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Retirement get away. Cabin in the woods. Cottage by the lake. Whatever you call it and wherever it is, your vacation property needs to be insured too. It’s more than bricks and mortar, it’s the keeper of cherished memories of families and friends, BBQs, birthday parties, and anniversaries! BrokerLink advisors understand that a vacation property is a precious place and our experts work hard to provide you with the peace of mind of knowing it’s properly insured.
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When creating your vacation property insurance policy, insurers take into consideration how frequently your property is occupied, and whether it’s rented to others. Let’s explore these two scenarios further.
Seasonal vacation property insurance policies are often more expensive than your typical home policy due to a higher risk of theft, burglary, and vandalism. Since you don’t live there year-round, any damage that occurs can go unnoticed for longer periods, and get progressively worse if not fixed quickly.
Comprehensive coverage provides extended protection for your year-round vacation property and it includes boathouses, sheds, bunkhouses, as well as your belongings.
Broad form or basic insurance coverage covers only the specific risks detailed in your policy.
Also, leaving your seasonal property unattended for an extended period of time may result in losses or damages that will not be covered. It’s important to check your vacation property regularly for safety and security.
Renting out your vacation property is a great way to make extra income, and extra incentive to keep your property well-maintained. However, it is important to review your policy with your broker to ensure it includes coverage for renting.
Vacation property Rental Insurance is available depending on the length of time and frequency you intend to rent out your vacation property. Also, personal belongings may not be protected by some policies, so when renting out your space reduce the amount of personal items in your vacation property to avoid the risk of theft.
Some insurance companies include rental income protection, which will help replace lost rent payments if the vacation property you are renting is temporarily uninhabitable due to a covered claim.
A BrokerLink advisor can review your options with you to ensure you have the best policy to fit your situation.
To insure your vacation property, some companies may require that you also insure your home with them. Additionally, the size and age of your vacation property and its property can affect your premium. The size and age will also affect whether you can list your vacation property on your home insurance as a seasonal location, or as a stand-alone policy. Bundling your policies often leads to additional savings so it may be a good idea to bundle your home and vacation property insurance policies.
Let’s explore some other factors that may influence the cost for your vacation property insurance:
Reviewing your policy in detail with a BrokerLink Advisor can help reveal any gaps in your vacation property insurance policy. Additional coverage may increase your premium, however each vacation property is unique and your broker can advise about options that could be a benefit. Below are a few to take note of:
There are some items for which no coverage is available on your vacation property insurance policy.
Some common exclusions include:
Your vacation property is your sanctuary and may represent a significant investment of time and money. That’s why we’re here to answer your questions and ensure that your vacation property is protected properly. We want to help make sure you can enjoy it for many years to come. Contact a BrokerLink insurance advisor to discuss your vacation property insurance needs today!
The proximity of your vacation property to a fire hall is important for insurance companies when determining your premium. The closer you are to a fire hall, the sooner the fire can be extinguished and the lower the cost of restoring your vacation property.
A vacation property on a remote island sounds relaxing and peaceful, however this falls under specialty insurance. Building or doing repairs to a vacation property located on an island can be costly when transporting materials and labour out to the location, especially considering the added risks involved with it. It is critical that you talk to your insurance advisor about this unique coverage.