Get Cheap Home Insurance in Winnipeg
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How home insurance works in Winnipeg
Like anywhere else in Canada, there is no legal requirement to purchase home insurance in Winnipeg, or the rest of Manitoba. However, if you intend to take out a mortgage, your lender will most likely ask you to get home insurance anyway, as it’s the most effective way to protect their investment.
Regardless of whether you’re looking to mortgage a home or not, insurance is worth considering. After all, a home is likely to be one of the most expensive purchases you’ll ever make. The last thing you want is to lose it due to an unforeseen disaster and then have to invest more to rebuild it
With that in mind, make sure your home insurance in Winnipeg covers the following:
- Property: This includes the land itself, the house in which you live and buildings like your garage.
- Contents: These are your belongings. If they get lost due to one peril or another (such as fire or theft), your insurance provider will finance their replacement. However, your basic coverage may not cover all of them, as some items, such as jewelry, may be too expensive, and thus require extra coverage.
- Liability: You’ll need this in case someone gets hurt on your property and decides to sue you for it. This also applies if you, or someone in your household (such as your child), damages someone else’s property (your neighbour's, for example).
- Additional living expenses: If, for whatever reason, your home becomes an unlivable mess that’s in need of reparations, this will pay for accommodation and food elsewhere, such as a hotel. Talk to your provider to find out what’s covered and how long this coverage would last you.
Home insurance policy types
Some home insurance policies cover less, others more. The biggest deciding factor for you is likely to be the premium, as more coverage means a higher premium, and vice versa.
Here are the most common insurance policy types:
- Named perils: Also known as ‘basic,’ this is the cheapest type of coverage you can get. It’s very limited as a result, protecting your home and its contents only from the perils listed in the policy. If a peril is not listed, then it’s not covered.
- Broad: This provides comprehensive coverage for your home, meaning that it protects it from all perils other than the ones listed in the policy. As for the contents, broad insurance only protects them from the perils listed in the policy, like the basic coverage.
- All perils: Also known as ‘comprehensive,’ this will protect both your home and contents from all perils, aside from some of the named exclusions. This is the most expensive type of coverage you can get for your home in Winnipeg.
- No-frills: This is a more stripped-down version of basic coverage, meant for homes that don’t meet regular home insurance standards. For instance, if your home is old and likely to suffer damage from issues like brittle pipes or an outdated electrical system, then this coverage will protect you. However, you shouldn’t stick with it. Try to address the issues in question and switch to better coverage as soon as possible.
Commonly covered perils
Some of the most commonly covered perils in Winnipeg – whether you’re going for a basic, broad or comprehensive policy – are the following:
- Fire: This pays for replacing, rebuilding or repairing your property and belongings, if they become lost or damaged due to a fire. The fire can be caused by anything, including wildfires.
- Lightning: If lightning strikes your home, it can damage the wiring in your walls as well as ruin your appliances and electronics. This coverage will pay for repairing or replacing the damaged items, should this occur.
- Theft: If your home is robbed, this will pay for the replacement of the stolen items.
- Vandalism: If your home is damaged due to vandalism, this will pay for the repairs.
- Water damage: If water from indoor plumbing, heating, air conditioning, a sprinkler or another appliance inside or outside your home causes water damage to your property or belongings, this will cover the costs. Note that water damage excludes damage from overland flooding and sewer back-up. However, you can buy them as add-ons, if you need them.
- Hail and wind: If hail or wind damages your items or property in any way, this will cover you. The coverage includes damage from flying debris and falling trees and branches (if caused by hail or wind).
- Falling objects: This covers the damage caused by falling objects, including space debris and space craft. There are exceptions, however, such as objects moved by landslides or snowslides. Ask your provider about what’s covered and isn’t covered.
Note that if you end up purchasing comprehensive coverage, you may still not be fully covered for certain perils. However, you can purchase them as ‘add-ons,’ or ‘floaters.’ Here are some of them:
- Overland flooding: If a river, lake or another body of water in your area were to flow out of bounds and flood your home, then you would be a victim of overland flooding. The Red River, which flows through Winnipeg, tends to pose overland flood risks – usually in spring, when winter snows melt. In fact, there has been a risk of flooding as recently as spring of 2023. So, if you’re concerned about this, talk to your insurer and ask them about this add-on.
- Sewer back-up: This is another type of flooding, though this one occurs when you have backed up sewage pipes, toilets, drains or showers. Some homes in Winnipeg may be vulnerable to this, as exemplified by an incident in late 2022.
- Earthquake: Most policies don’t cover damage from earthquakes or similar perils, such as landslides, snowslides or volcanic eruptions. Luckily, Winnipeg is at a low risk for all of these. However, if you are concerned, you can discuss this with your insurance provider.
