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Home insurance = peace of mind
Winnipeg is the capital of Manitoba with a population of just over 800,000 and has the largest indigenous population. This culturally diverse city has more than 100 languages and nationalities represented throughout the region. Winnipeg has lots to do and is known for its unique winter experiences, colorful festivals and flourishing arts scene and is playfully known as "Winterpeg" for its cold, harsh winters. It has a low cost of living - for rent and property prices, the rent being one of lowest in Canada, and is ranked as the third-fastest growing economy among Canada’s major cities. It has a vibrant hub, called The Forks, a riverside historic site with warehouses that have been converted to shops and restaurants and an abundance of green space dedicated to festivals, concerts and exhibits.
Home insurance is not legally required in Canada, especially for those who have paid off their home. But, it is mandatory for those who need to get a mortgage. Since buying a home is one of the biggest investments people make, it's important to consider getting homeowners insurance to protect the place they live, raise a family and keep their belongings. These are all things that a homeowners insurance policy can cover and we can help with that.
Home Insurance in Winnipeg
Home insurance in Canada is not legally required if you’ve paid your house in full, but it is required if you need to secure a mortgage. A bank will not lend you money if you do not have homeowners insurance to protect your one most valuable asset.
The two types of home insurance are:
- Broad home insurance: perils like water, lightning, hail, windstorm, fire, smoke, explosion, falling objects, vandalism, theft, and impact to vehicles or aircraft.
- Comprehensive home insurance: this is the most comprehensive level of home insurance in Canada. This includes coverage for all perils with broad insurance in addition to unintentional damage and disappearance of home contents.
A licensed insurance advisor can offer home insurance in Winnipeg. If you contact the broker channel they can provide you with more than one option, so you can see comparables in price and coverage!
There are four basic types of home insurance you can get:
Comprehensive: This provides the most coverage and is the most expensive. It covers your home and its contents against all perils (except the ones specifically excluded from your insurance policy)
Standard: This covers your house and its contents against named perils and is less coverage than a comprehensive policy.
Broad: This is coverage that is right between a standard policy and comprehensive, covering your home against all risks (minus exclusions) and coverage for your contents against any named risks.
No frills: This provides minimal coverage, and is the cheapest. It is usually for homes that don't meet underwriting standards (doesn't meet normal insurance standards).
Talk to your dedicated insurance advisor about what coverage you need and also about any additional coverage options you may require. Optional add-on coverage costs extra but protects your home against specific risks posted by Winnipegs climates.
Home insurance in Canada is not legally required if you’ve paid your house in full. However, you should purchase home insurance prior to getting a mortgage.
- St. Vital Park
- Kings Park
- Kildonan Park
- Outlet Collection Winnipeg
- Grant Park Shopping Centre
- CF Polo Park
- The Forks
- Canadian Museum for Human Rights
- Assiniboine Park
Have questions? We've got answers:
The cost typically depends on a number of factors including the construction of the home, updates to heating, electrical, plumbing, and roofing, chances of water damage, prior claims, and more. It’s best to budget approximately $600-1500 annually for home insurance costs, but again this will vary person to person.
Factors that influence the cost of home insurance include: the age of the home, the size of the home, the number of residents, the cost of replacement, the internal and exterior construction, the location, as well as the proximity to local services like fire and police stations.
Home insurance is a tricky thing to predict, as many factors come to play when calculating the rates. Things such as the age of the structure and the construction of your home, wiring etc...all these items that can be found in and around your home all affect the rate. Plus, every home insurance company underwriters risk differently, so that is why getting to compare quotes is important.
Here are a few things you can to help reduce the cost of your home insurance:
Increase your deductible: This is the amount you pay towards an insurance claim, so by offering to pay a higher percentage of a future claim, your insurance company will decrease the cost of your premium. But, keep in mind you will be paying more out-of-pocket when, and if, you ever file a claim.
Bundle your insurance: Bundling always helps you save, whether it's your phone, tv and internet! So, if you have a car, or any other insurable item, think about going with the same insurance company, who will most likely reward you with a discount!
Ramp up your home’s security: Getting a home security system can help, specifically ones that are monitored 24/7 by a security company. Also, inquire if your insurance company is partnered with a specific one for more of a discount.
Don’t switch before renewal: Breaking your contract before the renewal date could incur penalties.
Renew with your current provider: Homeowners who stick with one insurance company for years, will likely get to enjoy some discounts!
Review your policy annually: Review your policy annually to make necessary adjustments after life changes, you may need less or more coverage, so keep up-to-date.
Shop around: Always compare home insurance quotes to see what all your options are on similar policies. No two policies are the same, so comparing will let you choose what's right for you.
Insurance Carriers will notify the client if the policy is automatically renewing by sending out policy documents usually 30-60 prior to renewal date.
The cheapest home insurance provider depends on how your situation fits into the formula companies create to evaluate policyholders. Comparing quotes with Surex will allow you to get the cheapest price on home insurance.
You can contact your assigned Surex broker/advisor or contact the insurance company directly. Make sure you have your policy # and details of the claim prepare when you call.
Winnipeg does have some significant weather events that can damage your property. Property insurance is basically the same in each province, but you should be aware of the risks that occur in different areas of the country that can affect each province differently. In Winnipeg, you may encounter these conditions:
- Extreme cold
- Strong winds (tornadoes have been known to occur in Winnipeg)
Because of these extreme weather conditions, you may want to talk to your dedicated insurance advisor about getting optional add-on coverage that will protect your home against specific risks posted by Winnipegs climates.
Typically, home insurance coverage in Winnipeg will include:
- Any damage or loss to your home
- Any personal property that was stolen from your vehicle
- Any damage or injury to others who visit your home (or property)
- Any accidental damage you may cause to somebody else’s property or to a person
- Any additional living expenses, like hotels or renting a home, if you’re temporarily unable to stay at our property
Since Winnipeg can experience some extreme weather risks, these events are typically not covered and some home insurance companies will offer endorsements for these types of perils. Endorsements are optional coverages that can be added to your policy at an extra cost. They can be added for such unexpected events as:
- Extreme cold
- Sewer back-ups
Sewer backup, overland flooding and earthquake coverage can all be purchased as an endorsement as well if you live in an area that has these as potential risk factors. You should talk to your dedicated insurance advisor about any additional endorsements you might need to protect your home.
Insurance companies can also deny a claim for "expected" or predictable incidents such as neglect or lack of home maintenance. Examples of this would be forgetting to turn off your water before going on vacation and your pipes freezing as a result. The insurance company can decline to help with the costs of any repairs. Another example is if your roof collapsed because regular repairs and maintenance were not done, this could also result in your claim being denied.