Closings, Cottages & Coverage. Quick reminders to help protect your dream home.

Summer in real estate - between house hunts, bidding wars, and paperwork, insurance tends to get shoved to the bottom of the to-do list. A quick conversation about coverage now can save you a whole lot of headaches later.

Cottage vs. Vacation Home Coverage

A cottage is a classic Canadian dream. But insuring one isn't always the same as insuring a primary home.

Here are a few things worth chatting about before getting the keys:

• Is it a seasonal getaway or a year-round home? How the property is used will affect the type of coverage needed.
• What's the water situation? Lakes, rivers, and waterfront views are beautiful, until water ends up where it shouldn't. Flooding, sewer backup, and burst pipes are all worth discussing.
• Will it sit empty for long stretches? All policies have conditions for homes that are unoccupied for extended periods.
• Will it be a bnb? Renting out the property, even occasionally, may require coverage beyond a standard homeowner's policy.
• What else comes with the property? Docks, boathouses, sheds, boats, and/or ATVs don't always fit neatly under a basic policy.

A quick chat with an insurance broker before closing can help avoid those surprise bills later.

Insurance Shouldn’t Be the Last Thing on the List

The keys might be the exciting part, but insurance should be lined up well before possession day.

A few things buyers should check off:

• Arrange home insurance before closing. Your lender will almost certainly ask for proof of insurance.
• Double-check the policy start date so coverage begins on possession day.
• Make sure valuables like jewelry, artwork, collectibles, and electronics are properly covered.
• Let your broker know if either property will be sitting vacant for any length of time.
• Update addresses and review coverage limits to match the new home and lifestyle.

A little planning goes a long way toward making moving day less stressful.

A Simple Conversation Can Make a Big Difference

Insurance doesn't have to be complicated, but it shouldn't be an afterthought either.

Bringing it up early in the buying process helps uncover potential issues before closing and gives buyers confidence that they're protected from day one.

If you have an upcoming closing, we're always happy to answer questions and help you find the right coverage.

Give us a call at 1-888-295-7474 or email us at hello@steersinsurance.com.