More on Protecting Your Home Away from Home
How your vacation property is used and how often it is occupied will dictate which insurance package is appropriate for you.
If you qualify for a comprehensive policy, both the building and its contents are covered for “all risks” subject to the policy exclusions. By contrast, the named perils policy only provides coverage for the specific perils stated in the wording. Typical perils include fire, explosion and smoke damage. Contents coverage may be included up to a certain limit, or can be purchased separately. This covers items kept permanently at the vacation home. Anything taken back and forth – e.g., clothing- is covered by your primary home insurance policy.
Some packages include a limited amount of coverage for any outbuildings, including boathouses, garages and sheds, but you may choose to buy additional coverage . Finally, liability coverage is needed to protect you in case someone gets hurt on your property or you cause damage to neighbouring properties. Call your insurance representative to review your own situation.