There's nothing quite like spending glorious Ontario summers at the lake or in your countryside cottage. For many Ontario cottage owners, escaping to paradise and leaving the hassle of city life behind is the highlight of the year. Whether you go to one of the more popular locations like Muskoka and Gravenhurst or have a cottage in a smaller location, your seasonal home is a great break from your busy life. Children can take a break from school while splashing about in the water, and parents can escape their busy work lives. Enjoying time at the cottage is not only a welcome reprieve from city life but also a place where precious family memories are created.
However, it's essential that you have cottage insurance to protect your home away from home. Since your cottage is likely vacant for part of the year, you'll want peace of mind knowing that it's covered in the event of an emergency if you are absent. Not to mention, while you're at the cottage, it's important to know you are financially protected should an accident occur.
Whether your Ontario cottage is located in Georgian Bay, Haliburton, The Kawarthas, Huron County, Prince Edward County, Frontenac County, Muskoka, Wasaga Beach, Long Point, or elsewhere, cottage insurance brokers can tailor a policy to your specific needs. Our team of licensed, qualified brokers are experts at working with individuals who own multiple properties, including cottages. We will work diligently to ensure you have the best coverage for your needs at competitive rates. Our goal is to give you peace of mind so you can enjoy time at the lake without worry.
Cottage insurance is a type of home insurance policy that provides financial protection for your seasonal home away from home. Your cabin and any outdoor structures are protected from risks such as fire, theft or vandalism. It also protects your personal items and provides liability coverage, which is essential for protecting yourself financially from having to pay medical bills or legal costs in the event of a lawsuit.
Holiday home insurance is necessary and provides more relevant protection than a standard home insurance policy, and it is the best way to protect yourself and your cabin from perils. For example, if a thief breaks in and damages your cottage while you're away, cottage insurance can help to pay for these losses. Without the proper insurance, you will have to pay for the costs of losses yourself, leaving you in deep financial trouble. Suddenly, your peaceful place in cottage country has become a significant source of stress.
Anyone who has a cottage should have a seasonal home insurance policy. It doesn't matter if you're renting it out to a tenant, using it for annual summer retreats, or a place you go back and forth to and from throughout the year; there's always the chance something will happen to it, regardless of whether you're there. If multiple people share the cottage home, it is best that they each have their names on the policy. For instance, if you share a family cottage with a set of siblings, and you all share the financial responsibility of the cabin, then you all need to be included on the seasonal home insurance policy. This is to ensure that anyone using the property at a given time is financially protected from a wide range of perils, regardless of who is residing in it at the time.
Seasonal homeowners should purchase cottage insurance to protect their investments against risks such as fire, vandalism, and personal liability. Whether your retreat is a cabin in the woods, a ski chalet, or a cottage, your seasonal property is your special place. It makes sense to protect your investment.
Just like your primary residence, your cottage needs protection. While we may not like to think about it, cottage properties can be at more risk for perils such as theft and damage by wildlife, not to mention damage from storms and weather events if you are only there for part of the year. For instance, if you only use your cottage in the summer, then there is a chance that over the winter, pipes could burst, or snow could cause damage to gutters and siding.
It's simply not worth the risk to go without cottage insurance. Ontario cottage owners could find themselves having to pay out-of-pocket for repairs or to replace the entire building, and your dreams of languishing lazily at the lake each summer could be completely dashed should you find the repairs are too much of a financial strain. Not to mention, it's not safe for you or your family to be without holiday home insurance. Ontario cottage owners should protect their investment and loved ones with the right seasonal home insurance policy.
Cottage insurance in Ontario comes in different coverage types, each offering different levels of protection. These options include comprehensive, broad-form, or named perils policies. Coverage details can vary per insurance provider, so be sure to speak with the expert brokers at Morison Insurance who will compare quotes to determine the best coverage options.
Comprehensive protection covers your cottage building, outbuildings, and other detached structures, as well as contents for all risks except those specifically excluded in the cottage insurance policy. Comprehensive protection is highly recommended as it provides coverage against a wider variety of threats that you couldn't have possibly seen coming.
Broad-form insurance is the opposite of comprehensive insurance; it only covers specific perils detailed in the policy. The broad policy is a basic insurance policy that will likely have a lower premium while still covering basic risks. However, you may be able to add additional coverage to a broad-form policy if you need specific types of coverage.
Named perils is the most economical option. Similar to broad-form coverage, it only covers specific perils named in the policy but will cover only the most common threats, such as fire and explosion.
