How do I insure my seasonal or secondary residence? It’s easy: just answer these three questions to find out everything you need to know!
Are you the owner of a seasonal or secondary residence?
Do you know the difference? If you answered NO, here’s a quick reminder:
A seasonal residence is one you live in sporadically and is usually only accessible for two or three seasons a year. That’s why the policies granted cost less than for a secondary residence. These designated risk polices cover fire, windstorms, lightning, and hail. Since this type of policy usually doesn’t cover theft, vandalism, or frozen pipes, certain precautions are in order, such as draining pipes before closing up for the winter.
A secondary residence is one that is regularly occupied throughout the year (e.g., every weekend or several days each month) and it is accessible all year round. If your residence meets the definition of a secondary residence, talk to your agent about it. They will be able to advise you and probably offer additional protection such as “all perils” coverage.
No matter what type of residence you have, if you think the value is low enough that it doesn’t need to be insured, make sure you have liability coverage for potential risks in case someone injures themselves in your home or your campfire damages your neighbour’s house.
Do you rent out your seasonal residence or secondary residence?
YES: You should contact your agent. Some coverage could be modified in your policy.
Do you keep valuable property in your seasonal or secondary residence?
YES: seasonal insurance contracts don’t cover theft or vandalism. Under certain conditions, however, coverage for breaking and entering (often called burglary) and vandalism can be obtained. Check with your insurance agent. He or she will be able to assess your needs and offer you the best coverage possible.
A few tips!
As promised, we covered the topic in three questions! Here are a few final tips for the road:
- In general, insurance for seasonal or secondary homes is more expensive than it is for primary residences. Why? They’re more isolated and exposed and therefore carry more risk.
- Many insurers will agree to cover your secondary residence if they already cover your primary residence. In a way, that makes things simpler if you need to make a claim.
That way you can rest easy and enjoy long weekends and vacations with your family in your little corner of paradise!
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