Seasonal Residence/Cabin Insurance

Spring has sprung (hopefully!) and that means many people are getting excited to get up to their cabins or summer homes. Not everyone shuts the cabin up for the winter but many do.As I bump into many people, you can definitely feel that air of excitement. At the same time, I wonder about my clients and even the general public.  Do they have the right insurance coverage?  In regards to our clients, I want to ensure that we have been brought up to date with any changes they have made since they first insured the cabin. Quite often, just like your home, when you buy a cabin you start renovations. Does your insurer know about the changes?  Do you have sufficient insurance?

All these thoughts were spurred when I saw a video on Facebook of a man walking up to a cabin with a pry bar. Thankfully, he was spooked when the lights went on in the cabin. It is not unusual to read in the news about cabin break-ins, such as in this story.

I am quite often asked, “How should I insure my cabin?
Should it be added to my homeowner’s policy? Should it be a standalone policy?” There are pros and cons to both but I would certainly recommend you try to have both insured through the same broker. This should eliminate any potential gaps in coverage.

In the Past . . .

Not that long ago, you could only buy limited coverage for your cabin/seasonal residence. It was uncommon for policies to contain coverage for theft. Insurance companies were concerned that these properties were unoccupied for extended periods of time and were often in secluded areas. Therefore, most insurance policies that were sold to cabin owners consisted of the very basic of coverage:

 

  • Fire
  • Explosion
  • Smoke
  • Falling object(s)
  • Impact
  • Riot
  • Electrical damage
  • Water damage from windstorm and hail

Current Day . . .

Insurers recognize that there are a variety of types of cabins/seasonal residences. They realize that the public has different views on these types of buildings.  Insurers’ attitudes have changed significantly. In fact, they know the owners quite often treat these buildings as investments, retreats and potential retirement residences.

Today, cabins range from the very rustic to secondary homes. As such, insurers needed to be much more flexible and offer a variety of coverage.  It is not uncommon for cabins/seasonal residences to be worth hundreds of thousands of dollars.  So instead of being able to purchase just basic coverage, owners have the option of buying coverage similar to what they would have on their primary residence.

Now you can buy a much broader form of coverage than listed above.  Today, you can insure against vandalism, burglary and theft related occurrences.  In fact, it may even be possible to buy the same coverage that is available on your homeowner’s policy including replacement cost.

It’s important to ask your broker, “What does my coverage include?  Is my insurance based on an outdated policy?  Do I qualify for better coverage?  Am I comfortable with the insured values stated on my policy?”

At Crosbie Job, we are your seasonal residence/cabin insurance experts.  We will work with you to tailor your cabin/seasonal residence insurance so that it meets your needs. Kick back and relax enjoy some much deserved R&R.  Sleep Easy! We’ve Got You Covered. Don’t hesitate to contact us and put our Strength and Experience to work for you.

Drop us an email: [email protected] or call us at 709-726-5414 or 1-800-563-7788.