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:
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:
Some of the most commonly covered perils in Winnipeg – whether you’re going for a basic, broad or comprehensive policy – are the following:
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:
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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
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:
|Company||Type of Company||Phone||Address|
|Coughlin Insurance Brokers||Insurance broker||204-694-6787||16-2188 McPhillips St, Winnipeg, MB R2V 3C8|
|Horrocks Insurance||Insurance agency||204-925-8630||1631 St Mary's Rd E, Winnipeg, MB R2N 1Z4|
|Insurance Hotline.com||Quotes comparison||1-855-821-7312||100-360 Adelaide St. W, Toronto, ON M5V 1R7|
|Lakeview Insurance Brokers - Winnipeg||Insurance broker||204-453-0106||679 Pembina Hwy, Winnipeg, MB R3M 2L6|
|LowestRates.ca||Quotes comparison||1-855-487-6911||401-1910 Yonge St., Toronto, ON M4S 3B|
|RATESDOTCA||Quotes comparison||1-844-726-0907||100-360 Adelaide St. W, Toronto, ON M5V 1R7|
|Reno Insurance - Pembina Hwy||Insurance agency||204-272-6251||22-2077 Pembina Hwy, Winnipeg, MB R3T 5J9|
|Scoop Insurance||Insurance broker||1-416-955-6286||22-300 Lincoln St., Welland, ON L3B 4N4|
|Westland Insurance||Insurance broker||204-284-5142||749 Corydon Ave, Winnipeg, MB R3M 0W5|
|Winnipeg Insurance Brokers Ltd.||Insurance broker||204-257-4223||466 St Anne's Rd, Winnipeg, MB R2M 3E1|
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Find answers to all your Winnipeg home insurance questions here.
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:
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:
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.
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.