Wood Burning fireplace

What you need to know about Insuring your cottage property

Insuring your cottage or any other season property is very important. It ensures that you avoid any cost associated with the property. So, what do you need to before you insure your cottage? Listed below are some factors that might affect your insurance premium.

  • How you heat your house plays an important part in the premium. If you are heating your house using oil, it usually costs more because there is a danger of oil leakage. Also, if you use wood or wood burning stove to heat up your house, it will also result in a higher premium. It might not be possible to insure a wood burning stove house due to the risk associated with it.
  • Did you know the distance between your cottage and the fire department also plays a big role in deciding the premium? The farther your cottage from a fire department, the longer it will take them to respond and the larger the damage.
  • There is a difference between actual cash value and the replacement value of the house. For example, a property might be worth about $70,000 but to rebuild the property it might be 3 or 4 times as much because the materials might need to be shipped from outside or the location might be far away. Coverage for the replacement value might cost you more than the actual cash value of the house in some instances. It’s important to keep in mind this difference when making a decision on your coverage.

Regular repairs made on the property are important. This puts you in a good place for the future and also ensures that you remain claim free. Feel free to contact our brokers if you have any questions regarding your cottage or any other seasonal property.

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