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Home Insurance Manitoba

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Home Insurance Manitoba

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Home Insurance for Manitoba Residents 

Living in Manitoba offers a distinct experience characterized by natural beauty, diverse culture and a strong sense of community. The province is known for its breathtaking landscapes, including serene lakes, expansive prairies and the iconic Churchill region, where visitors can witness polar bears in their natural habitat. Manitoba’s vibrant cities, such as Winnipeg, provide a mix of urban amenities and a relaxed atmosphere, making it an ideal place to call home. With a rich history and a variety of recreational activities available year-round, residents of Manitoba enjoy a balanced lifestyle that embraces both outdoor adventures and cultural experiences. 

To preserve your lifestyle here in Manitoba, it’s crucial to safeguard your home with reliable Manitoba home insurance bought through a reliable insurance provider. Whether you own a house, or condominium or rent an apartment, home insurance provides essential protection against unforeseen events. From extreme weather conditions to accidental damages, having the right insurance coverage ensures that your home and belongings are protected.

With Manitoba home insurance, you can have peace of mind knowing that you are prepared for any unexpected situations and can continue to enjoy the beauty and comfort of your home in this wonderful province. Get a free personalized Manitoba house insurance quotes with Sharp Insurance today.

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Why Choose Sharp Insurance for Home insurance in Manitoba?

As one of Canada’s fastest-growing (independent) brokerages, Sharp Insurance has what it takes to serve the community members and households of Manitoba with comprehensive home insurance. What makes us so great is our innovation and usage of digital technology and assets to forward the home insurance industry and help make its access so much easier for our clients.

Below are just a few of the many reasons why residents of Manitoba choose us for their home insurance coverage:

We’re independent.

While we have a network of many different top-rated insurance providers, our priority is always you.

We’re competitive.

We work with some of the most competitive home insurance providers, to get the best Manitoba home insurance quotes possible. 

We’re experts.

Our manitoba home insurance expertise allows us to give you the advice you deserve, as well as answer any questions you have.

We’re digital.

Tech makes insurance simpler and easier to access. We make use of online portals, digital apps and other tech-forward approaches to make your policy documents easier to access and your insurance information easier to understand. Our Manitoba insurance brokers offer products including auto insurance, property insurance, and commercial insurance.

 

 

What Is Home Insurance?

Homeowners insurance is an umbrella phrase for various types of residential property insurance coverage, such as condo insurance, tenant insurance and so on.

Manitoba home insurance precisely protects your actual dwelling, its belongings and your responsibility. Depending on your policy, the specific risks that your insurance covers may differ.

 

Types of Manitoba Homeowners Insurance Coverage

Basic Coverage

Basic coverage, also known as named-perils coverage, only covers the risks you list. It has the least amount of coverage, making it the least expensive type of home insurance coverage.

Broad Coverage

Broad coverage offers more protection than manitoba home insurance basic coverage. It covers the structure of your personal property in addition to any other perils you list. When it comes to insurance premiums, broad coverage is more expensive than the broad but less than the comprehensive coverage.

Comprehensive Coverage

This type of home insurance coverage offers the most protection. When you go for basic and broad coverage, you enlist the perils you want to be covered. The opposite applies to comprehensive coverage, as it covers everything except for the perils you name.

No-Frills Coverage

If your house has a lot of damage that might be too risky to cover, No-frills coverage is your best option. For example, if your heating system is outdated and there’s a fire risk, your insurer might not cover your house under other types of coverage. No-Frills is a temporary solution that you might need if your mortgage lender requires any type of home insurance.

 

 

10 common insured perils you’ll find in a standard home insurance policy:

  • Lightning
  • Fire
  • Smoke
  • Wind and hail
  • Weight of snow (roof collapse)
  • Impact of car or aircraft
  • Explosion
  • Falling object
  • Vandalism and theft
  • Water damage (depends on your policy)

Every insurance policy is different. We recommend reading over the details of your policy to see what specific perils are considered “insurable” and which are not.

What Does a Standard Manitoba Home Insurance Policy Cover?

Structure and Property Damage

This coverage protects both the structure of your home and the property itself. Perils it covers include fire, theft, water damage, and more. Bear in mind that some home insurance companies require additional coverage for other structures within your house, including a garage or a separate guest house.

Contents and personal property

This coverage protects the contents of your home, like furniture, and your personal belongings, like clothing and sports equipment. If you own expensive items, like jewelry, fine art, or collectibles, you might need to purchase additional coverage for them. For more information, ask your insurance provider about the items covered.

Additional living expenses

If your house is ever uninhabitable for any covered reason, this coverage pays the expenses for accommodation, food, and travel expenses under a certain limit.

Liability Coverage

Personal liability coverage

If someone is accidentally injured on your property, this coverage protects against liability.

Voluntary medical payments

This coverage pays for medical expenses for up to one year if someone gets injured unintentionally on your property or if they accidentally injure themselves.

Voluntary property damage

If you or a minor under your care (12 years old or younger) accidentally damage someone else’s property, this covers the loss or damage.

 

 

Common Manitoba Homeowner’s Insurance Endorsements

Standard policies are called standard for just that reason — that they’re the standard offering. To customize your insurance further, look at some of the most common endorsements offered in Manitoba for homeowners.

Sewer Backup

Sewer backup is generally not included in standard home insurance policies, and so adding it as an endorsement will help protect your property against losses due to sewer backing up in your home and causing water damage. 

