Small Cabin

Small Cabin Forum
 - Forums - Register/Sign Up - Reply - Search - Statistics -

Small Cabin Forum / Properties / Insurance
Author Message
Diya
Member
# Posted: 14 Oct 2021 03:02
Reply 


Hi
I'm looking for a broker in the North Bay area.
I just bought a property (vacant land and small cabin) and I would like to add insurance.
Looking for recommendations.
Thanks

Tim_Ohio
Member
# Posted: 14 Oct 2021 08:31
Reply 


A lot of times, if you own a home, you can get an umbrella policy that covers liability on everything, including the property. As for the cabin, if it is not high dollar, self insure it with your own money. Or, I should say, don't insure it and fix it yourself if something goes wrong. As for personal property, if you have something really expensive there, like a high dollar tractor, then you can get an inland marine attachment on your investment which will cover it for theft. Insurance is a tough one, since the potential for a loss needs to be in the high dollar range before it is worth it. Now, of course, if you borrowed money from a lender and they require you insure it to basically protect them, then you will have to have it.
This is my opinion, by the way. I'm not an insurance guru. I basically described the way I had to do it.

Tim
Ohio

gcrank1
Member
# Posted: 14 Oct 2021 10:48
Reply 


A 'rider' added to my homeowners policy covers us for liability as well as theft and vandalism, but not the structure for fire loss, etc. It was really low cost.

Diya
Member
# Posted: 14 Oct 2021 11:42
Reply 


Quoting: Tim_Ohio
A lot of times, if you own a home, you can get an umbrella policy that covers liability on everything, including the property. As for the cabin, if it is not high dollar, self insure it with your own money. Or, I should say, don't insure it and fix it yourself if something goes wrong. As for personal property, if you have something really expensive there, like a high dollar tractor, then you can get an inland marine attachment on your investment which will cover it for theft. Insurance is a tough one, since the potential for a loss needs to be in the high dollar range before it is worth it. Now, of course, if you borrowed money from a lender and they require you insure it to basically protect them, then you will have to have it.
This is my opinion, by the way. I'm not an insurance guru. I basically described the way I had to do it.

Tim

Hi thanks
I'm closing on the property tomorrow. I took a small loan from a private lender who requires that I get insurance 😩
I have a property which is covered by Intact insurance but they said they don't cover insurance for small cabins

WILL1E
Moderator
# Posted: 14 Oct 2021 11:51
Reply 


What sort of loan did you take out? Was it a mortgage based on the small cabin or was it a recreational land loan? Most lenders won't do the mortgage unless the cabin is habitable as a home (water, sewer and electric). Therefor if it's not a mortgage, you probably only need to insure the land to satisfy their need for coverage.

Like Tim, they (State Farm) added the land onto my primary residence policy. When i told them i was building they created a separate policy for the cabin with an adder of builders insurance which covers the structure until it's completed.

Diya
Member
# Posted: 14 Oct 2021 12:51
Reply 


It was a small mortgage (land and cabin) from a private lender.
To release the loan I have to get insurance.
My insurance is from the city and they (Intact) said that they don't do small cabins and mortgage from private lenders.
I have been shopping around. No luck yet

Thanks for sharing
I'm in Ontario

Diya
Member
# Posted: 14 Oct 2021 12:55
Reply 


The lender might waive the clause... I'm keeping my finger crossed ✌️

Diya
Member
# Posted: 14 Oct 2021 17:03
Reply 


If anyone can recommend a reasonable insurance company please let me know
Thanks

FishHog
Member
# Posted: 14 Oct 2021 18:16
Reply 


State Farm covered my place near Sudbury for a reasonable price

Diya
Member
# Posted: 15 Oct 2021 06:38 - Edited by: Diya
Reply 


Quoting: FishHog
State Farm covered my place near Sudbury for a reasonable price

Thanks will try.🙏

The good news, the lender gave me the loan. But the insurance clause is still pending. So I'm able to close today 😀🌿👍👌

toyota_mdt_tech
Member
# Posted: 15 Oct 2021 08:00
Reply 


DIYA, are you looking for insurance to cover the cabin and yourself or just protect yourself from lawsuits?

I have a policy from a Woodland owners Association (in the US) that is to protect me from lawsuits if someone gets hurt on my property, nothing more. Very reasonable, not sure if there is an association in Canada that is similar. Mine was the NWOA

I see they have made adds for equipment ie ATV etc. So might be able to get a storage building with contents in it (a cabin not finalized for habitation)

KelVarnsen
Member
# Posted: 15 Oct 2021 08:20
Reply 


Quoting: Diya
I have a property which is covered by Intact insurance but they said they don't cover insurance for small cabins


I'm in Ontario. My home is covered by Intact and I have my small, off grid, cabin included in my policy.

Diya
Member
# Posted: 15 Oct 2021 12:34
Reply 


Quoting: KelVarnsen


I'm in Ontario. My home is covered by Intact and I have my small, off grid, cabin included in my policy.


😳😳😳
I was told that by the broker.
If you don’t mind can you recommend me a broker thanks

Diya
Member
# Posted: 15 Oct 2021 12:36 - Edited by: Diya
Reply 


Quoting: toyota_mdt_tech
DIYA, are you looking for insurance to cover the cabin and yourself or just protect yourself from lawsuits?

