Regardless of what it’s for, insurance is not something to take lightly. On this segment of The Marc and Mandy Show: Q & A With A Pro, Adam Caswell from HRC Insurance Brokers answers some common questions about cottage insurance.
Q: Are all cottage insurance policies the same?
Adam Caswell: No, there are many different types of cottage insurance policies. For instance, there are fire and EC policies, there are broad form policies, and there are comprehensive form policies. As the name suggests, comprehensive form policies cover the most damage that could happen to your cottage and they have the broadest spectrum of coverage. A fire and EC policy will cover the least amount of stuff at your cottage; it really just covers you for fire, lightening, windstorm, and hail. A broad form policy would cover you for more than a fire and EC policy but not as much as a comprehensive form policy.
Q: Is the cheapest insurance policy the best?
AC: No, it is not the best. If you’re basing your insurance on price, you are wrong. You’ve got to look at the coverages and the types of policies. You will pay a bit more for your comprehensive form policy, but it’s likely worth the peace of mind.
Q: Is everything at my cottage covered by the insurance policy?
AC: No, there are always special limits on cottage insurance policies. Some cottage insurance policies will cover a little bit of your water craft, such as your kayaks, your canoes, and your windsurfers, but they won’t cover everything. You have a personal property limit on your policy, but there is a sub-limit underneath that, which indicates only a specific amount would be covered in terms of your water crafts, bicycles, and sporting equipment.
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