coverage or what type of coverage they need. So before you open your cottage or cabin, it’s important for every owner to take the time to review and understand their policy so they can rest easy during the warm months.
What Your Responsibility Is As The Policyholder
The upkeep of your cottage is extremely important for your insurance coverage. Specifically, because many policies state that it is the policyholder’s responsibility to try and prevent losses or damages from occurring to the property through its maintenance. With this in mind, if a loss occurred that could have been easily prevented, your coverage could be impacted. Some great advice is to take the time every year to make repairs or blocked-off any areas of the building that could be used as entry points for animals. This not only helps to stop them from surprising you while you’re relaxing inside, but it can help keep you and your family safe as they won’t be able to chew on wires or form nests indoors.
How Often Should You Visit Your Cottage
It’s essential that every cottage owner understands the details of their policy in regards to the time spent away from their seasonal home. This is because the more time you spend away from your cottage or cabin, the more likely damage such as a burst pipe causing flooding can go unnoticed, and possibly become worse. With this being said, many policies don’t want the dwelling to go unmonitored for an extended duration of time. If you find that you’re unable to visit as frequently as your policy needs you to, sometimes installing alarms or having neighbours who check-in on the property will be sufficient monitoring within the terms of your policy. When in doubt, ask your insurance broker about what the best solution is as you may need additional coverage to protect your seasonal home better.
Renting Your Seasonal Property Isn’t Always Within The Terms Of Your Policy
Renting out your seasonal home is a great solution to offset the price of owning it, especially for families who can’t find the time to visit every weekend. But if you’re currently renting, or thinking about renting it out this summer, it’s advised that you check whether it’s within the terms of your insurance policy. Many basic seasonal home insurance policies don’t allow for policyholders to rent out the property because if damage occurs, your policy may have limits if the tenants were involved. As well, if you’re renting it out for many weeks at a time, you may be better covered by landlords insurance. So depending on your specific circumstances and needs, your broker can best advise you on what form of insurance will best protect you.
Don’t Forget To Insure Your Toys
Do you have a boat or other recreational vehicle? Make sure to check that it’s insured. Some seasonal home insurance policies may require you to add on additional coverage to protect these items. Often when the coverage is not included in a cottage owners seasonal insurance, many do not justify the cost of insuring their older boats or recreational vehicles because they don’t see the value of it in relation to the age of the toy. Instead, they would rather use it until it stops working, and then purchase a newer model once the time comes. But in situations like these, it can’t be stressed enough that regardless of the age or condition of the boat or recreational vehicle, you always need mandatory coverage such as liability. This coverage ensures that you will be protected if the item is responsible for injuring someone.
Having a seasonal home should be fun and relaxing during the summer months. Make sure that you’re doing everything you can to not only upkeep your seasonal property, but protect yourself with the right insurance. If you have any questions about your current seasonal home insurance or suspect that you may need to change your coverage, contact your Cambridge Insurance broker today. We’ll work hard to ensure you’re protected so you can relax this summer.