Having a cottage can be one of your most prized possessions. With sites like Airbnb on the rise, you may find that you’re getting more use out of your recreational property than ever before. Since it isn’t your primary residence, you might assume that you don’t need property insurance for it. However, there are quite a few reasons why you do need the coverage.
Provide the Coverage When No One is There
When you’re not at your cottage, anything can happen. For example, if you only get up to your cottage every three or four months, it could be targeted by vandals who know you’re not going to be there. They could break in and steal various valuable possessions, damage various parts of the property, and more.
You don’t want to be out-of-pocket for all of the expenses involved with replacing or fixing what happened. Since you cannot be at your cottage all the time, you have to look at how cottage insurance can help you. As soon as you discover damage or vandalization, you can contact the insurance company to file a claim.
Cover the Various Incidents
All sorts of incidents can happen at your cottage. It might happen while you’re there, while it’s being rented to someone else or when no one is there. Particularly in Ontario, it’s not uncommon for the weather to be all over the board. You can experience significant amounts of snow in the winter, leading to frozen pipes, roof damage, and more. In the summer, rainstorms can result in flooding, leaky roofs, and other issues.
These incidents can create a significant amount of damage. Rather than paying thousands of dollars to fix the damage on your own, you can turn to your cottage’s insurance policy. You will be able to contact the insurance company to file a claim. They’ll investigate the damage and cover the repairs. The only thing you’ll be responsible for is paying the deductible that’s on your policy. This is a small expense to pay when you look at the total amount of damages.
Since it’s impossible to anticipate what will happen, you have to be prepared for anything. Having insurance on your cottage makes sense because you love your property. You don’t want to leave it damaged any longer than necessary. When an insurance company takes care of the damage, it allows you to focus on repairs without going broke.
Protect Your Investment
Ultimately, it’s important to have cottage coverage in place so that you can protect your investment. You spent good money acquiring a beautiful cottage to enjoy recreationally. Whether you rent it out when you’re not there or not, you need to have the protection over vandals breaking in, broken water pipes, storms, and more.