Winnipeg Insurance Brokers Ltd. Unit 106-2565 Portage Avenue, Winnipeg, MB R3J 0P4
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If you’re a Manitoba mortgage holder– or planning to become one–you likely know that home insurance is essential. But how much insurance do you really need? What are the basics, and which add-ons might be worth considering?
Unfortunately, there’s no one-size-fits-all solution, but here are a few converge types you may want to research:
In this post, we’ll break down each of these core coverages and guide you through choosing the right amounts! Plus, we’ll look at some add-ons, when it makes sense to get them, and when it doesn’t. By the end, you’ll have the insights to confidently select a policy that meets your needs.
If you’re already well-versed in home insurance or want to start by getting a quote, click here to request a quote today!
Standard home insurance in Manitoba typically covers both your property (any damage or loss affecting your belongings) and liability (any damage, loss, or injury someone suffers while on your property). You’re also covered for vandalism and burglary.
The most common claims covered by standard Manitoba home insurance are:
As a Manitoba homeowner, it’s important for you to know that there are two primary types of home insurance policies: broad and comprehensive.
A comprehensive policy, also known as a “special” or “all-perils” policy, provides the most coverage. With it, all risks to your home and contents are protected—except for any risks named in your policy as exclusions. Comprehensive policies are always our primary recommendation for our clients.
A broad policy also covers all risks (except for any risks named in your policy as exclusions), but when it comes to your contents, it only covers all named risks. That means that unless a belonging or valuable is specifically written into your policy, it won’t be covered.
Typically, if your home insurance covers the full replacement value of your home and possessions, that should be enough. For most Manitoban homeowners, this is around 60-80% of their home’s total value, depending on who your insurance policy is with.
However, as a mortgage holder in Manitoba, your mortgagor will typically require you to have:
This helps them ensure that in the event of a complete or partial loss, they will not suffer a financial loss on their end!
Not a mortgage holder? Then there’s no minimum insurance requirement for you!
With standard home insurance, your personal belongings are typically covered as a percentage of your dwelling’s value—often within the 60-80% range. This percentage varies depending on your insurer, so it’s important to assess your insurance policy needs carefully!
To get a sense of the value of your belongings, we recommend creating a basic home inventory.
Start by going through your high-value items, like jewelry, art, and electronics. Then work your way down to your more common household items, such as furniture, clothing, and appliances. This will give you a ballpark figure you can compare against your dwelling coverage.
Note: If you own any rare or high-value items, consider increasing your personal property limits to ensure you’ll have enough coverage to replace these items if necessary.
Your dwelling coverage covers the structure of your house, but contents insurance covers what makes your house a home. And even though you most likely own irreplaceable possessions, contents insurance will allow you to replace the things that aren’t. This coverage will help you maintain a functional home, extending to personal belongings, furniture, appliances, and more.
Liability insurance protects you financially if someone else suffers loss, injury, or damage on your property. In Manitoba, the minimum recommended liability insurance is $1 million, but we suggest opting for $2 million to cover the unexpected. It doesn’t add much to your annual premium and can save you thousands in the event of a liability claim!
It’s best to think about the worst-case scenarios here. For example: If someone were to fall on stairs while on your property and become unable to work, would your liability insurance fully cover the claim?
As the saying goes, when it rains, it pours. Meaning when things go wrong, they can go wrong quickly. Making sure you have adequate liability coverage is one of the most important aspects of a solid home insurance policy.
Extra coverage options available to Manitobans are:
Not every household will need every add-on. Some won’t need any at all. But there are certainly types of additional coverage worth considering and spending a little extra on. We always recommend Service Line Coverage for Manitoba homes within the city limits.
For Winnipeg homeowners, Sewer Backup and Overland Water Coverage are particularly important to protect against flooding. Similarly, Service Line Coverage can be crucial in colder months when frozen pipes are a risk.
Note: Sewer Backup and Overland Water Coverage are very important if your basement is finished or if it houses a lot of items.
If the amount of liability coverage available in your standard or extra liability insurance isn’t enough for your specific situation, you could add umbrella insurance to cover any difference on a loss.
