Risk & Business Magazine Gillons Risk & Business Magazine Summer 2017 | Page 6

COTTAGE COVERAGE
Expect the Unexpected:
COTTAGE COVERAGE
A
great piece of general life
advice is to “expect the
unexpected.” This advice
becomes extremely useful
when you consider insuring
your seasonal residence. Call it the Camp,
the Cottage, or the Cabin (it depends
on what area of Northern Ontario you
are from), whether you are an owner by
choice or consequence, having the proper
amount and type of insurance coverage
can help protect this major asset before
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the “unexpected” occurs. Being proactive
is the key to success.
Consider the following situation: You
inherit a cottage on a small island. A
storm comes by and suddenly knocks the
cottage over. Once the shock wears off,
you are likely thinking about the costs
to rebuild. What probably doesn’t come
to mind, however, is the fact that being
on an island brings a number of ancillary
costs to that rebuild. How will the debris
be removed? How much additional
money is it going to cost to bring the
materials and labour out to the island
than it would if you lived in the middle of
town? Is my personal property covered?
Need more examples? Try these:
• How is your outbuilding coverage
looking? Did you know docks count
under outbuilding coverage? Are
your guest cottages or bunkhouses
covered?
• What about your boats? Are you