Whether you love fishing and boating at the lake every summer or can't wait to strap on your skis and hit the slopes when the snow starts falling, there's no doubt that having a secondary holiday home such as a chalet is a huge asset to your entire family. Like any important asset you've invested your money and effort into, it's critical to ensure you have the protection against financial loss afforded by the right Ontario chalet insurance. Ontario insurance brokers at Morison Insurance are here to help. Our team has the experience and skill to tailor your chalet insurance coverage perfectly to meet your unique needs and offer you solid protection against financial loss related to your specific risk exposures.
Also called seasonal home insurance, secondary property insurance or holiday lodge insurance, Ontario chalet insurance is a type of property insurance or personal insurance designed to address the coverage requirements of holiday chalet owners. While what is covered will depend on your specific needs and wants for chalet insurance, Ontario property owners can count on standard coverage for property damage and contents coverage along with the additional coverages they may wish to consider, such as coverage for watercraft, outbuildings, personal liability and more.
Anyone who owns an Ontario chalet needs the peace of mind that comes with knowing their holiday home investment is fully protected with Ontario chalet insurance. They won't have to pay out of pocket for repair, replacement or restoration when their chalet or the belongings stored there are damaged, destroyed or stolen.
It's important to note that every person listed on the deed to the property also needs to be included on the chalet insurance policy, even if they are not a member of your household. For example, if you and your siblings inherited the chalet from your parents and you are all part-owners of it, every sibling needs to be listed on the insurance policy. Be sure to let your Morison Insurance broker know if you are not the sole owner so they can ensure your policy gives you the full coverage you need.
No other chalet in the world is exactly like yours, with the same location, upgrades, and other factors that go into a risk evaluation. Since your chalet is unique, shouldn't your Ontario chalet insurance be unique? The types of insurance that are included depending on what you specifically need. That includes coverage such as the following for your chalet insurance policy.
You only live at your chalet for part of the year, and in all likelihood, there are extended periods of time when no one is at the property. Naturally, that increases the probability that if something happens, such as roof damage in a severe windstorm or a window smashed by a falling tree branch, it will go unnoticed and untended for some time. This could lead to further problems or a more difficult damage restoration process. Even if you are checking on your property every few days or have someone else checking it on your behalf, there's simply no way to avoid all the issues that could cause serious damage and interfere with your ability to enjoy your vacation property. With the right Ontario chalet insurance, Ontario property owners can rest easy knowing their insurance carrier will provide funds for damage caused by an insured reason such as fire, vandalism or natural disasters.
There's no doubt that excess moisture can be a chalet owner's worst nightmare. Under certain circumstances, some kinds of accidental water damage is covered by standard property insurance. For example, if your plumbing system develops a hidden leak that results in water damage, it will likely be covered—unless the leak was caused by insufficient plumbing maintenance. Other types of water damage aren't covered at all unless you have water damage coverage specifically added to your chalet insurance policy. Most properties experience water-related issues at some point, so chalet owners need to consider additional coverage for damage caused by water incursion seriously. That could include:
Nothing is relaxing or inviting about an empty chalet with no furniture or belongings, so of course, it's necessary to keep personal possessions at your chalet for you to use while you're vacationing. Being away from the property for extended periods of time leaves those valuable items of your chalet more vulnerable to theft and vandalism—and of course, all those high-value items can be damaged by the same factors that cause damage to the chalet itself, such as fire, flooding and natural disasters. With the right contents insurance coverage and limits on their Ontario chalet insurance, Ontario residents can get financial assistance to replace their lost or destroyed belongings and return to vacation life as soon as possible.
Your vacation property may include detached structures such as a pool house or sauna and amenities such as a swimming pool. Those features need specific insurance coverage on your Ontario chalet insurance policy. Suppose your hot tub, lawn mower, garden shed, detached garage or other items are damaged. In that case, you can get outbuilding insurance compensation from your chalet insurance provider to cover the costs of replacing or repairing the affected structures or items.
