Get Cheap Home Insurance in Winnipeg

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.

Extra coverage

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.

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

Top home insurance companies in Winnipeg