How we find you the best home insurance in Winnipeg
Planning on buying a home in Winnipeg? Then you should to plan to buy home insurance, too. It may not be mandatory the way auto insurance is for drivers, but in order to qualify for a mortgage, your lender will likely require you to have home insurance. But don’t just think of home insurance as an obligation to your bank or broker. Your home is probably your most valuable asset. Plus, you’re going to live in your home. You need to protect it.
Mortgage payments will likely eat up a sizeable portion of your monthly earnings. Add insurance costs on top of that and you might feel like you’re scraping by in order to service your mortgage contract — even in a relatively affordable city like Winnipeg.
That’s why it’s important to compare when you’re in the market for home insurance. There’s a lot of variation in the way that insurance companies assess and underwrite risk. That means the cost of a premium will vary, too. LowestRates.ca compares the market for you and finds you the cheapest rate insurers in Winnipeg are able to offer you.
Without a detailed picture of your situation and your needs, it’s tough to get an accurate sense of how much your home insurance premium will be. One of the best ways to get an idea of how much home insurance will cost you is to fill out a form on a rate comparison site like LowestRates.ca. We’ll ask you a few questions about yourself and then show you what 10+ home insurance providers in Montreal are able to offer you.
This page will cover the basics of what you need to know before you buy home insurance in Winnipeg.
How much does home insurance cost in Winnipeg?
Insurers underwrite risk differently, so home insurance premiums can vary. The amount you pay really depends on the company you sign up with and your individual situation. The best way to get an estimate is to apply for a quote through a rate comparison site.
What risks are specific to Winnipeg?
There are a number of weather events you might encounter in Winnipeg:
- Flooding
- Extreme cold
- Strong winds (tornadoes have been known to occur in Winnipeg)
What risks does home insurance cover in Winnipeg?
Home insurance covers you for the following:
- Damage or loss to your home
- Damage, theft or loss of your personal possessions
- Personal property stolen from your vehicle
- Damage or injury to others who visit your home or property
- Accidental damage you cause to somebody else’s property
- Additional living expenses if you’re temporarily unable to live in your home, like hotels or renting a home
Your home insurance policy may cover damages incurred by the following events, but you’ll need to confirm with your provider first:
- Fire including wildfires
- Wind-related weather including storms, tornadoes and hurricanes
- Ice and hail
- Theft
- Vandalism
- Water damage from inside your home (for example, from a broken pipe)
What risks won’t home insurance cover in Winnipeg?
Home insurance providers may deny claims for some unexpected events. The types of incidents that insurers included under this banner are:
- Flooding
- Extreme cold
- Earthquakes
- Landslides
- Sewer back-ups
Insurers may often refuse to cover incidents that are the result of neglect or lack of home maintenance
For example, if you forget to turn your water off before leaving for winter vacation and your pipes freeze and burst, your insurer may decline to help with the cost of repairs. Or, if your roof collapses because you didn’t make regular repairs, your insurer may also deny your claim.
The events in the example above are what insurance companies refer to as expected or predictable events.
However, some home insurance companies will offer endorsements for these types of perils in the form of optional coverage you can add to your policy. The addition of any endorsements should be discussed at the outset.
What kind of home insurance do you need in Winnipeg?
There are four basic types of home insurance:
Comprehensive - This type of policy provides the most coverage. It covers your home and its contents against all perils, except for those are that are explicitly left out of the policy. Comprehensive insurance is the most expensive type of policy.
Standard - A standard policy offers less coverage than a comprehensive policy. It only covers your house and contents against named perils.
Broad - Provides a level of coverage that’s in between a comprehensive and a standard policy. It covers your home against all risks, minus anything that’s been excluded. Your contents are only covered against any named risks, similar to how standard policies work.
No frills - This type of policy provides minimal coverage, and is generally reserved for homes that don’t meet underwriting standards. It’s also the cheapest form of insurance available.
Also, because of the specific risks posed by Winnipeg’s climate, you may want to consider purchasing an endorsement: optional add-on coverage that costs extra. Some home insurance providers, like Royal Sun Alliance and Aviva, offer flood and sewer backup endorsements.
What can you do to save on home insurance in Winnipeg?
There are a few strategies you can use to pay less for home insurance:
- Increase your deductible: Your deductible is the amount you agree to pay towards an insurance claim. If you tell your insurance company you’re willing to shoulder a greater percentage of a future claim, they’ll decrease the cost of your premium. On the other hand, you’ll have to pay more out of pocket should you ever file a claim.
- Bundle your insurance: Purchase car insurance from the same company that provides your home insurance. You’ll get rewarded with a discount.
- Ramp up your home’s security: Subscribe to a Central Station Alarm company. It’s the type of home system that’s monitored 24-7 by a security company. Ask your insurance company if they’re partnered with a specific company for the best discount.
- Don’t switch before renewal: Your current insurer could enforce penalties for breaking your contract before your renewal date.
- Renew with your current provider: Some insurance companies will provide discounts for homeowners who stick with them through the years.
- Review your policy annually: You may have purchased more insurance than you actually need. Review your policy once a year — and especially after major life changes — to see if this is the case.
- Shop around: Compare the market to see what all your options are. Just keep in mind that one insurer’s policy will differ from the next. Make sure you’re comparing similar policies.
What are the best home insurance companies in Winnipeg?
There’s no such thing as the best insurance for everyone — what works well for you might not work for your neighbour and vice versa.
Another important factor to consider when choosing an insurer is how your broker or agent interacts with you. Do they take time to answer your questions? Do you feel pressured into a sale? These are the folks that will be one of your first points of contact after an emergency. How they treat you under low-pressure situations is important.
With all that said, here’s a list of some of the major companies offering home insurance in Winnipeg:
- CAA Insurance
- The Co-operators
- Wawanesa
- RBC Insurance
- Intact Insurance