Second Home Insurance

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Protect your home away from home
Whether it's your dream cabin in cottage country or a condo in the city you plan to rent out for extra revenue, your second home coverage needs will differ from the homeowners insurance you have for your primary residence.

A few things to consider
You can decide to have your second home included in your primary home insurance policy as an extension, listed as a secondary or seasonal location, or you can choose to buy an entirely separate policy. One thing you should think about before shopping around for insurance policies is what type of property it is. Is it a summer retreat? A year-round getaway? Or is it a rental unit? Depending on how often and by whom it's occupied, your needs will differ.

If this is your first additional property, there are a number of things you may not have thought of yet:

Ways to save: If you insure your cars, primary home and secondary home with the same company, you could be eligible for a discount on each one.

Personal belongings: Insurance can extend beyond protecting your physical building, you’ll also want to consider everything that’s found inside as well. Think about the value of your personal belongings, and get a quote to determine if adding Contents Insurance makes sense for you. This is especially important if you will be renting out your property.

Limiting risks: If your second home will be empty for long periods of time, make sure you understand what your responsibilities are in terms of minimizing risk of damage while your property is unoccupied.

Renters: If you'll be renting out your property, you'll want to consider rental property insurance so that you're covered for damages incurred while renters are in your home. You’ll also want to ensure that your renter has tenant insurance. Tenant insurance covers the renter’s personal property and also includes personal liability coverage, which covers accidental damage to the property or unintentional bodily injury to others.

Understand what's covered, and what's not
Since a vacation property is only occupied part-time, it may be difficult or more expensive to get coverage for certain types of risks, like vandalism or water damage. For example, if a pipe bursts during the winter, the water damage could potentially be far more severe than if you were there to fix the problem immediately. This is why it's crucial to understand what you're responsible for. Get a quote and take the time to speak with a PC insurance broker to help ensure that you purchase the right home insurance for your second home.

How to make a claim

Call 1-877-251-8656 to speak with a Claims Advisor.

Renewing your policy

Call 1-877-251-8652 for information regarding policy renewal.

Buying a new policy

Call 1-866-660-9035 for information on obtaining a quote.

Need help?

Take a look at the top 5 FAQs:

  • Why should I have home insurance?

    Why should I have home insurance?

    While the government doesn't require you to purchase home insurance, your mortgage-holder probably will - at least enough to cover its share of ownership. There are various kinds of home insurance that cover general and specific kinds of damage to your home, and you should research your options carefully. You can also buy specialized insurance to cover a condominium, home business, or other kind of property or valuables found in your home.

    Home insurance also includes liability coverage for people who are hurt on your property.

  • Why should I buy tenant's insurance when I live in an apartment and don't have many contents or valuables?

    Why should I buy tenant's insurance when I live in an apartment and don't have many contents or valuables?

    Most people would be surprised at the value of their personal property if they were to add it up and have to replace it all immediately. Think about your furniture, clothing, electronic equipment-then try to put a price tag to it all. Also, if you've purchased items on credit and they are stolen or destroyed by fire, you could still have to make the payments.

    Tenants insurance also includes liability insurance for damage the tenants or their guests cause to the building, for injuries in the rented home, etc.

  • How can I earn PC® points?

    How can I earn PC® points?

    When you use your President's Choice Financial® MasterCard® to pay your PC home insurance premium, you'll get 20 PC points per dollar of your premium. If you use your President's Choice Financial bank card to pay your PC home insurance premium, you'll get 10 PC points per dollar of your premium.

  • What is a deductible?

    What is a deductible?

    A deductible is your share of the amount that needs to be paid to cover the repair or replacement of your covered property before your insurance pays the rest.

  • How are premiums calculated?

    How are premiums calculated?

    The building itself has a lot to do with how your home insurance premiums are set. Many things about your home are taken into consideration including:

    • Its age and size
    • Type of building (detached, semi, high rise, etc)
    • Type of construction (brick, stucco, wood, etc)
    • Type of heating system
    • How close it is to a fire hydrant or fire station
    • Where it is located

See all Home Insurance FAQs

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