How Much Is House Insurance In Winnipeg?
January 8, 2024
Whether you’ve just had an offer accepted on your first Winnipeg home or are shopping around for a new home insurance policy after a decade with the same provider, finding home insurance coverage that suits your specific needs, circumstances, and budget is essential. While more affordable policies are always enticing from a financial perspective, cheap insurance doesn’t always correlate with thorough coverage. Simply put, there’s also the cost of peace of mind to consider.
At Nation West Insurance, our goal is for our clients to feel satisfied and secure in their home insurance choices, which is why we make it a priority to educate and support them throughout the decision-making process. Below, we’ve explored the cost of home insurance in Winnipeg and provided an overview of how it works, what it covers, how to save on it, and more. If you still have questions about Winnipeg home insurance after reading this post, we encourage you to contact a helpful Nation West team member directly by phone or in person at your earliest convenience!
The Cost of Winnipeg Home Insurance
Let’s jump right in with the answer to your most pressing question: What is the cost of home insurance in Winnipeg?
The simple answer is: The average cost of home insurance in Winnipeg is roughly $80 per month or $1,000 per year.
The more complex answer is: The cost of your Winnipeg home insurance depends on a variety of factors relating to both your property and your personal history.
The truth is that home insurance costs vary widely in Winnipeg. While some homeowners may pay as little as $50 per month for insurance, others may pay hundreds. Here are some of the factors that will impact the cost of your Winnipeg home insurance:
- The age of your home
- The location of your home
- The size, value, and replacement cost of your home
- Your home’s construction type (internal and external)
- Your home’s features
- Your home’s proximity to emergency services
- Your personal credit score
- Your personal claims history
- Whether or not you have pets
- Whether or not you operate a business out of your home
- The type of coverage you’re looking for
These factors and many more influence the calculations that determine your monthly and annual home insurance rates. To effectively balance your costs against the type of coverage you want and need, it’s helpful to have a thorough understanding of exactly how home insurance works in Winnipeg. Let’s take a closer look:
How Home Insurance Works
First of all, it may surprise you to learn that, unlike car insurance, home insurance is not mandatory in the province of Manitoba (though it is strongly recommended). That being said, virtually all mortgage lenders require homeowners to show proof of home insurance before approving their mortgage application, which effectively means that the vast majority of Winnipeggers actually do need home insurance to purchase a home.
The three overarching types of coverage offered by home insurance companies to Winnipeg homeowners are:
Basic coverage (also known as named perils coverage) is the most economical type of home insurance but also the least thorough. It only protects your home and property from risks and perils that are specifically listed in your home insurance policy. Perils commonly listed in basic coverage policies include wind damage, lightning damage, fire damage, and hail damage, but each policy is unique, so be sure to read yours carefully before signing.
Broad coverage covers the physical structure of your home from all perils other than those that are specifically listed as exclusions in your policy, but it only covers the contents of your home from named perils, as listed in your policy. In other words, if your home and its contents sustain damage, it’s possible that repairs to your home itself may be covered but that your belongings inside the home may not be eligible for repair or replacement.
Comprehensive coverage (also known as all-perils coverage) is the most thorough form of home insurance; it’s also the most common in Canada. Comprehensive coverage covers your home and its contents from any and all risks and perils, with the exception of those listed as exclusions in your policy.
What Is Covered By Standard Winnipeg Home Insurance?
Winnipeg home insurance typically provides liability coverage in addition to covering your dwelling, the contents of your home, and other structures on your property.
It does not typically cover costs associated with the neglect of standard home maintenance, general wear and tear, or infestations of pests.
This refers to:
- Dwelling and attached structures coverage (including decks, garages, and permanently installed outdoor equipment such as pools or play structures)
- Detached structures coverage (including sheds, detached garages, pool houses, etc.)
- Personal property coverage (the contents of your home, including furniture and personal belongings)
- Additional living expenses coverage (in the event that damage or destruction from a covered peril requires you to be away from your home for a period of time)
This refers to coverage for damages, losses, or injuries that another person suffers while on your property.
- Personal liability coverage protects you from costs associated with legal suits filed against you.
- Voluntary property damage coverage protects you from costs associated with unintentional damage you or a member of your household may cause to another person’s property (e.g., throwing a ball through their window).
Additions and Endorsements
These refer to additional, optional coverage for specific risks and perils (in certain cases, mortgage lenders may require specific additions and endorsements if they deem the risk to be high for specific perils, such as flooding). They can include the following and more:
- Overland flooding
- Sewer backup
- Identity theft
- Freezer food
- Lock replacement
- Riders for high-value items such as jewellery or art
How Much Coverage Do I Require?
In general, you need as much coverage as your mortgage lender requires (usually guaranteed replacement cost coverage is to be expected as a starting point) and will provide peace of mind for you and your household. There is no hard and fast answer to this question.
Elements That Will Increase Your Home Insurance Costs
The following elements will nearly always drive up home insurance costs:
- Finished basement
- Indoor or outdoor pool
- Wood shingles
- Expensive valuables
- Working from home
For more information about factors that may affect your home insurance costs, contact us at Nation West Insurance today.
How To Save on Home Insurance in Winnipeg
Hoping for tips on how to reduce your home insurance rates? Well, here are our top recommendations:
- Consider increasing your deductible.
- Remain loyal to your insurance provider and bundle multiple types of insurance with your home insurance, if possible.
- Find out if you qualify for any specific discounts.
- Remain claims-free!
- Make regular safety and security upgrades to your home.
- Review the value of high-value possessions annually.
Where Can I Get Home Insurance in Winnipeg?
Call our knowledgeable and helpful team by phone or visit one of our three convenient Winnipeg locations at 1610 Kenaston Blvd. #100, 2844 Pembina Hwy #10, or 2521 Portage Ave. Unit B. We look forward to meeting you!