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March 2013

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Has Your Coverage Kept Pace with the Replacement Value of Your Cottage? Check in with EGM to ensure that your cottage insurance covers any improvements, renovations and additions you've made over the years.
For many of us, the simple family cottage has turned into a second home complete with modern appliances, big screen TVs, hot tubs and more. Your EGM Broker will ensure you've got the coverage you need to protect your property, both inside and out. Connect with Your EGM Broker >>

7 Steps to Protecting Your Cottage:

1. Make sure the property is insured for it's rebuild value.
2. Top up your coverage reflecting the replacement value of all contents.
3. If you use a wood-burning stove, keep it clean and be diligent when disposing of ashes.
4. Secure all windows, doors, sheds and boat houses.
5. Remove all valuables from sight and secure any items stored outdoors.
6. Trim back any tree limbs that could cause trouble during a seasonal storm.
7. Ask a neighbour or someone living nearby to keep an eye on your property when you are away.

Water Disaster Protection for Your Home

Most comprehensive homeowner policies cover sudden and accidental water damage not caused by freezing, such as:
- failure of a heating or air conditioning system
- overflow from a washing machine or blocked toilet
- damage from a sprinkler or burst water pipe

As well, depending on your location, sewer back-up insurance can be added into your policy.

However, damage from water entering the home through leaks, cracks and seepage is the responsibility of the owner.

Protect your property with preventative routine maintenance:
1. If you live in an area prone to sewer backups, install a back-flow valve and intake plugs.
2. Install a sump pump with battery or generator back-up power.
3. For basement storage, use plastic containers set at least 25 cm above the floor.
4. Keep all window wells, eaves and downspouts clear of leaves and debris.
5. Check the foundation inside and out for cracks or other damage.
6. Keep snow and spring run-off clear of the foundation, doors and windows.

Keeping the Family Cottage

According to Paul Kramer, CFP, it's never to early to consider the financial implications of passing down the family cottage to the next generation.

Sitting down with EGM's Certified Financial Planner will help you map out the best route towards minimizing the hit from capital gains on increased property values, while guarding against your children having to dip into their pockets or sell the property when the time comes.