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
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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. +