Ontario’s cottage country in North-Central Ontario has drawn the attention of the property and casualty insurance industry.
The industry is focused on three main risks associated with the cabins by the lake.
One is wildfire risk. The Institute for Catastrophic Loss Reduction (ICLR) is currently conducting research on wildfire risk in the region. The study does not have a timetable for a public release yet.
Wildfire is not a new risk to Ontario, but the concern is that it will become more damaging as more summer homes and cottages are built in the area. There has already been a significant amount of development over the past several years.
In the meantime, in advance of the October Thanksgiving weekend that signals it’s time to close the cottage for the winter, Allstate Canada has issued a reminder to consumers to take steps to protect against wind and water damage.
“According to Allstate Canada data, the Top 2 cottage insurance claims are due to damage caused by water and wind during the winter and early spring,” said Amy Woods of Allstate Insurance Company of Canada.
Roof leaks make up the majority of water damage claims, according to Allstate, which is asking policyholders to be careful to replace any missing or broken shingles on their cottages prior to closing up for the winter.