Risk & Business Magazine Rogers Insurance Spring 2017 | Page 30

VACATION HOME HACKS BY: TANYA HAGE COBURN SHARP INSURANCE Vacation Home Hacks What All Property Owners Need To Know H aving a home away from home that you can go to at the drop of a hat is a must-have for many urban dwellers looking for an escape from their all-too-often congested city life. Whether you have a vacation home tucked away in the lush mountain valleys of British Columbia or a condo on the golf courses of Arizona, you really cannot be too careful in maintaining and protecting your investment. Looking after a vacation home can require more work than your own full-time house. The risks of burglary, water damage, and electrical failure are much higher for vacation homes because you are not there around-the-clock to notice the small things that can go askew. This can lead to larger problems in the future for your valued getaway. Taking preventative measures with your vacation home could save thousands of dollars in repair costs, not to mention reducing the stress that can come with large-scale property damage. Most insurance companies recommend preparing for seasonal changes to prevent damage such as burst frozen pipes or water damage due to “spring thawing.” To prevent fluctuations in temperature, the use of smart 30 technology such as a remote-controlled thermostat will allow you to control the temperature of your vacation home from afar through a mobile app. You can also monitor alarms, cameras, and electricity through connected home software to help mitigate the risk of burglary and power surges that could affect your heating or sewer backup sump pump. maintained, respond to emergencies, and look in on the premises. According to Christine Karpinsku of HomeAway, property managers can typically earn 20%–60% of the rental income generated from your vacation home. It may be worth the expense if you live too far away to manage tenants and weekly maintenance issues. As a bonus, these measures may save you money on your insurance premiums. Hiring a casual caretaker is a great way to keep your driveway and sidewalk clear of snow and ice to prevent liability issues as well as getting the odd repair job done. You may want to do an inspection on your home in the spring to look for downed wires, fallen trees, animal infestations, and water and mould issues. If any of these are a problem, repairing the damage quickly could save you a lot of money down the road. The home-sharing industry in Canada has become a widely adopted platform for earning extra income to cover mortgage and property management costs. Even so, what most property owners do not know is that there is a gap between what your insurance policy will cover and the liability coverage through home-sharing sites like Airbnb. com. Some insurance companies have recently released comprehensive home- sharing insurance, covering risks such as liability arising from short-term rentals, loss or damage to your building, intentional damage caused by a criminal act or failure to act by a guest, and damage to your guest’s personal property. If you have a seasonal home that you visit a few times a year, consider hiring a property manager to maintain and look after the property in your absence. If you are renting out your home, this is an especially good option as property managers can typically oversee the work associated with having tenants. Property managers will also open and close your vacation home, screen and hire staff to make sure your house is well- For more information on seasonal and vacation property coverage and home- sharing insurance, please visit www. rogersinsurance.ca or call 1-800-565-8132 to speak with one of our brokers. +