Get Cheap Home Insurance in Manitoba
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Jump straight to:
- How home insurance works in Manitoba
- Types of home insurance policies
- How to get the cheapest Manitoba home insurance quote
- How much does home insurance cost in Manitoba?
- Factors that determine your Manitoba home insurance premium
- Top home insurance companies in Manitoba
- Frequently asked questions about Manitoba home insurance
How home insurance works in Manitoba
Home insurance is optional in Manitoba, or the rest of Canada for that matter, but most homeowners inevitably buy it.
For many Canadians, their home is their largest asset. The big draw for home insurance is that it will help you financially recover should your home ever be damaged or destroyed by an unforeseen event.
Then there's the fact you likely will only get a mortgage with it; your home is collateral to your lender, and they want to ensure it's protected.
Types of home insurance policies
A standard home insurance policy includes the following:
- Contents: Protects your belongings if a covered peril damages them.
- Property: Protects your home and other buildings on the property, like a garage or shed.
- Liability: Protects you if someone who injures themselves on your property sues you; also offers coverage if you damage someone else's property.
- Additional living expenses (ALE): Compensates you for expenses you incur if you're forced to leave your home because an insured peril has made it uninhabitable. Costs that are covered include hotel stays and food.
There are three types of home insurance packages available in Canada. You can choose from the following:
- Basic: With this package, you name which perils you want protection against. You're only protected against the perils you designate, which is why basic insurance is sometimes called a "named perils" policy.
- Broad: A blend of basic and comprehensive insurance. It protects your house against all insurable perils, but your contents are only protected from threats you name.
- Comprehensive: This package protects your home and contents from all insurance perils; the most kitted-out insurance policy you can buy.
Additional home insurance coverage
You can also add extra insurance coverage that will broaden the scope of your policy. Adding additional coverage will increase the price of your premium, but you get a policy tailored to your needs. These extras are also called 'endorsements' in insurance terminology. Here are some of the most requested ones:
Home-based businesses:
Standard insurance packages don't offer protection for items or liability for running a business from home. You need to buy optional coverage for workspaces in your home. If you only need protection for, say, a computer, you can purchase specific coverage for that called a 'floater' (these are like endorsements but only extend coverage to a particular item).
Identity theft
This optional product covers the cost of replacing stolen official identification. Examples include passports and driver's licences. This coverage also covers lost wages if you take time off work to replace them.
Overland water
While insurance covers damage from burst pipes, water that overflows from nearby bodies like lakes or rivers isn't covered by home insurance packages (even comprehensive ones). It is only available as additional overland water coverage.
Sewer back-up
Protects your home and its contents if they're damaged by sewage water from an overflowing drain or toilet. Downpours can overburden sewers and lead to sewage backing up into the home. One spring storm in 2022 in Winnipeg generated 445 calls to the city about flooded basements, with some homeowners dealing with sewage water despite having a sump pump, backwater valve and multiple pumps. Many insurance companies offer sewer back-up in Manitoba. As the weather gets more severe, it could be a good investment.
Earthquake
Protects your home and your contents if an earthquake damages them. This type of coverage also provides insurance against landslides, snowslides, and volcanic eruptions. Manitoban homeowners are at very low risk of any of these disasters happening.
Miscellaneous
There are a bunch of scenarios covered by home insurance you may not know about:
- Spoiled food caused by an outage that lasts a long time (included in a standard policy).
- Stolen bikes, even if you parked them outside the home (included in a standard policy).
- New locks if someone steals your keys or breaks into your home (must be purchased as an extra).
There are uses for home insurance that even go beyond what's listed here.
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How much does home insurance cost in Manitoba?
According to InsuranceHotline.com quote data, the average home insurance premium for a detached house in Manitoba was $2,019 between July 2022 and June 2023. The average winning quote — the lowest quote we can source for customers — for the same type of house was $1,484. That’s a difference of $535 a year.
Factors that determine your Manitoba home insurance premium
Insurance companies base premiums on the likelihood you are to make a claim and how large it could be. Insurance companies consider many factors to make their predictions, but we can narrow it down to two categories: they look at how much risk you present (individual risk) and how much your home presents (physical risk).
Risks your home may present
Distance from a fire hydrant - Living close to a fire station benefits your premium. It increases the likelihood that firefighters can contain the damage to your home and stop it from spreading to other properties.
Age of your roof - Having a newer roof is also beneficial for your home insurance premium. Homes with older roofs may have higher premiums than those with newer ones, the latter of which may also qualify you for a discount.
Neighbourhood - You could be surcharged if your neighbourhood has higher rates of break-ins and theft.
Security systems - Installing a monitored home security system can reduce your premium. Taking smaller, reasonable steps to reduce risks can also be helpful, including smoke alarms, carbon monoxide detectors, and ring cameras.
Size and condition of your home - The larger the home, the higher the insurance premium. Beyond the footprint, your home’s condition also matters a lot to insurers. They will base your rate on your home’s plumbing, electrical and heating systems and overall build quality. A pool in your backyard will also lead to higher home insurance rates.
Risks you present
Claims history - Insurance providers consider your insurance history. Namely, they want to see if you’ve filed many claims against your home insurance. If you have made a lot of claims, there’s a chance you could pay more.
Credit score - Some home insurance companies in Manitoba will ask your permission to do a soft credit check to see if you qualify for a discount.