Certain things will impact your home insurance rates and requirements, like:
We always get asked this question. And we get it. You want to know how much you should expect to pay so you know if you’re paying too much– or too little. However, answering this question is hard. So many factors go into someone’s home insurance policy. There truly is a big range in monthly premiums we see.
The average monthly premium we tend to see for an average house ranges from $75-$120/ month. BUT the only way to know how much your monthly premium will cost is to request a quote. We’ll be able to work with you to ensure you’re getting the best policy for your needs at the right price.
Did you know your home insurance rates may differ depending on where you live in Manitoba? Winnipeg homes are often subject to different risks than rural homes like higher risks of vandalism or theft in urban areas. Winnipeg homes can also have higher premiums because of higher replacement costs associated with construction materials.
Understanding how your home’s location affects your premiums can help you make informed decisions about your insurance policy.
Often, the average monthly premium we usually see for an average house ranges from $75-$120/ month. But the only way to know how much your monthly premium will cost is to request a quote. We’ll be able to work with you to ensure you’re getting the best policy for your needs at the right price.
To try and reduce your home insurance premiums, you can:
Just be sure to let your Insurance Consultant know when you’ve made these updates!
You have questions– we’ve got answers!
Absolutely! In fact, in some cases, it’s required by the condo corporation. A condo is very similar to a house. You need to insure your property, the things inside it, and the liability for anyone attending your home is covered!
Home insurance is calculated by measuring the property against risks on the home.
Many factors will come into play to determine the appropriate premium. Some of these items (not an exhaustive list) include:
Yes! Fire protection is one of the basic coverages of home insurance. If you hold a mortgage in Manitoba, you are legally required to have fire insurance coverage on your property.
Yes, Winnipeg tends to have higher home insurance premiums compared to rural areas of Manitoba due to urban risks like vandalism, theft, and higher replacement costs. However, rural homeowners may face higher premiums for natural risks like fire or floods depending on their property’s proximity to natural features.
In Manitoba, home insurance rates are primarily based on three things:
Lower-risk locations and better insurance history tend to positively affect your rates, and having a positive credit score helps, too. It can give you a preferred rate depending on its strength!
Oftentimes your needs and your budget will dictate the policy you purchase, but it’s also important to consider providers who specialize in local risks.
Some insurance companies offer more competitive rates for homes in flood-prone areas while others provide coverage for winter-related damages. We recommend you speak with an Insurance Consultant who can help you determine what’s best for your unique needs and situation.
Contact your Insurance Consultant about a month before you need to acquire or update your home insurance policy and ask them to look at other companies. That way, they’ll know to compare coverages and prices on your behalf, and they’ll come back to you with your best options. But remember: Just because it’s cheaper somewhere else doesn’t mean it’s better!
Once you have your home insurance policy, it’s best practice to review it every year. And if, while you do, you have any questions, just call your Insurance Consultant for guidance and answers.
When insuring your home, it’s important you get enough insurance to cover you in case anything were to go wrong. However, you also want to ensure you’re not overinsuring yourself and paying more than you need.
The best way to get the right amount of coverage is to speak to one of our Insurance Consultants. They’ll be able to help you get the right policy at a great price.
Plus, we make buying and updating home insurance easier than ever by giving you a quick online commitment-free quote! Click the button below, complete a brief form, and we’ll send you the info you need to get started.
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We are committed to the communities where we live and work, and we demonstrate our commitment by taking part in sponsorship and volunteer programs.
We love it here, too.
We are committed to the communities where we live and work, and we demonstrate our commitment by taking part in sponsorship and volunteer programs.
Winnipeg Insurance Brokers Ltd. Unit 106-2565 Portage Avenue, Winnipeg, MB R3J 0P4
Winnipeg Insurance Brokers Ltd. serves our clients and operates on Treaty One land; homeland of the Anishinaabe, Cree, Oji-Cree, Ojibway, Dakota, and Dene Peoples, and the homeland of the Red River Metis. Our drinking water comes from Shoal Lake 40 First Nation, in Treaty Three territory. We respect the treaties, the land, and the water that sustain us.