If you're an avid fisherman, love waterskiing, or can't get enough of sitting back and enjoying the view from out on the water, a boat is a must-have accessory for those hot summer days out at your chalet. If you store a boat at your vacation property and/or other recreational equipment, it must have its specific boat insurance coverage on your Ontario chalet insurance. Ontario property owners can make the most of fishing season without worrying that something will happen to keep them off their boat, as long as they have the right insurance coverage.
Personal legal liability coverage is an add-on option for Ontario chalet insurance that offers you financial support if you are sued for allegedly causing third-party bodily injury, third-party property damage or personal harm. For example, if you invited a guest to your chalet and their foot went right through a rotten part of your decking, causing a severe injury. They could bring legal action against you to recover the cost of their medical bills and recuperative period. Or, if you were trimming tree branches and miscalculating, letting a big branch fall on your neighbour's roof, you would likely be liable to cover the cost of roofing repair. In those scenarios, your chalet insurance provider would supply funds to cover expenses such as your legal defence and settlement costs so the plaintiff can get the compensation they're entitled to, and you don't have to suffer a significant financial loss.
How "chalet" is defined can vary quite a bit from person to person, but in most cases, it indicates that the physical structure is a timber frame and the overall building is mainly made of wood. That being the case, chalet owners should not expect guaranteed replacement costs as part of their Ontario chalet insurance. If the worst happened and your chalet suffered severe damage in a fire, there would be no realistic way to replace it with the exact same kind of wood in the same configuration, precisely like it was before. While your Ontario chalet insurance can and will provide you with funds to recover and rebuild from the disaster, it will not be a guaranteed replacement cost.
Yes, it is. Your standard home insurance policy only provides coverage for your primary residence. It is necessary to have a separate Ontario chalet insurance policy to protect your secondary residence—and your household—from financial loss related to a wide range of issues, including fire, natural disasters, flooding, theft, vandalism, legal liability and more. That being said, many insurance companies offer discounts for bundling chalet insurance together with regular homeowners insurance, so it's a good idea to speak with your Morison Insurance broker about your options for bundling your primary and secondary residence policies.
Your chalet insurance policy is going to be different from your home insurance for your primary dwelling because the two properties are used differently and don't necessarily have all the same risk exposures. Because your chalet is likely vacant for part of the year—or in many cases, most of the year—there's an increased risk of burglary or vandalism, for example. And because your chalet is likely in a rural or remote area, it may be out of range for fire department services and at greater risk for damage caused by vermin and wildlife.
All those risk exposures factor into the necessary coverage, which is why your Ontario chalet insurance will necessarily be different from your house's insurance, which has unique risk exposures to consider. When it comes to insurance, there is more than a one-size-fits-all solution. That's why your chalet insurance won't just differ from your home insurance; it'll also vary from your neighbour's chalet insurance because it's a one-of-a-kind policy designed to address your particular insurance requirements.
You're not using your chalet constantly, so it may have occurred to you to offset some of the cost of chalet ownership through short-term rentals, so others can enjoy your chalet when you don't need it. However, it's essential to let your insurance broker at Morison Insurance know that you plan to rent it out. They can adjust your coverage to ensure your chalet insurance applies even when renters use the property. Renting is an excellent way to utilize the property and make a little extra money. Still, it exposes you and your property to new risks that need to be adequately accounted for on your Ontario chalet insurance policy. Depending on how long or how frequently you intend to rent it out, you may need landlord insurance to be fully covered.
When it's time to get a competitive insurance quote for Ontario chalet insurance, Ontario property owners can rely on the experienced team of brokers at Morison Insurance. As a family-owned business, we take customer service seriously and always strive to treat our clients like members of our own family. You can count on your Morison Insurance broker to tirelessly track down the right options for your chalet insurance so you can have the peace of mind knowing you'll have full protection against unexpected expenses such as property damage restoration and litigation issues. To get started today, pick up the phone and call us at 1-800-463-8074, or fill out the online form below for more information on chalet insurance.
This content is written by our Morison Insurance team. It is provided for general information only. Insurance needs differ from person to person, and this article is therefore not a substitute for professional advice about your individual insurance needs which can be obtained by speaking to one of our brokers.