From The Insurance Bureau of Canada at www.ibc.ca:
How the vacation property is used and how often it is occupied will dictate which insurance packages are appropriate.
How much time do you spend there? Do you use it year-round? Do you rent it out at some point during the year? The answers to these questions are important when you are considering what type of coverage to buy.
Most insurance companies will consider providing insurance for your vacation property only if you insure your primary residence with them as well. You can have your vacation property listed on your home insurance as a secondary or seasonal location, or you can have insurance for the property as a separate, stand-alone policy.
Vacation property insurance is almost always provided as a “named perils” policy, instead of a comprehensive policy.
Named perils means you have insurance coverage for specific risks, such as fire, explosion or smoke damage.
Coverage for certain risks, such as water damage or vandalism, may be more difficult or expensive to arrange, because of the part-time occupancy.
A recreation property can be a source of additional income as well as a welcome respite from daily life. But be aware of local zoning and other rules when buying a property.