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How cottage insurance differs from home insurance

You may already have homeowner or renter’s insurance for your year-round home, but getting the right insurance coverage in place for your cottage requires different consideration and research. Not all plans are created equal, and you want to make sure your recreational property is well protected. Individual needs differ, so the brokers and CSRs at DPM Insurance Group are here to help you choose a plan.

Here’s five things you may want to consider before buying cottage insurance.

Cottage insurance covers the risks present in remote locations

Cottage insurance is different from home insurance because it provides tailored coverage that fits the particular use of the property. Look for a plan that understands and addresses the differences between urban settings and cottage country. For instance, certain cottage policies include coverage for damage caused by bears, squirrels, and raccoons. Home insurance policies wouldn’t typically cover things like forest-animal damage. Cottage insurance can also provide coverage for docks, hot tubs and sheds, debris removal, lock replacement, frozen food replacement, and fire department charges.

DPM Insurance Group’s staff can help you understand how your cottage will be repaired or replaced if the worst should happen, particularly since they could be away from the property for weeks, and the damage could be quite significant in that time.

The specific coverage may differ depending on planned use

With seasonal-home insurance, how you intend to use the property may mean plan and coverage differences. If you visit your cottage every month throughout the year (including in the winter), some companies will offer additional coverage versus those cottage owners who just use their cottage in the summer months. Having the right plan can save you money, since you’ll be paying only for the exact coverage you need.

You can cover additional structures on the property

With some cottage insurance plans, you may be able to add coverage specifically for other important structures on the property, such as wet boathouses, which may not be an option on most home insurance plans. You might even be able to select a different deductible for them than for the main cottage.

Plans can protect rental properties and rental income

Renting seems to be increasingly common with people who own cottages, especially to help subsidize the cost of owning a cottage. Some insurance providers offer optional coverage for those who rent out their cottage for short periods of time when they aren’t able to be present at the property. It removes restrictions around coverage while the property is rented, but also provides coverage to protect lost income should there be a change preventing someone from renting your cottage. This

Be prepared for all scenarios with cottage-specific optional coverages

A comprehensive insurance plan can offer peace of mind. Additional coverage for cottage-specific things like a wet boathouse, watercraft damage and liability, septic and sump pit back-up, and rental-income protection is available with many seasonal-home insurance packages.

Source: Cottage Life


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