I have a policy from a Woodland owners Association (in the US) that is to protect me from lawsuits if someone gets hurt on my property, nothing more. Very reasonable, not sure if there is an association in Canada that is similar. Mine was the NWOA

I see they have made adds for equipment ie ATV etc. So might be able to get a storage building with contents in it (a cabin not finalized for habitation)

No, I don’t care for the insurance but because I took a small loan from a private lender they require I get insurance. It is one of the clause.
I’m closing today
Fingers crossed as I’m nervous 😬

Houska
Member
# Posted: 15 Oct 2021 17:50
Reply 


This is heavily jurisdiction-dependent.

In Ontario, liability insurance is generally extended automatically to *fully vacant* property from your (primary) homeowner's policy (though of course be sure to check!).

If there is a structure on it, you have to get a separate policy.

If the structure is either minimal and you can claim it is not really habitable, just an "outbuilding". And you don't care to insure the value of the structure, just liability, many insurers will write such a policy. Easiest to go with your home insurer.

If it's a full, built-to-code, on the grid secondary residence, you will have no trouble getting a secondary residence homeowners policy, and paying for it accordingly.

The trouble is in the middle, with a small, "semi-habitable" off the grid cabin. Where you want a bit of coverage but not much. Some people have reported success with the a rider to their primary policy, some with a separate policy same insurer. In our case, our insurer couldn't see a way to make it happen.

In that case, consult an agent in your area familiar with rural properties. We got coverage with Co-operators. Since you're in a hurry, I'll share our agent was Paul Spinelli in Perth, but I suspect you'll have better luck with a local agent in North Bay.

KelVarnsen
Member
# Posted: 17 Oct 2021 12:21
Reply 


Quoting: Diya
If you don’t mind can you recommend me a broker


https://www.disfinancialgroup.com/

Diya
Member
# Posted: 18 Oct 2021 12:48
Reply 


Thank you, will try those 🙏👍

TranquilMan
Member
# Posted: 21 Oct 2021 16:28
Reply 


I'm in an unincorporated area of NW Ontario. I just found out on renewal that my insurer no longer covers damage from bear break-in. I have been fortunate to have had only one bear break-in over 28 seasons. Fortunately, the noise of my arrival scared him off before he did too much damage - just a small window and quite a mess. It's a 2 beer story. Good idea to read the fine print. Now I take more precautions.
TranquilMan

robbyoutdoors
Member
# Posted: 22 Feb 2022 14:07 - Edited by: robbyoutdoors
Reply 


Diya, were you able to get a policy from the above, DIS financial group? I live in Wisconsin and have purchased a small chunk of property in an unorganized area outside of Dryden, Ontario; I plan to build the cabin mostly myself and I too am having a dicker of a time finding a company to insure the structure. If any other readers have any "new" info, please let me know.

Diya
Member
# Posted: 22 Feb 2022 17:03
Reply 


Diya, were you able to get a policy from the above, DIS financial group?

@robbyoutdoors
No, I haven’t any luck. No insurance offered anything.
Great news , I was able close
Good luck!

Gregoire guy
Member
# Posted: 21 Nov 2022 17:29
Reply 


Hello. we have a family homestead property which was built in 1925 on a 'homestead program' to help develop northern Ontario. The original log cabin, which is 27 x 30, is still very sound and we have made this our retirement residence. we are completely off grid, have great water supply (found with witching sticks) by my great grandmother. Septic is a camp septic which works fine. power is solar, with 4 200ah lithium batteries and a 3000w inverter / charger. we dont scrimp on energy. This is where my Great Grandparents settled when they immigrated from Finland. 3 kids were raised here, and closest neighbour is 4km away. All that to say, we have 0 insurance atm. since we've sold our house, we have nothing that we could add a rider to. i'm more concerned with liability insurance, or if we could have minimal content insurance, to get a 'restart' if we ever required to do so. We are near Kapuskasing Ontario, and i see a few names on here of places to try for minimal coverage. Great site !

TranquilMan
Member
# Posted: 21 Nov 2022 20:00
Reply 


Diya,
Our home is in Winnipeg Manitoba and off-grid cabin is in an unincorporated area in NW Ontario. The cabin is boat access so only used during the May to October period therefore seasonal use. Our insurance for both home and cabin is with Wawanesa Insurance Co. based in Winnipeg. They have an office in Thunder Bay, Ontario (1 (807) 624-5670. Give them a call and see if they can connect you with a broker close to where you are at.. The only problem might be if you don't live in Canada. Anyway, a good place to try if you haven't had any luck yet.
TranquilMan

Diya
Member
# Posted: 21 Nov 2022 20:41
Reply 


Thank you both 🙏🏼
I bought my property over a year ago.
I was able to close without insurance.
To date I haven’t purchased any insurance.

I won’t be getting insurance any time soon.

I’m enjoying my property for now 🌱🌱🙏🏼

Diya
Member
# Posted: 21 Nov 2022 20:41 - Edited by: Diya
Reply 


Thank for all the replies🌱🌱🙏🏼

Gregoire guy
Member
# Posted: 23 Nov 2022 08:54
Reply 


Thanks Diya, we're near Kapuskasing ON, which is approx 5.5 hrs from Thunderbay. i will give Wawanesa a call to get advice.

appreciate the reply, very informative site.
Cheers,
Dan

Your reply
Bold Style  Italic Style  Underlined Style  Thumbnail Image Link  Large Image Link  URL Link           :) ;) :-( :confused: More smilies...

» Username  » Password 
Only registered users can post here. Please enter your login/password details before posting a message, or register here first.