- Windstorm: Windstorms are a common occurrence in Winnipeg and other parts of Manitoba. A windstorm can damage your home’s structure, ruin your possessions, break your windows and shower your property in debris. It’s possible that your comprehensive policy already covers this, but it’s worth checking with your insurer just in case. If you don’t have the coverage, you can likely purchase it as an add-on.
- Valuable items: If some of your possessions, such as your jewelry, collectibles or artwork, are on the more expensive side, regular home insurance coverage may not be enough to cover their full value. However, you can cover them for an additional cost. Before you do, properly evaluate all your belongings to ensure that you indeed require that extra bit of coverage.
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How much does average home insurance cost in Winnipeg?
According to our data, average annual premiums in Manitoba tend to fluctuate around $1,500. For comparison, Ontario home insurance rates also tend to be around $1,500 per year, whereas the rates in Alberta sometimes exceed $2,000.
Be aware that these numbers are a very rough estimate of what you can expect, as there is a whole range of factors that will play a role in determining your specific home insurance premium. Your location, the age of your home, your claims history and the amount of coverage you pay for will dictate how much you end up paying.
Winnipeg and other cities in Manitoba tend to be at a higher risk of flooding than other areas in Canada, so that could be what influences the premiums. Winnipeg is also in the Tornado Alley, which means that many homes are subjected to high winds.
If you’d like to secure the cheapest home insurance premium available, or to simply compare what the top providers in Winnipeg have to offer, be sure to consult InsuranceHotline.com
Factors that determine your Winnipeg home insurance premium
Home insurance premiums are highly individualized, because they’re based on actors that are unique to you and your home. Here are some of the most common factors that insurers account for when determining premiums:
- Replacement cost: How much would your home cost to rebuild from scratch, if it were destroyed? To answer this, your home insurer would look at things like your home’s age, its square footage, number of floors and construction. As you might’ve guessed, the more the home costs to rebuild, the higher the premium.
- Age: Contrary to the popular belief, older homes are not cheaper to insure than newer ones. If your old home has defective wiring, leaky pipes and/or various structural issues that may cause more damage in the future, then your premiums will be higher. So, if you happen to own an old home, consider renovating it to mitigate some of these issues and drive your premiums down.
- Square footage: If you suspect that bigger homes are more expensive to insure, then you’d be correct. The bigger the home, the more items it’s likely to contain, all of which would need to be covered by your insurance. A bigger home would also cost more to rebuild, as it would require more materials and time. If you’re okay with buying a smaller home, consider doing so to lower your premiums.
- Renovations: Renovating your home can increase your premiums – though it may depend on what you’re renovating. If you’re replacing those brittle old pipes, then you may, in fact, lower your premiums. Even so, always be mindful of your insurance premiums when planning your renovations.
- Security features: By installing fire and burglar alarms, you can lower the likelihood of your home fully burning down or getting robbed. This, in turn, should lower your premiums.
- Maintenance: Taking care of your home – by fixing those aging pipes or that leaky roof – can prevent long-term damage. Remember, your insurance provider will not take care of things like infestations, mold and other so-called ‘maintenance’ concerns. Those are your responsibility. That said, if you do properly maintain your home, your insurer will reward you with a cheaper premium down the road.
- Location: Areas affected by certain perils, such flooding or wildfires, will garner more expensive premiums. There’s little you can do about this if you’ve already purchased the home. If you’re still looking for a home, however, research each prospective area carefully to ensure it’s not prone to natural disasters and has low crime rates.
- Nearness to fire halls and hydrants: If your home is too far away from a fire hall or hydrant, the more likely it is to burn down, as firefighters wouldn’t get to it in time. This is more of an issue for rural households, which tend to be in remote areas. If not insured, keep in mind that you may be billed for emergency fire response.
- Claims history: The more claims you make today or have made in the past, the more claims you’re likely to make in the future. That’s the statistical reality, and most insurers take it into account. If you want to avoid high premiums, do everything maintain your home properly to prevent damage. If it does get damaged due to an unforeseen event, check if you can fix the damage yourself before contacting your insurer.
- Mortgage: By paying off a decent portion of your mortgage, you may find yourself entitled to a 10% to 20% discount on your home insurance premium. Contact your insurance provider to see if you’re eligible.
