May 1, 2018

Summer’s coming! You can feel the change in the air. It’s that time of year when you start getting excited for the warmer weather and opening up your cottage. It’ll be so much fun going out on the lake and making memories with your friends and family — but are you protected? Do you have the appropriate insurance coverage for your boat and cottage?

Cottages and watercraft require different insurance coverages than your home, and your policy should be examined on a regular basis to ensure that it meets your needs. Here are some answers to our most frequently asked questions about boat/watercraft and cottage insurance.

What kind of cottage insurance should I get?

Every insurance company offers a variety of different cottage insurance policies. You will need to find a policy that fits with the way you use your cottage.

Key coverage considerations include:

  • How much time do you spend at your cottage?
  • Is the cottage used year-round, or is it a seasonal dwelling?
  • Do you rent out your cottage?
  • Is there a wood-stove or fuel oil tank at your cottage?

Depending on your answers, you will be eligible for specific insurance products that you will want to review with your insurance provider.

Tip: Insurance discounts are available to people who have more than one insurance product with their insurance provider. We recommend bundling your insurance coverages to get the best pricing.

At The Ostic Group, we offer several different kinds of cottage insurance and we have specialty options that other insurers do not provide, including island cottage insurance.

Click here to start a personalized seasonal dwelling quote.

Boat & Watercraft Insurance

Along with your cottage insurance, you will want to make sure that you and your guests are protected on the water. Consider what type of watercraft you are insuring and how you’re using it.

Key coverage considerations include:

  • Do you have small, non-motorized watercraft like canoes, kayaks, and paddle boats?
  • Do you have motorized watercraft like speedboats or jet skis?
  • How old is the main operator of the watercraft?
  • Is the watercraft being used for business?
  • Do you rent out your watercraft?

Once you’ve examined your particular situation, you’ll want to consider your liability coverage.

Liability coverage is different than basic coverage, and it will protect you from paying out-of-pocket for any personal or property damages caused by an accident on the water. For motorized watercraft, we recommend having $2 million dollar liability coverage to ensure you are adequately protected, in the event of an accident.

Tip: Most standard homeowner insurance policies that have liability coverage do not cover motorized watercraft. You’ll want to make sure that you have separate watercraft liability.

From small, seasonal cottages to custom-built all-season cottages, The Ostic Group offers a range of cottage insurance products. Connect with us to discuss your unique cottage and watercraft insurance needs.

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