September 22, 2016 by Canadian Underwriter
The Commonwell Mutual Insurance Group announced on Thursday that it has launched two new seasonal products to enhance its current cottage packages.
The Commonwell’s latest product releases were created in response to evolving cottage markets across Ontario, said The Commonwell, a merger of three longstanding mutual insurance companies in central and eastern Ontario. The products include seasonal comprehensive and seasonal broad coverage to provide seasonal homeowners with more options to protect their assets year round, in both hot and cold Canadian climates, as many now rent out these properties year-round, The Commonwell said in a press release.
The new products supplement The Commonwell’s current offering of basic (non-package) seasonal and select cottage (package) coverage. Key features of the new products include:
• Ability to insure as a standalone policy without having to insure a principal residence;
• Replacement cost on contents included;
• All-risk coverage on building;
• All-risk coverage on contents (comprehensive);
• Rental coverage available; and
• Vandalism and theft by tenants’ coverage available for short-term rentals.
In addition, The Commonwell introduced new seasonal discounts offering savings ranging from 5% to 10% off select policies for seasonal homeowners who are mortgage-free, attained a new property or have their principal residence insured.
“With millennials becoming priced out of the urban market, many are looking outside of Ontario’s major city centres to purchase property, making cottages an increasingly attractive investment,” said Tim Shauf, president and CEO of The Commonwell Mutual Insurance Group. “At the same time, the ever-increasing trend of short-term home rentals has seen a significant increase in renting holiday homes to short-term parties. All of this tells us that Ontario’s cottage market is evolving, so we’re continually developing our policy options to answer consumer demand.”
Established Jan. 1, 2014, The Commonwell Mutual Insurance Group is a merger of three longstanding mutual insurance companies in central and eastern Ontario – Farmers’ Mutual Insurance Company (Lindsay) in Lindsay, Glengarry Mutual Insurance Company in Alexandria and Lanark Mutual Insurance Company in Perth. With over 350 years of combined experience, this new company operates on the same historical premise of the three legacy companies: “maintaining a focus on local presence and service that builds strong long-term relationships for the benefit of the greater community.”