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Unlike car insurance, you’re not legally required to buy insurance for your house.
Nevertheless, most homeowners get it since mortgage lenders won’t provide a loan without proof of coverage.
Home insurance provides financial and emotional benefits even without the arm-twisting from banks.
If a covered peril causes damage to your home, you won’t be out of pocket to rebuild, which is great for your finances and peace of mind.
Another unsung benefit of home insurance is the liability coverage it provides. You will be covered if someone is injured on your property or if you cause damage to another person’s property.
Need more convincing? Here's a whammy. Homeowners in the Prairies are used to harsh weather. Still, climate change is producing more extreme storms, and the Western provinces are getting the brunt of it.
Insurance losses caused by severe weather routinely pass the $2 billion mark annually. In comparison, in the decade before 2008, insurers only averaged $456 million in losses, according to the Insurance Bureau of Canada (IBC).
Simply put, it’s more important than ever to have home insurance. Here’s the type of coverage that's included in standard insurance, plus the coverage you can add to your base policy at extra cost.
A standard Winnipeg home insurance policy usually has two parts: property and liability coverage. Here's a breakdown of each one.
Sometimes standard coverage needs to be broadened to meet your needs. Not a problem; purchasing additional protection for your home and contents is easy.
Even the most comprehensive home insurance policy won’t protect you from some perils. These are known as ‘exclusions’ in insurance-speak. Here are some standard exclusions:
One peril for which no coverage is available is for homes built on a known flood plain. In tthishe scenario, you may not be able to get home insurance at all.
Answer some basic questions about your home. It won’t take long.
See quotes from top insurance companies side by side.
Find the right protection for your home and everything in it.
Connect with the provider and secure your rate
Manitobans endure long, frigid winters and short, humid summers. The climate can take a toll on a home's structure. Here are the specific perils that Winnipeg homeowners need to guard against:
Understanding your home's unique risk factors is crucial to understanding how home insurance pricing works. The more risk your home presents, the more likely you will file a claim, resulting in higher premiums.
Here are the variables that have the most significant impact on the cost of your home insurance policy:
Flood risk
Insurance costs more for homes located beside waterways or within known flood plains.
Disrepair
Home insurance only protects you against unexpected damage. Deferring any projects essential to keeping your home in good repair is a bad idea. Any claims against your policy may be denied.
Replacement cost
Home insurance compensates you for the cost to repair or rebuild your home, not its current market value. The more premium the materials you use, the more expensive your coverage will be.
Property location
If you live in a neighbourhood prone to break-ins, you might pay more for insurance.
Basement
A basement could increase your premium, as all basements are susceptible to flooding.
Electric wiring
Houses with outdated knob-and-tube wiring are at greater risk for fire, making them more expensive to insure.
House age
Older homes have more problems; therefore, owners pay more to insure them.
High-risk household appliances
Wood-burning stoves and oil-based heaters can reduce energy costs but also increase fire risk.
Roof
Replacing a roof can easily run into the five digits. The materials will also affect your insurance premium.
Pets
You need to disclose whether you have a pet to your insurance company, as some are considered a liability. Some insurers even refuse coverage to people with pit bulls or rottweilers.
Smoking
An unattended cigarette is a major fire hazard, so home insurance providers offer discounts to non-smokers.
Pools
Pools, especially in households with young children, are a liability. Home insurance companies charge more for homes with pools.
Home insurance is a custom product, so the average premium isn't always a reliable indicator of what you'll end up paying.
Premiums are based on a dwelling's type and size, location and many other factors. They're also influenced by the insurance company's size and quality of their insurance “pool” (insurance-speak for their other customers).
As all these factors are in play, premiums can vary significantly between insurance companies.
A quick way to find your average estimated rate is to compare quotes from multiple insurance companies. RATESDOTCA can aggregate quotes from 50+ Canadian insurance providers, letting you see which one offers your lowest premium.
Here’s more about Winnipeg home insurance
The answer often differs by applicant. The final price depends on a multitude of factors. That’s where comparing quotes — the more, the better — comes in.
Rates comparison sites like RATESDOTCA source quotes from dozens of Canadian insurance companies to help you find the one offering the coverage you want for the lowest price.
You can save money on Winnipeg home insurance by comparing quotes from the top home insurance providers in the province and de-risking your home.
*Shoppers who obtained a quote on RATESDOTCA from January to December 2021 saved an average amount of $566. 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.
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