You prefer to leave your mark in this world by your deeds and action, not by the square footage of your home. You have made a conscious decision to reduce your footprint by building or purchasing a tiny home and you’re not alone. Whether it’s an environmental concern, lifestyle choice or simply the attraction of having a smaller space to maintain, more and more Atlantic Canadians are finding the right fit in tiny homes.
Tiny homes are still a relatively new trend, but as more people choose to purchase or build a tiny home, there is an increasing need for insurance options to cover these unique structures. You want to make sure your home insurance covers your full investment in the event of a fire, hurricane or other loss. The professional brokers at Archway Insurance are here to help guide you through the process and are pleased to provide custom coverage for these unique properties.
A traditional homeowner’s policy is not currently available for tiny homeowners. Depending on whether your tiny home sits on a permanent foundation, skirted on wheels/blocks to move, customer built, or factory built, the insurance coverage available and needed for your home will vary. Because of the many factors impacting insurance for tiny homes, it’s crucial to get help from an experience broker to make sure you purchase the right coverage to protect your investment.
Depending on how your tiny home is constructed your home may be insured at replacement cost or actual cash value. It’s important to have a conversation with your broker about these types of coverage that do not guarantee replacement cost of your tiny home in the case of a total loss. If you have a mortgage, it’s critical to understand how the value of your home will be determined so you’ll not fall short of your mortgage obligations or the funds required to rebuild.
The contents of your tiny home will also be covered by your insurance policy. This includes all personal possessions such as your furniture, clothing, and electronics.
In addition to your home and its contents, your policy can also cover any sheds, garages, or outbuildings on your property upon request. Don’t forget to provide information about any other structures on your land.
Equally important, your policy will include liability coverage. This coverage will protect you should someone get injured on your property. It covers your legal costs as well as the cost of any judgement against you up to your policy limit.
Yes, you can also tailor your insurance to provide coverage for a tiny home you’re renting out long term with a tenant and lease agreement in place or even short-term rentals such as Airbnb. You’ll need to purchase coverage specific to a rental property, so it’s important to have a conversation with your broker before listing your tiny home for rent.
We know that many tiny homes are used for getaways and may be built deep in the woods and even off the power grid. No problem, Archway can find coverage for you.
Likewise, go ahead and install that woodstove as a source of natural heat. Provided your tiny home is not mobile, you’ll be able to get insurance.
At Archway Insurance, we know Maritimers enjoy a simpler way of life and part of that lifestyle may include a tiny home. Regardless of the size of your home, Archway Insurance wants to make sure everyone has the insurance coverage they need to live life covered. Our brokers are pleased to work with you to provide customized insurance coverage that’s right for you while keeping your budget in mind.
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