Pets - Owning some types of pets will increase your home insurance rate. For example, an insurance company may force you to buy more liability insurance if you have an aggressive dog breed at home.
Whether you have multiple lines of insurance - Buying home and auto insurance from the same company will positively affect your premium. It is known as ‘bundling’ your insurance.
Top home insurance companies in Manitoba
| Company | Type of company | Phone | Address |
|---|---|---|---|
| CAA Manitoba Insurance | Agency | 204-262-6065 | 870 Empress St, Winnipeg, MB R3C 2Z3 |
| InsuranceHotline.com | Quotes comparison | 1-855-821-7312 | 360 Adelaide St W suite 100, Toronto, ON M5V 1R7 |
| LowestRates.ca | Quotes comparison | 1-855-487-6911 | 1910 Yonge St Suite 401, Toronto, ON M4S 3B2 |
| RATESDOTCA | Quotes comparison | 1-844-726-0907 | 360 Adelaide St W suite 100, Toronto, ON M5V 1R7 |
| Scoop Insurance | Brokerage | 1-866-456-6620 | 300 Lincoln St unit 22, Welland, ON L3B 4N4 |
| The Co-operators | Agency | 204-949-3410 | 1540 Taylor Avenue Winnipeg, MB R3N 1Y1 |
| Wawanesa Insurance | Agency | 204-985-3811 | 202-600 Empress St, Winnipeg, MB R3G 0R5 |
| Western Financial Group Winnipeg | Brokerage | 204-255-2653 | 680 St Anne's Rd #2,Winnipeg, MB R2N 3M6 |
| Westland Insurance | Brokerage | 204-284-5142 | 749 Corydon Ave, Winnipeg, MB R3M 0W5 |
| Winnipeg Insurance Brokers Ltd. | Brokerage | 204-889-2870 | 2565 Portage Ave #106, Winnipeg, MB R3J 0P4 |
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Frequently asked questions about Manitoba home insurance
Find answers to all your Manitoba home insurance questions here.
How can I find the cheapest home insurance quote in Manitoba?
The best way to determine your cheapest home insurance rate is to apply for quotes from multiple insurance companies.
Insurance premiums are based on many factors, varying by home and homeowner.
Insurance companies also vary in the clientele they want to attract; you might be appealing to one but not another. The one that wants your business will offer a cheaper rate.
There are other things you can do to lower your premium in addition to comparison shopping:
- Bundling your home and auto insurance yields the most savings – up to 20%.
- The next thing you can do to reduce your home insurance rate immediately is slim down your policy. However, you'll want to consult a professional before you do this. Removing protections will result in paying out of pocket for damages, and you want to be reasonably confident you can manage those costs. If not, buying that coverage is likely a good idea, even if you never claim it.
- Other savings tactics include paying upfront for the full-year policy term and mitigating risk by installing alarms (security, fire and carbon monoxide detectors).
What kind of risks do Manitoba homeowners face?
Flooding
Flooding is a major concern in Manitoba. In April and May 2022, the province received 331 millimetres of precipitation, almost four times more rain than the province usually receives.
The floods washed out roads, flooded properties, and damaged critical infrastructure to the tune of $200 million. Forty-five municipalities and nine First Nation communities declared local states of emergency.
If you own a home in Manitoba, purchasing overland flooding is strongly recommended. (However, cottages are frequently ineligible for overland flood insurance.) To mitigate the potential damage, prepare your home to withstand storm flooding.
Overland flooding is optional insurance coverage.
Forest fires
Wildfires are a threat across Canada, with 2023 on track to becoming the worst year ever for forest fires.
In the 2022 wildfire season, Manitoba experienced 200 wildfires.
Hot, arid conditions trigger wildfires, with lightning strikes serving as ignition.
Wildfires generally start in remote areas but can rapidly spread to developed areas. Those living next to dense forestry are at the most risk for severe outcomes.
Wildfire coverage is currently an insurable peril and is offered by most policies (unless you've intentionally asked for it to be excluded). It covers fire damage and, if you're forced to evacuate, additional living expenses for a specified period.
Freezing temperatures
Manitoba sees some of the coldest temperatures in the country and some of the most snowfall. Frigid weather can cause a multitude of problems, from pipes freezing and subsequently bursting, as well as ice dams, which is when snow or ice buildup on your roof, preventing water from draining properly. Melting snow can also cause significant water damage, and overland flooding offers coverage against damage from the spring thaw.
A standard policy will likely cover accidental water damage from burst pipes. Still, you may need to show that you took precautions to prevent the damage.
Do I need to update my Manitoba home insurance provider if I run a short-term rental on Airbnb or Vrbo?
Yes, we recommend that any homeowner in Manitoba renting out a portion of their home – on either a short or long-term basis – inform their insurance provider. Otherwise, insurance companies will reject your claims. In addition, you'll want to purchase landlord insurance, which offers different coverage and limits than standard homeowner policies provide.
How do I file a home insurance claim in Manitoba?
To file a claim when the home and its contents are damaged or stolen – or if the homeowner unintentionally damages someone else's property - they should immediately contact their home insurance provider. It's also wise for homeowners to have an up-to-date inventory of their belongings. It will make the claims process smoother and eliminate potential debate during the claims process about the value and condition of the home and its contents.
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