A comprehensive Ontario cottage insurance policy provides coverage for property damage, theft, liability, and any detached structures or landscaping. It is important to note that coverages will vary depending on the insurance carrier as well as the coverage levels/type of policy you select. Cottage insurance add-ons are available to provide custom protection for your vacation property.
There are multiple ways that your cottage can be damaged. It's very important to have cottage insurance in Ontario to provide coverage for damage caused by weather events, accidents and emergencies. Mother nature, criminals, and the environment around you can all do some damage to your cottage, and the last thing you'll want is to pull up to the cottage and realize your beloved property has gone up in smoke and you have no way to rebuild it out-of-pocket. Don't let the place where you build precious memories become exactly that: a memory. Most cottage insurance policies will provide financial support to rebuild or replace the cottage up to the policy limits. Common causes of property damage include:
Please note, however, that this is not a complete list of dangers you will be protected from. Depending on your insurance provider, you might have some additional protection. Please speak with a cottage insurance specialist at Morison Insurance if you would like to know more about which protection you have in your policy.
If you spend long periods of time away from your cottage, it could become a target for burglars. Likely, you leave certain valuables and tools up at the cottage while you're away. This could include a television, computer, lawnmower or power tools such as a chainsaw. When you're gone, there is a high risk of theft, especially if you don't have a security system. Even if the thief is caught, your cottage may be too remote for local authorities to get there in time to arrest the thieves. That's why it's important to have an Ontario cottage insurance policy that will insure your valuables in the event they are stolen.
Personal liability insurance can protect you in two situations: a third party getting injured while on your property's premises and when you damage a third party's property. For instance, say a neighbour comes by to visit your cottage, but they trip on uneven paving stones and get injured. This could open you up to a liability claim. Should you be found at fault, you could be liable for medical costs and/or a legal settlement, as well as paying legal fees. This could also happen if you damage another person's property, even if it was unintentional. For instance, say your gutters have not been properly cleaned, and the spillage causes severe damage to your neighbour's cottage's structural foundation. You could be responsible for paying to fix the damage, let alone for a legal settlement should they decide to sue. With the proper cottage insurance policy, you would be protected from these potential liabilities.
With a comprehensive cottage insurance policy, outbuilding insurance and landscaping insurance are also included. This would protect outdoor structures like sheds, boathouses, tree houses and more from damage as well. If you have a larger property, it's possible that a fire in the boathouse may not extend to your cottage. While this is good news for the cottage, you still want to be sure you have adequate coverage to replace the boathouse structure. Likewise, if you have costly trees or landscaping on your property, it's worthwhile to see if these can be covered by your holiday home insurance policy as well. Our expert insurance advisors will be able to go over the details of your policy so you know exactly what is included in the policy.
Yes. One of the main benefits of working with an insurance broker is that they can help you purchase add-ons that provide additional coverage and further peace of mind. Additional cottage insurance coverages that you may be able to purchase include overland water coverage, by-law coverage, sewer backup coverage, income replacement coverage and more. Please note that this is not a full list of the add-ons available to holiday home insurance. If you are unsure what enhanced coverage options you should add to your cottage insurance, Ontario insurance brokers at Morison Insurance can help! We are here to ensure you are properly protected.
This add-on protects your home from flooding due to rising water levels in lakes and rivers. A flood can be devastating for your property, damaging the cottage and any outbuildings in the flood's way. Protect yourself from the risk of a flood, especially if your cottage is near a body of water, by adding overland water coverage to your cottage insurance policy.
Sometimes, changes in by-laws mean you have to make changes to your property to stay in keeping with those by-laws. Renovation fees can quickly stack up. If your cottage is in a community, such as a small hamlet or village, it may be worth considering adding by-law coverage to your holiday home insurance policy.
As mentioned earlier, this kind of damage is not usually included in a standard cottage insurance policy. However, it's most certainly worthwhile adding. Sewage damage can be devastating, not to mention a serious health hazard.
Do you lease your cottage part of the year? If it's damaged, you may find yourself a bit short financially. With cottage insurance income replacement, you don't have to worry about the loss of income due to repairs on the cabin after an emergency. It's important to note that income replacement usually only lasts up to the policy's limits.
Some items that are generally not covered by cottage insurance policies include the cost of your mortgage, faulty workmanship, frozen pipes during the heated season, rust or corrosion from extreme temperatures, mold, or damage caused by your pet, raccoons, mice, skunks or squirrels. Below is a list of more items not covered by a cottage insurance policy.
The price of cottage insurance generally ranges from $800 to $3,500 annually. This cost depends on many factors, including location, the size of your cottage, how often it is occupied, and the replacement cost. If your cottage is large and features many amenities, it will cost more to insure. If your cottage is small and simple, the cottage insurance rate will be less.