Top home insurance companies in Winnipeg
|Type of Company
|Coughlin Insurance Brokers
|16-2188 McPhillips St, Winnipeg, MB R2V 3C8
|1631 St Mary's Rd E, Winnipeg, MB R2N 1Z4
|100-360 Adelaide St. W, Toronto, ON M5V 1R7
|Lakeview Insurance Brokers - Winnipeg
|679 Pembina Hwy, Winnipeg, MB R3M 2L6
|401-1910 Yonge St., Toronto, ON M4S 3B
|100-360 Adelaide St. W, Toronto, ON M5V 1R7
|Reno Insurance - Pembina Hwy
|22-2077 Pembina Hwy, Winnipeg, MB R3T 5J9
|22-300 Lincoln St., Welland, ON L3B 4N4
|749 Corydon Ave, Winnipeg, MB R3M 0W5
|Winnipeg Insurance Brokers Ltd.
|466 St Anne's Rd, Winnipeg, MB R2M 3E1
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Frequently asked questions about Winnipeg home insurance
Find answers to all your Winnipeg home insurance questions here.
How can I find the cheapest home insurance quote in Winnipeg?
To find the cheapest home insurance quote in Winnipeg, you’ll have to compare them side by side. You can do it the hard way by contacting insurers one by one to procure their quotes. Or you can do it the easier way by getting in touch with a brokerage, such as Scoop, which will find the cheapest rate for you. The easiest way by far, however, would be to go on InsurnaceHotline.com right now and get the cheapest quotes from top Winnipeg providers in seconds. Just try it. It’s free.
If you’d like your premiums to be even cheaper, you can do the following:
- Bundle multiple insurance policies: Bundle your home insurance with your car insurance under a single provider to get a discount of 10% to 15%. If you stay with the insurer long enough, you can also get a loyalty discount.
- Minimize some of your risk factors: If your home has outdated plumbing, it may pose a risk to your home and result in a higher premium. Poor maintenance, old wiring or pipes, lack of security features and so forth can all increase your premiums. Consider addressing as many of these issues as possible to lower your payments.
- Amount of coverage: Buy the coverage that actually fits your needs. If you live in an area that’s at a low risk of overland flooding, among many potential threats, don’t add this coverage to your policy. It would save you money.
What kind of risks do Winnipeg homeowners face?
Winnipeg homeowners have to contend with long, cold winters and short, humid summers. An erratic climate like this can have a big impact on your home’s structure.
Here are some of the more specific kinds of damage you’d have to deal with:
- Frozen pipes: Water inside pipes can freeze during winter, especially during cold days. Since water expands when it freezes, it puts extra pressure on the pipes, which may result in them bursting. Aside from flooding, this can cause mold and structural damage to your home.
- Flooding: Melting snow in spring, or even during warmer days in winter, can cause floods, leading to mold and water damage to your insulation, electrical systems, flooring and drywall. Overflowing rivers can also cause floods, especially in certain parts of Manitoba and Winnipeg. Don’t let issues like this build up over time, as it will cost you more to fix in the long run. Plus, your insurance will go up.
- Roof damage: Aging or improperly installed shingles can lead to roof leaks. Ice dams, caused by the snow in the melting and re-freezing in the eaves or valleys, can also damage your roof over time. Finally, condensation or frost build-up in your attic due to poor insulation can be another cause of concern for your roof. Total neglect can lead to your roof collapsing altogether, so be sure to monitor it for damage every year to avoid a disaster of this scale.
- Fire and smoke: With wildfires becoming more and more frequent in Canada due to climate change, your home in Winnipeg may be at risk of smoke and fire.
- Wind: Winnipeg and other areas in Manitoba are within Canada’s Tornado Alley. Tornadoes are known for causing extensive damage within minutes. However, even if you take tornadoes out of the picture, Winnipeg is prone to severe winds, which can also damage your home.
Do I need to update my Winnipeg home insurance provider if I am running a short-term rental on Airbnb or Vrbo?
Yes, you do. If you decide to offer your property, or parts of it, to someone for rent, you’re changing the risk, meaning that it will be underwritten differently. If you want to be fully covered in case your tenant ends up damaging something or hurting someone on your property, it’s best you notify your insurer ahead of time.
How can I file a home insurance claim in Winnipeg?
If your home and/or its contents get damaged or stollen as a result of a covered peril, contact your home insurance provider as soon as possible, and their representative will guide you the rest of the way. Be careful, however, as filing a claim can increase your premium. If you can, avoid doing so.
If you do end up filing claim, be sure to have a list of all your damaged or lost possessions, along with brief explainers of what happened to them (as well as photos of the damage, if you have them). Note the value of these items. Our general rule is to do a full inventory of everything you own before a disaster strikes, so you’re prepared ahead of time.
Once you have shared all your information with the insurer, a claim advisor assigned to your case will get in touch with you.