It’s cottage time! Here’s what your customers want to know about seasonal insurance
by Joanne Garrett?
Director, Business Development ?
Intact Insurance?
Fun fact: Canada is home to 879,800 lakes – more than any other country in the world – and more than 100,000 of them are in Manitoba.??
With lakes come, of course, cottages! (My colleagues across the country assure me that it’s possible to have a cottage in the mountains or by the seaside, but as a Manitoban, I always associate cottages with lakes.)?
To get ready for cottage season, I’ve been asking brokers and the Intact team what customers want to know about cottage insurance. Here are the 8 questions brokers told us they hear most often from customers – and our underwriters’ answers, too.?
I have home insurance. That covers my cottage, right??
Your home insurance only covers the things that you bring with you to the cottage as you come and go. The property and its permanent contents need separate coverage.?
How much insurance do I need for my cottage??
That depends on how often you use your cottage, its estimated rebuild cost and how many toys – electronics, boats, bikes – you keep there. Tell your broker everything and they’ll make sure you’re covered.?
Does my policy cover me if I rent out my cottage to others??
Standard home and rental insurance policies may not cover damages or injuries resulting from short-term rental activity – always tell your broker how you’re using your cottage to make sure you get the right coverage.?
I use a wood burning stove to heat my cottage. Does that affect my coverage??
It may affect your premium. Insurers want to know what the primary and secondary heat sources for a building are. A wood stove as a heat source increases the risk of fire and will affect the price you pay for insurance. (Good news for Manitoba cottage owners though: wood heat does not impact your premium!)???
Speaking of fire – how do forest fires impact my coverage??
For better or worse, fire is fire is fire. You’re covered.??
Is my boathouse covered??
Yes, but you need to make sure you declare it. If you’re building a boathouse after you’ve already secured a policy, tell your broker to ensure coverage. Specify where your boathouse is located. And discuss water damage coverage carefully: Wind-driven waves and wind-driven ice are never covered. Make sure you know what your exposures are.?
Do I need separate coverage for my boat??
Maybe. Your little fishing skiff is probably covered, but your SeaDoo or $100,000 pontoon boat, probably not, as standard policies usually have a $3000 coverage limit for watercraft, as well as maximum horsepower limits. Your best bet is to “schedule†your watercraft – add it to the policy – or, for high-end boats, get a stand-alone watercraft policy.?
What if I borrow a boat and sink it? Or my neighbour borrows my boat and has an accident??
Boat coverage – so long as you have it! – works much the same way car insurance does, but as with all coverage, limits apply. Ask your broker to walk you through exactly what your cottage policy covers and what your stand-alone watercraft policy covers – and consider adding personal umbrella coverage, for additional peace of mind.?
领英推è
As the brokers I chatted with see it, whether your customers use their cottage year-round or just in the summer, the best advice is to encourage customers to give cottage insurance the same attention they'd give their permanent home.
The best advice is to encourage customers to give cottage insurance the same attention they’d give their permanent home.
Get them to tell you in detail how the cottage is used, its true replacement value, its contents and any additions or improvements – and encourage them to ask questions if they don’t fully understand their coverage and their exposures!?
Happy cottage season, everyone!?
Resources for brokers?
Intact brokers, use these Pathways courses – available to you 24/7 on the Intact Portal – to help your customers get the coverage they need to have an amazing summer.?
- Lifestyle Advantage & my Extras – These endorsements may be just what your cottage-loving customers need (15 minute eLearning)?
- Vacation Trailers – Become a vacation trailer insurance expert! (30 minute eLearning)?
- Motorhome Essentials – Motorhome coverage is unique – be ready to answer all customer questions (20 minute eLearning)?
- ATV Essentials – Get ready to cater to your customers off-road adventures! (20 minute eLearning)?
- Watercraft Coverage – Boats, boats, boats! (And Skidoos too) (And more) (1 hour eLearning)?
- TravelWell – Learn what this Intact homeowner policy add-on covers when your customers travel to cottage country (and elsewhere) (1 hour instructor-led course)?
- High-Value Homes –? When the cottage isn’t just a home away from home but a castle! (1 hour instructor-led courses)?
- Personal Umbrella Coverage – Find out how to give customers more protection with this endorsement (choice of 1 hour eLearning or 1.5 hour instructor led-course)?
?
Resources for customers?
Flood, fire and extreme heat on your cottage customers’ mind? Consider leveraging these practical resources from the Intact Centre on Climate Adaptation:?
?
Nature?
Flood?
Fire?
Extreme Heat?
?
Exclusive to Intact brokers?
Intact brokers, watch for customized, co-brandable wildfire and flood social media playbooks, available soon on the Intact Portal, which you can use on your social media as part of your own strategy to connect with customers.?