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Updated
Owning home insurance is not a mandatory step in your homeowner’s journey, but, it is a key facet you cannot possibly ignore. Some mortgage lenders in Canada require homeowners to have property insurance, but it is not a law. This is also one of the reasons why everyone insists on having home insurance.
In Manitoba, the Manitoba Securities Commission provides a regulatory framework for the insurance sector. Through its administration of The Insurance Act, Financial Institutions Regulation Branch (FIRB) is responsible for the licensing of all insurers operating in Manitoba, regulating insurers established in Manitoba and managing consumer and policyholder complaints with respect to insurers.
Home insurance products in Manitoba are designed to provide protection for homeowners against unexpected events that may cause damage or loss to their property or belongings.
Even though insurance policies may vary among different insurance providers in Manitoba, it is important to review the specific coverage details, limits, deductibles, and exclusions of any policy you consider. Some policies may also offer optional add-ons or endorsements to customize your coverage based on your needs. Here is what the policy would generally cover:
Home insurance coverage:
Liability coverage
It is essential to shop around and compare different policies and premiums to find the best home insurance coverage and value for your needs living in Manitoba. You can also consider bundling your home insurance with other types of insurance, such as auto insurance, to save money.
In addition to the above-mentioned policies, you can purchase more coverages to further protect your home and the contents within.
These are some of the most common home insurance add-ons, also known as riders, that you can add to your home insurance policy:
No two insurance providers will offer the same policy, so it is important to compare and analyze the policy terms and conditions carefully to understand what is and isn’t covered. Homeowners should also assess their personal needs and risks when choosing a policy.
Even if you have paid for the most coverage possible, there are still some perils which an insurance company will not be able to protect you from financially. There are some 'exclusions' that insurers will not be able to insure you against, hence, it is important to be aware of such events:
There are also some perils for which no coverage is available. They’re referred to as ‘uninsured perils.’ For example, if your home is built on a known flood plain, no insurance protection may be available.
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Problems can come knocking at your door when you least expect it. Occassionally accidents happen because of our negligence, and sometimes it is another person’s error that lands us in trouble, while some situations are completely out of your control, or an act of nature. As a homeowner, you cannot be oblivious to the financial challenges you might be faced with in an extreme event which causes damage or loss to your property.
Manitoba homeowners must be aware of the variety of risks that they could be potentially exposed to as the owner of a property.
Here are some of the most common risks:
It's important for homeowners in Manitoba to understand the risks they face and take steps to mitigate those risks, such as securing their home against theft, maintaining their home's plumbing and electrical systems, and having appropriate insurance coverage.
To gauge risk, home insurance providers examine several factors about your home and you.
The neighbourhood hazard has a significant impact on how much premium you will pay for home insurance. For example, if the neighbourhood you live has a notorious history of crime, insurers will charge more to account for the increased likelihood of theft or criminal damage. On the other hand, if you live in a neighbourhood with low crime rates, your premium will probably be cheaper. Besides, the proximity of the dwellings to each other (detached homes, townhomes, semi-detached, apartments, etc.) increases the risk of damage due to fire or explosion. Find the estimated home insurance premium for your area.
Home insurance providers are likely to deny coverage for losses caused by electrical, electronic and mechanical breakdown or disturbance due to mechanical failure, wear and tear or deterioration.
Insurance providers consider homes with aluminum wiring, knob-and-tube or any low-amp service to be at greater risk of fire. While some of these circuits are perfectly safe, many have deteriorated over time. They may be willing to provide coverage at high premium if your old circuit passes an inspection from a licensed electrical contractor. To mitigate risk, most insurance providers will give you a few months to upgrade your electrical supply. If you don’t oblige, they’re likely to deny coverage.
A building is considered higher risk by insurance providers if it has old wiring, piping, heating sources, foundations and roof. A heating source such as a wood-burning stove is considered high risk and can result in a higher home insurance premium. If instead, your home is heated by hot-water radiators or forced air heating, which insurance providers consider lower risk, you’re likely to pay less.
Insurance providers aren’t very paw-sitive about pet owners because they factor in the risk of injury in your home, including those that could result from an animal bite. Insurance companies consider some dog breeds especially problematic which can result in higher premiums or coverage being denied. While every home insurance provider is different, the most common breeds likely to cause issues are the following dogs:
Most exotic and wild animals are unlikely to be insured. For example, wolves, exotic cats and alligators. Learn how different pets affect your home insurance premium.
