Get Cheap Home Insurance in Manitoba

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.