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Buying A House in Manitoba? This Is When You Should Get Home Insurance!

When Do You Need To Get Home Insurance
July 2, 2020
Updated: August 5, 2022


Your first home is a big part of your dreams, your life, and your financial plan. So what about home insurance? It’s essential! Learn when you need home insurance as a first-time buyer and what steps to take right away—so your lawyer can legally hand over the keys on your possession date!

Is Homeowners Insurance Required When You Buy A House?

First thing’s first: As a first-time buyer in Manitoba, you need to know that homeowners insurance is legally required if you have a mortgage on your property. This way, all the things you love and have worked so hard for will be protected—from the day you sign the papers to the day you move out.

Having insurance in place before your closing and possession dates ensures that:

  1. Your new investment and asset are protected.
  2. You can actually move in! (Lawyers can’t hand over house keys until they receive the insurance binder to show that insurance is in place.)

When Should You Start Looking For Home Insurance?

You should start looking for home insurance at least two weeks before your possession date—sooner if you can!—because you’re legally required to have home insurance in place before you move in. If you already have home insurance but want to look into other options, start your search 30-45 days before your insurance renewal date.

Buying a home is also a great time to make sure you are covered from every angle.

If you’re in your 20s or 30s and wonder what other coverage can help protect you from unplanned life events, check out our Young Adult Resource page.

Here you’ll find a comprehensive list of the types of insurance that you may want to consider upon entering this new stage of your life. Buying when you’re young also means getting lower premiums and better coverage.

Home Insurance Timeline for First-Time Homebuyers

#1 You start house hunting. When looking for a new home, keep in mind that having insurance on the property will most likely be required. And some things make certain homes more difficult—or more expensive—to insure. (For example, older homes with copper wires are more challenging to insure.) It’s a great idea to chat with an Insurance Consultant about the specific, insurance-affecting features you’ll want to ask your realtor about while looking at new homes. Knowing before you purchase can help you better predict your monthly costs!

#2 You make an offer and the seller accepts! Congratulations! You don’t need to make any decisions just yet, but you can speak to an Insurance Consultant now if you like.

#3 You have your home inspection and appraisal. After inspection, appraisal, and approval by your financial institution for your mortgage, you have everything you need to start finding a home insurance package! If you haven’t yet, start looking at this point. (Is this you? Get an instant quote from us!)

#4 Closing time! You are required to have a homeowner’s insurance policy in place before you take possession of your new home. Make sure your lawyer and financial institution have your home insurance documents in hand well before your closing date!

What Should My Home Insurance Cover?

As a first-time Manitoba homebuyer, you should look for home insurance that covers:

  • Your actual home and anything attached to it, like your garage or deck
  • The other structures on your property (if any)
  • Your possessions, like furniture, electronics, and clothes
  • Living expenses (in case your home ever needs repairs that require you to leave it)

Does Home Insurance Include Third Party Liability, Too?

Liability insurance is a really important part of homeownership. It helps protect you if an accident takes place on your premises. While basic liability is typically included in a homeowner’s policy, you may need extra coverage for things like art, expensive tools, or jewelry. 

See our home insurance coverage and policy options for more information on this!

What To Bring To Your Home Insurance Appointment

To get home insurance, give your insurer as many details as you can about the home you’re looking to insure. Things like:

  • The year the house was built
  • The last time updates were made (plumbing, electrical, roofing, etc.)
  • Any information you have on your home, like your inspection report

If you’re not sure where to find this information, a Realtor is a great resource! You can also ask the Winnipeg Assessment and Taxation department to help you gather further details and information on your home.

How Long Does It Take To Get Home Insurance?

The time frame can vary based on the complexity of your insurance needs, but in general, you can expect to get a customized quote from us within 24 hours of reaching out.

Once you have your quote, securing the actual coverage doesn’t take long at all. Applying only takes a few minutes, and typically, insurance companies can get your coverage in place within a couple of days (again, depending upon the complexity of your policy).

Looking To Insure Your Manitoba Home? Take These Steps!

To start the process of insuring your home, you should:

  1. Round up as many details on your home as possible, including your current policy documents if you’re shopping for a different carrier.
  2. Contact us by email, phone, or online so we can get the ball rolling for you.
  3. Get your quote. We’ll work with you to customize the coverage you need.

If You Need Home Insurance, We Should Talk.

The bottom line is that if you have a mortgage, you need home insurance—and we can help you secure it. Contact us for a customized home insurance quote, and we’ll have you covered in no time.