Is your home insurance void if you’re away from home for more than 30 days?
This article has been updated from a previous version. With cooler weather fast approaching, snowbirds and digi...
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When you find the best quote, secure your Manitoba home insurance rate by talking to a licensed broker or agent.
If something happens to your home and possessions, it’s great to know that you have home insurance. Comparing insurance is important before you buy because different lenders will offer you different rates based on your desired coverage. Sites like LowestRates.ca compares the Manitoba market and connects users with brokers who can offer the best rates in the province.
Buying home insurance doesn’t have to be complicated. We answer some of the most common questions about home insurance below.
See how our customers in Manitoba save big on home insurance.
Type of home | Location | Previous claims | Lowest rate | Average rate | Saved |
---|---|---|---|---|---|
Quote from October 02, 2024 Type of home Detached 2,004 sq ft | Location Winnipeg | Previous claims None | Lowest Rate $101/mth $1,213/yr | Average rate $122/mth $1,464/yr | Saved $21/mth $252/yr (17.00%) |
Quote from October 02, 2024 Type of home Detached 1,341 sq ft | Location Winnipeg | Previous claims None | Lowest Rate $187/mth $2,246/yr | Average rate $227/mth $2,720/yr | Saved $40/mth $480/yr (17.00%) |
Quote from October 02, 2024 Type of home Detached 1,412 sq ft | Location Winnipeg | Previous claims None | Lowest Rate $167/mth $2,007/yr | Average rate $265/mth $3,174/yr | Saved $97/mth $1,164/yr (37.00%) |
Your home insurance policy will be customized to suit your needs and the property you’re insuring.
Home insurance premiums are determined by dwelling type (is it a single-detached home, a house with a basement tenant suite, or a condo?). Insurance companies also try to predict the kind and size of claim you might make in the future.
Here are some of the criteria insurance companies look at when calculating your premium.
Home insurance ensures homeowners have adequate coverage for replacement costs in the event of serious damage due to environmental causes, theft of valuable possessions or accidents. While it’s not mandatory to have home insurance, if you do have a home with a mortgage, most lenders require you to have a valid home insurance policy. So while it’s not required, it’s important to have because it covers:
There are a variety of factors that affect the cost of your premium. They include:
When it comes to home insurance, every province has its own risk factors and Manitoba has quite a few.
Wildfires
Homeowners can face wildfires, which can start in any part of the province. Some have occurred in the northern part of the province in the Red Lake area and others have happened further south. Manitoba also has freezing temperatures, which isn’t a surprise. Temperatures drop as low as −40 °C for several days which can cause pipes to freeze and burst.
Regions at highest risk: Because of the region’s vast grasslands, southern Manitoba experiences frequent forest fires during the summer. Regardless, the entire province is considered at-risk for forest fires, according to the provincial government.
Tornadoes
Tornadoes are another environmental risk factor. The province sits in what the University of Winnipeg calls the ‘northern end of Tornado Alley,’ which starts at the Gulf of Mexico. The province has on average seven to 10 tornados a year, most which tend to land in southern Manitoba.
Regions at highest risk: Communities in southern Manitoba — starting roughly around the City of Dauphin and straight down to Winnipeg — are most at risk for tornadoes.
Overland flooding
Manitoba also suffers from overland flooding that affects basements, foundations, sewage systems and farmland. The Red River is one such example. It has flooded multiple times since 1826.
Regions at highest risk: All communities along the banks of the Red River, which flows north from Minnesota and empties into Lake Winnipeg, should prepare for annual flooding.
There are four main types of home insurance policies available to homeowners in the province.
Comprehensive - This type of policy provides risk coverage for your home and its contents, so accidental damage would be covered.
Basic - A basic policy only protects your home against perils that are specifically named in the policy.
Broad - This policy provides all-risk coverage for your home but only named perils coverage for the contents inside your home. You won’t be covered for accidental damage to your contents.
No-Frills - This type of policy is recommended for homes that don't meet underwriting standards (e.g., homes with significant structural issues).
Based on Manitoba’s risk factors, homeowners can also purchase extended water coverage, which insures any water damage or sewer backup due to an overflow from an outside drain or sewer. This type of optional coverage is what's referred to as an endorsement, and they're also available for tornadoes and overland flooding.
The Insurance Council of Manitoba (ICM) regulates the home insurance industry in the province. The ICM establishes professional business standards and sales practices and regulates and approves rate changes. It also provides professional development and news updates for insurance agents and adjusters. Members are appointed for three-year terms by the Minister of Finance.
The ICM lets homeowners search for licensed agents, provides information on how to work with an agent and also conducts investigations into any complaints made by the public against insurance agents and adjusters.
If you’re looking to lower the cost of your premium:
There is no single answer to this question as everyone’s home insurance needs are different. The short answer is the right company is the one that offers you the best rate for the type of coverage you need. Some of the major insurance companies in Manitoba include:
Always compare before you buy so you get the best rates. Reputable insurers will ask you a series of questions about your home before giving an estimated rate, so make sure to know the size and age of your home, when any repairs were done, the type of electrical work and pipes, the age of your roof, the type of water heater you have, where your furnace is located and the type of foundation you have in your home. This ensures you get the correct amount of coverage.
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*Shoppers who obtained a property quote on LowestRates.ca from January to December 2023 saved an average of 32%. The average savings percentage represents the difference between the shoppers’ average lowest quoted premium and the average of the second and third lowest quoted premiums generated by LowestRates.ca. Excludes tenant and condo insurance.