Cottage Insurance : Merit has you covered

Vacation Property/Cottage Insurance

Hello August! Summers in Canada feel like they go by in the blink of an eye, one minute we are reaching for the SPF, and the next we are ordering pumpkin spiced lattes. Many Canadians take advantage of our beautiful (albeit short) summers by investing in cottages or vacation properties.

Even though your cottage may feel like a ‘home away from home’, many of us don’t realize that recreational property insurance works somewhat differently than the insurance for your primary residence. People may assume their cottage is protected, but are in fact left vulnerable.

Here are 2 basic differences between your home and cottage insurance, and why you need the proper insurance for your favourite summer spot:

1) TIME
One of the main differences impacting your cottage insurance is simply the amount of time you spend there. For your primary residence, it is assumed that you or your family are living at home full time. Therefore, you’re able to address issues quickly to reduce damage and your presence deters theft and vandalism.

Cottages are usually only occupied part-time, which increases the level of risk due to natural causes, vandalism, or the occasional wildlife critter paying a visit. Because cottages are often vacant, the cost of insurance can be a bit higher than the cost of insuring your home when you compare the insured value of each.

Cottagers Tip: Talk to your Merit broker about bundling your cottage insurance with additional policies. The insurance experts will advise you if it is better to consolidate or choose a standalone policy.

2) TOYS
For some, cottages can mean peaceful mornings and reading a book by the lake. But for others, cottages are like an extreme version of Disneyland for adults. A lot of properties are equipped with toys such as boats, Sea-Doos, 4-wheelers or snowmobiles. Coverage options for vehicles and personal property can work differently for cottages and vacation properties, so be sure your Merit broker is aware of the personal property and vehicles you keep at your cottage, and we can recommend the appropriate coverage.

Cottagers Tip: Do you rent out your property during the year? Vacation properties with the option of tenants also require special coverage options. Make sure to bring this up with your broker to find the right solution for your cottage.

Owning a cottage is a great opportunity to unwind and spend quality time with you friends and family. Talk to a Merit broker today to discuss all your options. We can keep your cottage insurance worries at bay, so you can get back to sitting on the dock of the bay.