Insurance providers aim to avoid risk, and flood risk especially. If your home has been upgraded with plastic or copper pipes, you may receive a lower premium. On the other hand, if your plumbing is susceptible to cracks and leaks, your premium could be more expensive. The latter is more often an issue in older homes.
The closer your home is to a fire hydrant and emergency services such as a hospital, the lower your home insurance premium may be. Homes in rural areas tend to have higher premiums, in part because of their distance from emergency services. In the event of damage to the home due to a covered peril such as a fire, or someone being injured on your property, help is harder to access.
When you renovate your home to improve its overall value, your home insurance premium is likely to increase. This is because the policy is designed to cover the cost of damage in the event of an accident.
For example, if you add a swimming pool, along with the added fun of a pool, any insurance provider may consider there to be additional potential safety risks. This, in turn, can lead to an increase in your home insurance premium.
On the other hand, if renovations increase the safety of your home such as replacing the pipes or upgrading the wiring, your premium could go down.
Replacement cost refers to the cost of rebuilding your home completely following damage from a covered peril such as a tornado or a devastating house fire. If you opt for a lower replacement cost, you may be eligible for a lower premium.
Newer roofs are designed for proper ventilation, minimizing the chance of mold or dampness getting into your home. Modern tiles are made of lighter and more durable materials than the old slate ones, making them more resistant to storm damage and less likely to hurt someone if they come flying off. This increased protection, along with decreased liability, means homes with new roofs are more popular with insurers.
You can reduce your home insurance premium by installing a security system. Its presence will reassure your insurance provider that your home has adequate protection from intruders which, in turn, could persuade them to offer a lower rate.
One of the easiest ways to reduce your insurance costs is to bundle your home and auto insurance policies so that each is held by a single provider.
For example, if you have an auto insurance policy and a home insurance policy, you can choose to have each held by the same company. This means you’re doing more business with them. In turn, they will often pass on considerable savings to you.
Bundling options are also available for consumers interested in multiple forms of coverage. For example, you can insure multiple residences with the same insurance company that provides coverage for your primary residence.
If you’re operating a business from your home, you’re likely to pay more for home insurance coverage. The type of business it is will be important. For example, if your business relies on a laptop and nothing more, you won’t need a complex policy. On the other hand, if you’re running a daycare there’s more risk and your premiums will be higher.
If your business has to do with renting out a unit on a temporary basis, you should inform your insurance provider. A standard home insurance policy may not allow it. In many instances, a specific sort of coverage is needed for homes that are used as rental properties.
Insurance providers consider your claims history to be an indication of how likely you are to make a claim in the future. If you’ve never made a claim before, you may be rewarded with a lower home insurance premium. On the other hand, if you’ve made claims in the past, your rate may be higher.
In some provinces, insurance providers are allowed to use your credit score when offering you a quote. Your consent is required, and, by law, the insurer is only allowed to use the information to offer a lower premium. In other words, if you have a poor credit score, they’re not allowed to punish you with a higher premium.
Your age, occupation and whether you smoke are personal details that insurance providers use to gauge what sort of risk you are. They’ll also want to know if you rent out a portion of your home. We encourage you to be honest when answering these questions because any false information can be used to deny a payout in the event of a claim.
Here are some factors that can help lower home insurance premiums in Manitoba:
Here’s everything you’d like to know about Manitoba home insurance...
The best way to find the cheapest home insurance in Manitoba is by shopping around. Using a rates aggregator like RATESDOTCA can help you get quotes from 50+ providers in just a click. You must compare quotes from different providers to get the best rate for your needs and requirements.
Home insurance premium in Manitoba can depend on a number of factors, such as the location of your home, the age and condition of your home, the type of coverage you choose, and your personal circumstances such as credit score and claims history. Generally speaking, home insurance in Manitoba is not necessarily expensive, but it can be relatively high compared to other provinces in Canada.
One reason for this is that Manitoba is prone to severe weather events, such as heavy rainfall, snowstorms, and high winds, which can cause damage to homes and lead to insurance claims. Additionally, the cost of building materials and labor can be relatively high in Manitoba, which can increase the cost of repairs or rebuilding in the event of a covered loss.
