Credit Card Travel Insurance

Travel Insurance Policy

Advantages To A Travel Insurance Policy

One major advantage of a traditional travel insurance policy is the flexibility it offers. Policyholders can choose the level of coverage they require and can add or remove coverage as needed. For example, a traveller who has pre-existing medical conditions may choose to add coverage for medical emergencies to their policy. On the other hand, a traveller who is confident in their ability to manage their own risks may opt for a basic policy with limited coverage.

Another important consideration is the level of support offered by the insurance provider. Credit card travel insurance is often provided by the credit card issuer and may not have a dedicated support team or comprehensive resources to assist with claims or other issues. In contrast, traditional travel insurance providers typically have a dedicated support team and resources to assist policyholders with claims, medical emergencies, and other issues that may arise while traveling.

In conclusion, both credit card travel insurance and traditional travel insurance offer coverage for travel-related risks, but there are some important differences between them. Credit card travel insurance is typically limited in scope and offered at no additional cost, while traditional travel insurance policies offer more comprehensive coverage and are customizable. Ultimately, the choice between the two will depend on the specific needs and requirements of the traveler.

Two key considerations that may affect your vacation property insurance policy

1. How frequently is your vacation property occupied?

2. Do you rent out your vacation property?

Important tip: Builder’s Risk Insurance Policy

Additional vacation property insurance factors to consider

• Your vacation property’s proximity to fire protection. Insurance companies reward Vacation Properties with a lower premium if they’re within 300 metres of a hire hydrant and/or 8 kilometres from a fire station. For remote properties, this distance may be unrealistic. Consider installing a sprinkler system or have access to an alternate emergency water supply.
• Year-round road maintenance so that access to your property is not restricted in case emergency services are needed.
• All construction materials rated as fire resistant.
• How you heat your vacation property, e.g. oil, electricity, propane, wood stove.
• Requirements to cover any secondary buildings like bunk houses, boat houses, tool sheds and saunas on the property.

Should I get additional vacation property insurance coverage?

• Contents: some insurance packages automatically include contents up to a certain limit. This coverage applies to contents permanently kept at the vacation home. Anything you take back and forth – such as clothing – is covered by your primary home insurance policy.
• Detached private structures: some insurance packages include limited coverage for outbuildings such as boathouses, garages, or sheds.
• Watercraft: coverage for recreational properties often limits coverage for power boats, canoes and sailboats. These recreational items can be added to your policy with an endorsement, to ensure you have the appropriate coverage should something unexpected happen.
• Theft / vandalism: vacation property are an easy target for theft and vandalism due to their seasonal occupancy. When possible, install motion sensor lighting or a security camera.
• Third-Party Liability: this will protect you in case someone gets injured on your property.

What is not covered by vacation property insurance?

Some common exclusions include:

• septic backup and flooding.
• fuel oil release.
• earth movement (for example, earthquake).
• damage to, or loss of motorized vehicles, campers or trailers, buildings used for business or farming purposes.
• damage caused by bears, racoons and other animals.
• wear and tear of the premises and building.
• acts of terrorism and losses due to war.

1. Know Your Car Insurance Policy – Read through your existing coverage to ensure that it provides everything you need to remain safely protected no matter where you’re travelling. Make sure you know if you are covered in Canada and the US and what would happen if you were in an accident.
2. Make sure that your car is ready for the long journey ahead. Visit your car mechanic and make sure the important service checks are up to date (e.g. tires, oil pressure, brakes, fluid levels). If you’re attaching a hitch or trailer to your car, check that it, and all the items inside, are secure. Additionally, it’s not a bad idea to load the maps for your destination on your GPS or mapping apps in advance. The more you know, the more you’ll feel confident on the road.