Photo credit: Joe-Lynn Design
Home Insurance Winnipeg: Intro
Welcome to your Home Insurance Guide for Winnipeg. This page will inform you about savings opportunities and also provide number of other useful tips for choosing Home Insurance protection in Winnipeg.
What Are Typical Home Insurance Premiums?
This chart illustrates the average Renters and Homeowners Insurance premiums across Canada and in several provinces. Renters insurance rates are typically lower than home owners premiums due to the nature of insurance: Renters insurance typically covers only the content of your rented property and sometimes liability. It does not cover the building itself since it is covered under the insurance property of the homeowner.
How Can You Save on Home Insurance in Winnipeg?
- Earthquake insurance coverage: Don’t let earthquake insurance shake you up unless you actually live in an earthquake-prone zone. Dropping earthquake protection can save you money; for example, in BC earthquake coverage can account for as much as one-third of a policy’s premium but do you really need it in Maitoba?
- Direct insurers: Have you always dealt with insurance brokers or agents? Getting a policy from a direct insurer, also called a captive agent, may save you money. A captured agent only sells products from one company.
- Bundle: Most companies offer a discount if you bundle polices, such as home and auto.
- Mortgage insurance: Do you have life insurance? If so, you may have enough coverage to forgo mortgage insurance. Mortgage insurance is another name for a life/critical illness and disability insurance that pays off your outstanding debt on your home in case of a tragic event. For example, a term life policy large enough to pay off your home is usually cheaper.
- Stability of residence: Lived in the same residence for years? You may be eligible for a stability discount. A few insurers offers one.
- Alumni: Graduates from some Canadian universities, such as University of Toronto, McGill University and NAIT, may qualify for a discount through select providers.
- Professional Memberships: Are you a member of a professional organization such as Certified Management Accountants of Canada? Some companies offer discounts to professional members, and some organizations offer their members insurance policies.
- Wiring: Not all wiring is created equal. Make sure you have approved wiring and be sure to avoid aluminum wiring, which can be very expensive to insure. Not all insurers will cover houses with aluminum wiring, and those that do usually require a full electrical inspection of the house.
- Renovations: Renovating your house can result in lower home insurance premiums, as home insurance premiums for older, poorly maintained homes are usually higher. Also, updating only parts of your house, such as the basement or kitchen, may lead to savings on your insurance.
Our Publications related to Home Insurance
Is Ontario’s Hottest Real Estate Market Cooling Off?
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Home sales across Canada fell by 6.2 per cent in June, largely on the back of a huge decline in Toronto, the Canadian Real Estate Association reports. The Greater Toronto Area experienced the largest decrease in sales, with 6.7 per cent fewer homes trading hands. This greatly contributed to a downtu[...]
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For many buyers scoping out pre-construction condos, monthly maintenance fees are often a top concern. “How much are condo fees?” and “Will they increase?” are usually the first set of questions brought up to Realtors after discussions around location and asking prices have been put to rest.
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Home Insurance and Flooding in Canada: Finally Explained
July 24th, 2017
Overall, home insurance is a straightforward product that is easy to understand. There are some types of home insurance, such as house insurance, condo insurance, and homeowners insurance, that are quite similar; that is until flooding becomes an issue. Many people do not understand if they are cove[...]
The Home Price Premium in Toronto’s Best School Districts
July 13th, 2017
Prices in Toronto’s real estate market have become famously high, breaking new records each month – but what kinds of homes are really whipping buyers into a frenzy? It turns out, a top feature driving bidding wars is a home’s proximity to a highly-regarded school.
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How to Stage Your Home for the Spring Market
May 15th, 2017
By: Penelope Graham, Zoocasa
The spring real estate market is the busiest of the year; those who have been mulling over a change of scenery since January are finally ready to take the leap, and eager to close the deal over the summer so they can be settled come fall. The market also sees an influx [...]
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