It's also important to let your insurance broker know how often you're using the cottage. For instance, is it a seasonal property that you mainly occupy during the summer months? Or is the cottage equipped for year-round visits? Permitting your cabin has a heat source, enabling you to be out there during the colder months, and you visit at least once every 60 days (or according to what is stipulated in your policy by the insurer), then it may be possible to insure your cottage as a second home and you would require secondary home insurance. This provides different benefits when insuring it as a seasonal property. Your expert cottage insurance broker will be able to provide further insight as to what level of insurance is best for your cottage.
Numerous factors determine the cost of cottage insurance. Ontario cottage owners will be asked various questions about their seasonal home to determine the risk level as well as the necessary coverages required. Common factors that impact the cost of seasonal insurance include:
It is also important to remember that these aren't the only factors that could impact the price of your cottage insurance. Ontario cottage owners should reach out to Morison Insurance if they have any questions or would like a cottage insurance quote.
There are several ways to save money on your cottage insurance. Ontario brokers can help you get all the property insurance discounts you qualify for! Discounts are offered for measures taken by the cottage owner to reduce the risk of a loss. Here are some discounts that may help to lower your cottage insurance rate.
Please note that these are not the only discounts available for cottage insurance. Ontario insurance brokers will help you get the discounts you deserve when getting a cottage insurance quote.
It is understandable to want to save a little money and lower your cottage insurance. Ontario insurance brokers will compare cottage insurance quotes to help find you the best coverage at a competitive rate. There are a few ways in which you can lower your cottage insurance premium, including:
If you would like to know more ways to save on your cottage insurance quote, please speak with the expert advisors at Morison Insurance.
Some insurance companies will cover your cottage while it's rented. The length of time of the rental period will come into play. Do you rent for a week or two? A month? More than 180 days? The entire season? Even if you're only renting your cottage out short-term, you should ask about rental income coverage. Some cottage insurance companies include rental income replacement in a seasonal home insurance policy. Others may add this coverage to your policy as an endorsement. If there is a loss and you are unable to rent out your cottage, the endorsement can ensure that the income you would have received from the rental is available to you.
Also note that some cottage insurance companies include rental watercraft liability coverage in a cottage insurance policy, which is useful if your tenants also use your boat or seadoo.
Absolutely. Renting is a terrific way to help cover the costs of owning and operating a cottage; however, if you rent your cottage, be sure to share this information with your insurance broker. Your broker needs to know the details of your cottage and its uses to be sure you are adequately insured. If you rent your cottage and do not disclose this to the cottage insurance company, you may not be covered sufficiently. Renting tends to open property owners up to additional risks, so your insurance needs to change as soon as you rent out the property.
No. You should insure your cottage no matter how small or simple it is. Cottage insurance will protect your seasonal home investment. Without insurance, you will have to cover any losses entirely yourself.
Cottage insurance is different from standard homeowners insurance because the risks of protecting a seasonal home are different from the risks of protecting a primary home. For example, unlike at your full-time home, you may only stay at your cottage for a few months each year, sporadically, or for several short periods annually. For the rest of the time, the property may not be occupied. An empty cottage can increase exposure to risks such as burglary, frozen pipes, and vandalism.
Also, cottages are often in remote areas. This can mean your seasonal retreat is farther from a fire station and/or not served by fire hydrants. There may be an increased risk of extensive damage if there is a fire because it may take longer for firefighters to respond, and a lack of hydrants can impact firefighting efforts.
You should consider insuring recreational items that you would use at your seasonal home. Some examples of recreational items you can purchase insurance coverage for include:
You will want to be sure that you and your guests are covered when using your recreational items. We always advise $2 million third-party liability coverage on your holiday home insurance to protect you in case of accidental injury or damage while they are in use. A Morison Insurance broker would be happy to help you get coverage for your recreational items.
An insurance broker will ask you about your cottage and the surrounding property. Details such as its location, size, frequency of use, and amenities are things a broker will ask about. The insurance broker will need details such as if you have a bunkie, a boathouse, a fireplace, a hot tub, a garage, and further information. Be sure to provide all necessary information to ensure your recreational property is properly covered.
You can get a cottage insurance quote from the expert insurance advisors at Morison Insurance. We are a 5-star brokerage that works with dozens of leading insurance companies and a wide range of insurance product offerings. We are a proudly Canadian, family-run company, and we treat our clients like an extension of that family. To get started today, call us at 1-800-463-8074 or fill out the online form below for more information.
