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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
Infographic: Real Estate Market in Toronto and Canada – Fall 2017
November 7th, 2017
It looks like Canadian real estate is in for a slower-than-usual autumn. The typical back-to-school September buying rush was notably subdued this year, reveals the latest national market analysis from the Canadian Real Estate Association (CREA). According to September’s data, home sales have plu[...]
Home Insurance Claims in Canada: 2017 Study & Tips for You
November 6th, 2017
The real value of insurance is not just determined by insurance rates. The ability of the company to cover insurance claims, and the ease of the process when the policyholder makes a claim, are also very important. This is vitally important for home insurance in particular because a home is one o[...]
Insurance for Short-Term Rentals: What You Must Know
September 28th, 2017
The business of insurance is said to be a tricky one because you might never know what type of policy you have until it is time to file a claim. Toronto townhouses and condos are usually covered by homeowners insurance policy. But here is what a lot of people are not aware of - These policies[...]
Is Ontario’s Hottest Real Estate Market Cooling Off?
July 31st, 2017
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[...]
Hidden Closing Costs for Your New Condo
July 28th, 2017
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. Howe[...]
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