Warmer weather is finally around the corner and what could be better than an adirondack chair, a chilled beverage and a good book? If you’re doing the above in a waterfront recreational getaway of your own it’s even just a little sweeter. But getting away from it all is even more relaxing with the right coverage.
Whether you have a secondary or seasonal home for your getaway you’ll need to truly assess what you have and how you use it. Think about how often you are at the property, the most likely risks and the real value before choosing.
If a demanding lifestyle means you are an infrequent user of the property a named perils policy might be the best option. It is less expensive but only covers specific risks such as fire, explosion or smoke damage.
If you or a neighbor or property manager are checking up on it every few days, a comprehensive or all risks policy is an option, but that means you can’t leave the house untended for a week or two and hope for the best. Regardless of which you choose most policies exclude sewer backups, fences, food in the freezer, garden equipment and outdoor plants.
Take a look inside and out and decide if you need additional coverage. Detached private structures like sheds, boathouses or even garages may not be covered unless you reviewed this with your agent and the same applies to watercraft. And although contents – like clothes or dishes – that travel back and forth are covered under your primary house insurance; if most of your stuff stays put year round, you may need additional coverage.
And whether you have bare land or a pretty little cabin, don’t forget third party liability coverage. This will keep you covered in case your late night s’mores attack leads to accidental damage to a neighbour’s property or someone hurts themselves on your property.
Don’t be tempted by a couple of extra dollars. Before you think about posting it for rent anywhere including Airbnb, check with your Thunderbird Insurance agent on how that affects your coverage. Now that you’ve done the hard work, sit back, relax and work on your summer tan.
Information courtesy of the Insurance Bureau of Canada