Consumption and Real Estate
Looking for Cottage Insurance that covers it as a Seasonal a Rental Property?
Question : Looking for Cottage Insurance that covers it as a Seasonal a Rental Property?
Is there a Insurance company that is international?
I own two pieces of Property one is a home in Michigan and one is a inherited family cottage in Canada (Ontario).
I have insurance on the Michigan home ( Primary residence) and carry a mortgage on it.
I currently do NOT have insurance on the recently inherited family cottage in Canada ( seasonal home) and I do NOT have a mortgage on it…it is all paid off.
Last year we fixed/brought the electrical,plumbing and cosmetic issues all up to code or updated, with new flooring, tile in the bathroom etc.
This year we decided to see if we could make the cottage available as a seasonal rental ( weekly,daily during the summer), since the Cottage is in a Beach community.
We need Insurance on the Cottage, yet we cannot seem to find anyone who will provide such Insurance b/c we are US citizen’s not living in Canada!
PLEASE help –
We need seasonal cottage Insurance – that covers the Cottage as a rental property for 3-4 months out of the year!
michigan property insurance
Best answer:
Answer by Randall Parker, MBA
You have two issues to solve here. First, you need insurance on a property that is vacant for up to nine months per year. Second, you don’t live in the same country as the property.
An insurance company will not typically issue a Landlord Protection policy on a property that is going to be vacant for more than 30 days. The risk is too high on vacant properties as they are targets for vandalism.
The non-country issue is not as big a deal, but can make it harder to get things done.
My recommendation is to find a rental property management company in that area, and ask them how they deal with this issue. They may be in contact with a company that insures these types of risks. I would start there.
I wish I could offer more, but I’m not licensed in Canada, and I’m not fully informed of their guidelines. I imagine that someone insures these risks, so just ask people who are in a similar position to yours.
Good luck!
I am an insurance agent in Michigan and Ohio and I am aware of tow brokerages that are licensed in Michigan and Canada. One is International Brokerage and Surplus Lines, and the other is Symons International Group. They offer coverage in many states in the U.S., Canada and Mexico. My agency at http://www.getgliga.com specializes in solving insurance related problems by having access to multiple companies and working hard to find the answer. Many agents give up if it seems there may be to much work involved, but we thrive on it. If you go to our webpage and select investment property quote and fill out the information, I will be happy to get you some answers. The other gentlemen also had good advice about hiring a property manager, just make sure he is familiar with your issue of being a U.S. citizen renting a property in Canada. It is different than a Canadian renting a property in Canada. I hope I can help.