Cottage Insurance Guide: Intro
Welcome to your cottage insurance guide. Cottage insurance may also be known under several other names:
— Seasonal home insurance
— Seasonal dwelling insurance
— Summer house insurance
— Vacation home insurance
These categories relate to the same insurance. If you are looking for cottage insurance for your new seasonal property, we can provide you a competitive quote and help to get you the proper insurance coverage for your property. If you want to understand if you are currently overpaying for an existing cottage insurance policy, give us a try. Complete the quote and find out how much you can save.
What are typical home insurance premiums across Canada?
This chart illustrates the average home insurance premiums across Canada for both rented and owned property. Renters’ insurance rates are typically lower than home owners’ premiums due to the nature of insurance:
Renter’s insurance typically covers only the content of your rented property and sometimes liability. It does not cover the building itself, since it is covered under the insurance property of the homeowner. A homeowner’s policy covers numerous risks associated with the property such as earthquake, fire, theft, etc. It’s important to know that it is not the market value of the house that is covered, but the rebuild value, which is often lower than the market value of the house. If something happens to the property, the insurance company would carry the rebuilding costs so that a home owner can get back an equivalent home.
How Can You Save on Cottage Insurance?
- Pool: Add a pool and you add value to your home as well as increased liability. Naturally, this comes with an increase in your insurance rates.
- Wood stoves: Wood stoves increase your risk and could subject you to higher premiums and an inspection.
- Decrease liability risk: Decrease your liability with a common-sense approach to hazards. Fence off your pool. Keep aggressive dogs on a leash. Shovel the snow and ice from your walkway.
- Plumbing insulation: Insulate your pipes to prevent them from freezing in the winter. This may reduce or even avoid insurance claims.
- Avoid living in dangerous locations: Steer clear of buying a house in earthquake or flood-prone zones.
- Annual vs. monthly payments: Annual payments save insurers administrative costs such as time, postage and billing. Therefore, you are rewarded with lower premiums.
- Pipes: Insurers prefer copper or plastic plumbing. Consider upgrading your galvanized/lead pipes during your next renovation cycle.
- Mortgage-free home: When you pay off your home, some insurers will reward you with lower premiums (e.g. RBC Insurance, Cooperators)
- Home Insurance deductibles: Raise your deductible to lower your premium.
- Rebuilding vs. market costs: Think about rebuilding costs when choosing insurance coverage, not the market price of your house. Market price can be significantly higher than rebuilding costs.
|Home Insurance by Province|
|Home Insurance in Alberta||Home Insurance in British Columbia||Home Insurance in Manitoba|
|Home Insurance in Ontario||Home Insurance in Saskatchewan|
Our Publications related to Home Insurance
Introducing a New Tool to Find Out What Issues Canadian Face with Their Insurers
The arrival of COVID-19 has pushed Canadians, more than ever before, online for finding and applying for insurance and banking products. It is not easy, though, to make the right choice without knowing if a particular insurer will be there when you need them the most. As the largest Canadian review platform with thousands of […]
How Much a Good Condo View is Worth Today?
A prospective buyer is always going to be focused on a condo unit’s view. Unlike a house, these units rarely have multiple windows to the outside in various directions. The exterior wall, which usually is either glass or contains a balcony, is likely the only point of contact with the natural world. While the interior […]
Own your home? You could be eligible for these tax credits and rebates
It’s no secret that property prices in many urban areas of Canada are on fire. And it’s not limited to just the core of Toronto and Vancouver. Houses for sale in Hamilton, for example, have doubled in price in the last decade and houses in Mississauga are almost $750,000. It’s increasingly hard for the average […]
How Competitive is it to Buy a Home in Toronto? INFOGRAPHIC
Toronto real estate has been tumultuous in the last few years. At first, everything was going, up, up and up. Record low-interest rates made huge mortgages more attractive, and few new suburbs were developed thanks to the Greenbelt. Almost 90, 000 Newcomers were moving to Toronto each year, along with Canadians from other parts of […]
Canadian Condo Review Platform CondoEssentials Launched
InsurEye Inc has announced the launch of a new website: CondoEssentials. The new site is a condo review platform that has been designed to better inform Canadians about real estate, with a particular emphasis on condominiums. InsurEye has been informing consumers about details of auto, life and condo insurance for years through thousands of independent […]