Real Estate

Can I get coverage for properties that are rented on a part-time basis?

Will any insurance companies provide coverage for properties that are rented on a part-time or occasional basis?

While some companies are reluctant to provide rental insurance for cottagers because of increased risk, others will offer partial or full coverage.

Your first step should be checking with the company that provides your existing policy. If your insurer agrees to coverage, a policy change may not be required, although in some cases you might need to pay additional premiums. Your insurance company may want to be notified of the exact dates a property will be rented and might only agree to coverage for a set number of weeks. Be sure it sends you a letter stating what has been agreed to, and ask whether there are any limits to liability. Cottagers often decide not to include boats in a rental if they’re worth more than the insurance limit, as well as to protect themselves from liability in the event renters injure themselves or others. Cottages, because of their remote locations, are usually not covered for vandalism or burglary, unless you pay extra.