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 6 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