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  • Writer's pictureCooke Insurance

What You Must Know About Insuring Your Seasonal Property

Updated: Apr 20, 2023

Owning a vacation property may be one of your key financial goals, and it is critical to safeguard the security of your investment. Having the right house insurance may safeguard your vacation home from damage caused by fire, wind, and other hazards.

Your lender may need property insurance as a condition of borrowing if you have a mortgage on your vacation home.

What's Seasonal Property Insurance?

Seasonal property insurance is a type of property insurance that covers homes that are only occupied for part of the year. Seasonal properties include cottages, cabins, and vacation homes.

Seasonal homeowners insurance typically has the same coverages as a standard homeowner's policy, but the limits may differ. For example, seasonal homeowners insurance may have higher limits for contents coverage because there is usually more personal property at a seasonal home than at a primary residence.

What Does Seasonal Property Insurance Cover?

Seasonal property insurance policies cover the same types of perils as a standard homeowners policy, including:

- Fire damage

- Wind damage

- Hail damage

- Lightning damage

- Smoke damage

- Water damage (from a leaky roof, pipe, etc.)

- Vandalism and theft

Most policies also include liability coverage to protect you from lawsuits if someone is injured on your property.

What Seasonal Property Insurance Does Not Cover

There are some types of damage that are not typically covered by seasonal homeowners insurance, including:

- Flooding – You will need to apply for a separate flood insurance endorsement.

- Damage caused by poor maintenance – Your policy will not cover damages resulting from neglect or poor maintenance of your property. For example, if you don’t properly care for your home and there is lots of wear and tear, you likely will not be covered.

How Much Does Seasonal Property Insurance Cost?

The cost of seasonal homeowners insurance depends on several factors, including the value of your home, the amount of coverage you need, the location of your property, and the type of policy you choose.

How to Get Seasonal Property Insurance

If you're looking for seasonal homeowners insurance, contacting a local independent insurance broker is the best place to start. An insurance broker can help you compare policies and prices from multiple insurers to find the best coverage for your needs.

Bottom Line

Your seasonal home is an investment and a place to make memories with friends and family. It is critical to safeguard your cottage both now and in the future. Now that you understand the fundamentals of seasonal property insurance, take the time to investigate the coverage alternatives available for your summer (or year-round) escape. With your property protected, you may actually spend your days resting there.

Whether you own a home, a condo, a rental property, or you are a renter, Cooke Insurance can keep you covered. We offer a wide range of comprehensive coverage options for home insurance in Saskatoon to cover the roof over your head. Get an online quote from our website today!

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