Owning a seasonal property in Ontario, whether it’s a cozy lakeside cottage or a winter retreat, comes with its own set of insurance challenges. Since these properties aren’t occupied year-round, insurers consider them a higher risk for break-ins, weather-related damage, and other liabilities. As a result, seasonal property insurance can be costly. However, there are several strategies you can use to reduce your premiums while maintaining proper coverage.
1. Increase Your Deductible
One of the simplest ways to lower your insurance costs is by increasing your deductible—the amount you pay out of pocket before your coverage kicks in. If you can afford a higher deductible in the event of a claim, you’ll likely see a noticeable reduction in your annual premiums.
2. Install Security and Monitoring Systems
Insurance companies offer discounts for properties equipped with security measures. Installing:
- A monitored alarm system
- Smart cameras
- Motion sensor lighting
- Deadbolt lockscan significantly lower the risk of break-ins, which in turn reduces your premium.
- Water and temperature sensors that notify you of potential leaks or freezing pipes can also qualify for discounts.
3. Bundle Your Policies
If you already have home, auto, or other insurance policies, consider bundling them with the same provider. Many insurers offer multi-policy discounts that can lead to substantial savings on seasonal property coverage.
4. Winterize Your Cottage
Ontario winters can be harsh, and insurers know that vacant properties are at risk for frozen pipes, roof collapses, and water damage. If you take proactive steps you may be eligible for a lower premium, such as:
- Shutting off the water and draining pipes before winter
- Installing frost-proof plumbing
- Reinforcing the roof and eaves
- Hiring a local caretaker to check the property
5. Limit Liability Risks
Minimizing liability risks can reduce your cottage insurance costs. If your property includes amenities like a dock, firepit, or rental option, ensure you have proper safety measures in place. Fencing off hazardous areas, installing railings, and posting safety signs can show insurers that you’re taking precautions to avoid liability claims.
6. Reduce Coverage on Unnecessary Items
Review your policy to see if you’re paying for coverage you don’t need. For example:
- Do you have coverage for outbuildings you don’t use?
- Are you insuring high-value items (like boats or ATVs) that could be covered under a separate policy?
- Can you opt out of replacement cost coverage and go with actual cash value for older items?
Customizing your policy ensures you’re not overpaying for unnecessary coverage.
7. Prove a Track Record of No Claims
A clean claims history can work in your favor. If you haven’t made a claim in several years, ask your insurer about a claims-free discount. Some providers reward long-term customers with lower premiums as a sign of reliability and lower risk.
8. Shop Around and Negotiate
Insurance rates vary significantly between providers. Before renewing your policy, compare quotes from multiple insurers. You can:
- Use online comparison tools
- Work with an insurance broker
- Ask for discounts based on loyalty, membership affiliations, or safety upgrades
Many insurers will match a competitor’s offer or adjust your coverage for better pricing.
Seasonal property insurance in Ontario doesn’t have to break the bank. By taking proactive steps—such as improving security, winterizing your property, adjusting your coverage, and shopping around—you can effectively reduce your insurance costs while ensuring your seasonal home is adequately protected.
Would you like help reviewing specific coverage options or finding providers with the best rates? Contact me today!
