Most consumers view their cottage insurance similar to their home insurance. You provide your address and some details on the finishing of your cottage and the magical insurance premium is derived with similar coverage’s to your home insurance. What’s important to note however, is that you may have restricted coverage (named perils versus all risk) and you may be paying higher premiums than you should be.
You should always be diligent in providing your broker with as much information as possible so they can a) determine an appropriate replacement cost b) determine an appropriate fire protection rating and c) make appropriate loss control recommendations.
Cottages are comprised of many different building materials. Some, such as log construction can be more expensive, while others can be less expensive and therefore lower the replacement cost of your cottage. The type of materials and construction directly affect the insurance premium as it is…
View original post 229 more words