Are you one of those lucky people who get to enjoy the benefits of a cottage in the countryside or forest on weekends? The fresh air, the peace and quiet, the beauty of nature…
Enjoying all of this is great, but you still need to adequately protect your little corner of paradise, or you risk losing the well-being and peace of mind that you cherish so much. In this article,
Secondary and seasonal residences: what’s the difference?
In the eyes of an insurer, for a second home to qualify as “secondary,” it must not be unoccupied for more than 30 consecutive days. It must also be accessible by roads that are passable twelve months a year, otherwise an insurer may refuse to cover you.
However, if your cottage and the use you make of it do not meet the underwriting standards—i.e., the eligibility criteria—for a second home, the insurer may agree to insure your second home, but only as a “seasonal residence.”
Please note that underwriting standards may vary from one insurer to another!
Insurance coverage
Did you know that home insurance coverage is more extensive for second homes than for seasonal residences? Insurance for a second home is more comprehensive simply because it has a higher occupancy rate, which means less risk for the insurer.
The more time you spend in your second home, the more likely your insurer will be to offer you comprehensive coverage, commonly referred to as “all risks.” Also, note that theft and burglary are usually covered for second homes.
If your cottage falls into the “seasonal” category, the insurer will agree to cover you for theft and burglary, but only through special coverage (rider). To obtain this coverage, you must pay an additional premium, which is generally high given the significant risk involved.
What is included in the insurance policy for a second home
When an insurer agrees to insure your home as a second home, you benefit from several types of coverage included in the contract. This means that your furniture is insured, as well as everything in any outbuildings (sheds, storage rooms, or separate garages).
Living expenses are also included in your policy. You may also be eligible for additional coverage for water damage. This would increase your home insurance premium, but you would have peace of mind knowing that you are covered for above-ground water damage as well as ground water damage, including sewer backup.
It’s not that easy to find an insurer…
It can sometimes be difficult to find an insurer willing to insure your second home or seasonal residence. In addition, many insurers require you to have insurance for your primary residence, otherwise they will refuse to insure the second home.
At Assurances Multi-Risques, we work with several insurers. We can therefore find you an insurer that will cover your second home at the best price on the market. By choosing Assurances Multi-Risques, you are also choosing sound advice and peace of mind. Your outdoor getaway starts with us!