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Much Needed Tips On Cottage Insurance

A cottage is a much cherished place where you can relax with your family and friends, and so insuring your cottage should be important to you when considering cottage ownership. But how do you insure your cottage properly? Are there things you may not even consider that pose a risk to your cottage?

1. Types of Coverage

It is best to speak to a broker, or insurance agent when planning to insure your cottage. The reason for this is that there are many insurance options, some limited and others broad in their coverage. 

An All Risk coverage may not protect you from all risks: this is because all risk coverage is usually very broad in its coverage options. However, it may just suit the needs of your specific property. 

A Named Perils policy is a limited coverage option, but it can meet the insurance needs of your cottage. In most cases, named perils on a policy include: fire, flooding, lightning, extreme weather damage etc. Be sure to ask your broker or insurance agent about other perils coverage such as: falling trees, vandalism, theft, building collapse, and damage caused by wild animals. 

2. Rebuilding Costs

You insure your cottage so that you can get financial help from your insurance company in the event of having to rebuild after reporting a claim. To ensure that you are sufficiently covered in the case of a loss, make sure to get an estimate from a local contractor on the costs of rebuilding your cottage. Being local to your property, contractors can give a close estimate on the construction materials and delivery costs, which ultimately affects your insurance premium.  

3. Liability

Liability coverage is there for you when a third party gets injured on your cottage property. It is very important to consider talking to a broker or insurance agent for any additional coverage options you can get for liability coverage. 

Watercraft liability insurance is a much needed add-on to your cottage insurance policy. Be sure to find out whether your watercraft insurance provides liability coverage and don’t simply assume it is there for you. 

Also, consider a Personal Umbrella Liability insurance policy for your cottage as it can cover you for costs that go over your personal insurance limits. 

4. Fire Protection

Woodstoves and fireplaces are more than just cozy, they are fire prone. Below are a few tips on how you can save on insurance costs by properly maintaining and using your woodstove and or fireplace:

  • Should be professionally installed. 

  • Clean the chimney once a year, or more often depending on the amount of use. 

  • Have a Class A fire extinguisher nearby. 

  • Make sure your smoke detectors and fire alarms are working properly. 

  • Use properly dried wood for your fire: maple, beech, oak, and ash. 

  • Never use gasoline or charcoal lighting fluid to start your fire. 

  • Always make sure the ashes are cooled off completely before disposing of them.

  • Always keep flammable objects away from your woodstove and fireplace. 

If you have more questions regarding insuring your cottage, please contact us today so that we can provide you with the proper insurance needs for your property.