How to insure a cottage or secondary home

December 23, 2014

If you have a second home in Canada, no matter what type of home it is or how often you use it, you will absolutely need insurance. Here's what you need to know about insuring a secondary home.

Real estate experts suggest that you insure your cottage or secondary home to give you peace of mind with regards to the uncertainties of the future. Even if your second home is not frequently used, it is just as vulnerable to damages as your main home, such as in the case of theft and structural problems. Standard insurance may not prove to be sufficient because they may not provide coverage if the property is left unoccupied for more than 30 days.

How to insure a cottage or secondary home

Check with your current insurer

There are so many options when it comes to insuring a cottage or secondary home. To make the entire process easier, one of the best things to do is to start with the insurer of your primary home. More often than not, they will have choices allowing you to extend your current insurance to your second home. This will also be beneficial because you already have a professional relationship with them, and hence, you can be more assured of how you will be treated.

Shop around

This is one of the frequently recommended tips, yet a lot of people fail to do so. Some people don’t put in the time and effort, which is why they often end up with the first one they find. In reality, however, if you want to insure a cottage or secondary home with the best company, make sure to search and compare the choices you have. Take the time to research about how one is different from the other and weigh their pros and cons as well.

Install an alarm system

More often than not, people fail to insure a cottage or second home because of the high premium associated with it. To make the premium cheaper, install an alarm system to be notified of burglary, fire, or any other emergency situations. In most cases, this can reduce the premium by as much as 20 per cent.

Know what you need

Generally speaking, in spite of the relevant costs, it is beneficial to insure a cottage or second home. However, if you don’t have the money, you can make the premium cheaper by looking at the specifics and deciding which ones you need. Find the time to talk to the representative of the insurer and ask for advice on how you can possibly make it easier on the pocket.

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