As much as we wish life was a constant vacation in the countryside, most Canadians are in and out of the cottages they own. So renting out your idyllic cottage is a smart way of turning your lakefront dream into an affordable reality.
“Renting your cottage to others for a few weeks here and there is a great way to alleviate the financial stress of ownership,” says Wayne Ross, an insurance expert at Aviva Canada. “And by taking a few steps prior to sharing your home-away-from-home with others, you can ensure it is a safe and enjoyable experience for everyone.”
Ross offers these quick tips to ensure you are better equipped to rent your summer home:
1. Examine your property: Conduct a thorough check of your cottage and surrounding grounds to ensure that all furniture and plumbing are in good condition. It’s easy to overlook flaws that you have become accustomed to, so be sure to examine objectively.
2. Keep it clean: Scout out local cleaning services to make sure that your cottage is spic and span before and after your renters move in. Never forget that with a cottage rental, you’re operating a small business.
3. Revisit your insurance policy: Calculate how much time you spend in your cottage and how often you will rent out to determine what kind of coverage you need. Some insurance policies limit the length of time for rental to others.
More information is available from your insurance broker.