However, the cost of home insurance can vary widely depending on individual circumstances, so it's important to get personalized quotes from multiple insurance providers to find the best rate for your specific situation. At RATESDOTCA, you can compare quotes from 50+ insurance providers to find the best rate for you.
Insurance quotes are based on risk assessment, and everyone gets a premium tailored to their specific circumstances. For this reason, no company can claim to be the cheapest. Find the cheapest home insurance for you and your family by comparing quotes on RATESDOTCA.
No, fire insurance is not mandatory in Manitoba, but it is highly recommended for homeowners. While it's not legally required, most mortgage lenders will require that you have home insurance, which includes coverage for fire damage, in order to secure a loan.
Switching home insurance providers in Manitoba should ideally not result in a penalty. However, it's important to review the terms and conditions of your existing policy before making a switch to ensure that you're not violating any terms or facing any penalties.
When you change home insurance providers, you may need to provide notice to your current insurer and potentially pay any outstanding premiums. It's also important to ensure that there is no lapse in coverage between your old policy and your new policy.
In some cases, your current insurer may charge a cancellation fee if you cancel your policy before the end of the term. However, this fee should be disclosed in your policy documents and is typically a pro-rated amount based on the remaining time on your policy.
Switching home insurance providers can be a good way to save money on your premiums or get better coverage, but it's important to review your existing policy and the terms of any new policy carefully to ensure a smooth transition and avoid any penalties
Some insurance providers in Manitoba may offer coverage for short-term rentals, such as Airbnb and Vrbo, while others may exclude or limit coverage for this type of use.
If you plan to use your home as a short-term rental, it's important to inform your insurance provider and review your policy carefully to ensure that you have adequate coverage for this type of short-term rental use. You may need to purchase additional coverage or a specialized policy to ensure that you're protected in the event of damage or liability claims related to the rental.
Keep in mind that different insurance providers may have different requirements or exclusions related to short-term rentals, so it's important to shop around and compare policies to find the best coverage for your needs.
Additionally, it's important to ensure that you're following all local laws and regulations related to short-term rentals in Manitoba, as failure to do so could result in fines or other penalties.
In order to file a home insurance claim in Manitoba, here are a few key steps you must take. Firstly, contact your insurance provider and inform them of the damage, providing important details such as your policy number and a description of the incident.
It's crucial to document the damage by taking photos or videos, as visual evidence can support your claim. To prevent further damage, take reasonable measures like temporary repairs. Your insurance provider will ask you to fill out the claim forms, including all necessary information about the incident and the extent of the damage.
Collect supporting documentation, such as repair estimates, receipts, and invoices, to substantiate your claim. Once you have all the required documents, submit them to your insurance provider following their instructions.
Throughout the process, cooperate with the claims adjuster assigned to your case, providing any requested information or access for inspections. After the assessment, carefully review the settlement offer from your insurance company. If you agree, you can accept the offer and follow the instructions for finalizing the claim. However, if you disagree with the offer, you may need to negotiate or appeal the decision. Always consult your specific policy and contact your insurance provider for detailed guidance tailored to your circumstances.
*Shoppers who obtained a home insurance quote on RATESDOTCA from January to December 2023 saved an average amount of $417. The average savings amount represents the difference between the shoppers’ average lowest quoted premium and the average of the second and third lowest quoted premiums generated by RATESDOTCA. Excludes tenant and condo insurance.
Shivani is a Content Manager at RATESDOTCA, focusing on mortgages. She is an experienced communication and marketing professional who specializes in content strategy and SEO optimization. Shivani ensures that our written materials meet the highest standards of quality and relevance.
She holds a Digital Marketing Management certificate from the University of Toronto, a Business Communications certificate from the University of British Columbia, a Master’s degree in Mass Communication from Symbiosis Institute of Media and Communications and a Bachelor's degree in English from the University of Delhi.
Shivani has previously worked as a deputy digital productions editor with PMNA-The Canadian Press, and as an editor with The Globe and Mail, Toronto Star, and the Investor's Digest of Canada. She has also worked in reputed news media groups in India and the Middle East.
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