Overland Water Damage

Manitoba has a history of flooding. Its history of major flooding dates to the early 1800s, but did you know standard home insurance won’t cover overland water damage? You will need an endorsement water coverage to be protected against flooding

Earthquake and Landslides

Unfortunately, no standard policy automatically includes coverage against earthquakes or earth movements. You will need additional coverage to be covered against these perils. In addition, you will need to define coverage limits and deductibles for these kinds of losses.

Service Line Coverage

Homeowners are typically responsible for the utility lines that run inside their homes. This endorsement covers the cost of water damage stemming from the plumbing system and the utility lines.

Mass evacuation

If a sudden event happens, like a flood or wildfire, and it calls for a government-issued evacuation order, this endorsement covers the expenses while you’re away from home.

Identity theft

This covers the cost of replacing your documents and recovering your identity. It might also cover lost wages.

Valuable Items

Some valuable items, like artwork or jewelry, you might not get covered under your regular home insurance policy. In that case, you might need this additional add-on to cover the items. Assess the value of your expensive items and talk to your home insurance provider about insuring them.

Lock replacement

If you need to replace your house’s door lock, this covers the cost.

What Is Not Covered by Home Insurance in Manitoba?

Depending on your home insurance company, your insurance policy might not cover all circumstances. Here are some instances where your home insurance representative might not compensate you for damage or loss.

  • Damage that happens when you’ve been absent from your home for a long time. Notify your home insurer if you plan to vacate your home for a long time. If you don’t give notice, your insurance might cease automatically.
  • Renovations: Major renovations require permission from your insurance representative to be covered. This may not include paint jobs and common repairs.
  • Bylaw enforcement: Costs arising from the application or enforcement of a bylaw may not be covered by insurance.
  • Existing damage: If the damage existed before you purchased your home insurance policy, the insurer won’t cover it.
  • Volatile substance: If your home contains more than one gallon of a volatile substance that causes damage to your house, your insurance company can deny you reimbursement. That might include gasoline.
  • Mould: Mould takes time to build up and cause substantial damage. That’s why insurance companies don’t cover damage from mould. If you have mould, hire a professional service to get rid of it.
  • Pest infestations: Pests also take time to cause damage and loss to your home. That’s why we recommend handling any infestations you have beforehand. Your insurance company doesn’t cover you for damage stemming from pest infestations.
  • Intentional Acts: Insurance only covers unintentional damage and injuries. If you file for a loss or damage that happened because of an intentional act, you might get sued for insurance fraud by your insurance company.
  • Damage from Renters: As a landlord, you need a different type of property insurance, called landlord insurance. Similarly, tenants are protected under tenant insurance.

 

Home Insurance in Manitoba: Do You Need It? 

In short: no, home insurance in Manitoba isn’t Mandatory. There are no laws governing it nor regulating its application, and therefore it’s up to the homeowner to choose whether or not to have it. As you might imagine, most insurers highly recommend it — but for good reason! Homes are expensive, and losing yours could be financially devastating. You never know what could happen.

3 Reasons to Get Home Insurance in Manitoba 

If home insurance in Manitoba isn’t mandatory, then why get it at all? Here are 3 reasons why you should have home insurance in Manitoba. 

  1. Cost savings if anything unexpected ever happened to your property, or if insurance claims were filed against your household. 
  2. Compliance, many mortgage lenders and banks require coverage before they sell you the house. 
  3. Peace of mind, that you have financial backing if anything happens.

 

Cost Breakdown for Manitoba Home Insurance Rates:

Home insurance costs an average of $1,032 per year, or about $80 per month in Manitoba. The number differs from one individual to another. Contact our brokers to get a Manitoba home insurance quotes now.

Unfortunately, home insurance premiums cost have been impacted a lot in recent years, and some of this can be attributed to the numerous uncontrollable factors that affect home insurance rates. Individually, your home insurance costs in Manitoba can be attributed to the following key factors and characteristics:

  • Information about your insurance history, like the number of insurance claims you made and your adherence to paying your insurance premiums on time. 
  • The more coverage you have, the more expensive your insurance premiums get. 
  • The higher the deductible you pay, the lower the premiums you get. 
  • Your location and proximity to any potentially harmful environmental features. 
  • The crime rate in your area. 
  • The claims stats in your area. 
  • The worth, condition and age of your property. 
  • Anything that may increase your liabilities, such as a pool.

If your Manitoba home insurance rates are higher than you’d like them to be, then there are a few steps you can take to ensure you get the cheapest home insurance in Manitoba. 

  • Take care of your home and do any necessary renovations. Older home security systems, older roofs, fire alarms etc. will affect your Manitoba home insurance rates negatively.
  • Compare Manitoba home insurance quotes from different insurance companies before settling on buying an insurance policy.
  • Try to maintain a good credit score. An excellent credit score will get you a considerable discount.
  • Be open and honest with your broker and insurance company about your home — they’re the ones who will be working hard to save you as much money as possible!
  • Pay off your mortgage. Being mortgage-free can save you up to 15% on your home insurance.
  • Try to quit smoking. Smokers tend to pay more for their insurance than non-smokers.
  • Most insurance companies offer discounts for different reasons, like bundling home and auto insurance policies. Ask your insurance company about the discounts they have and check if you’re eligible.
  • Avoid making a home insurance claim if you can afford to pay for the damage or loss out of pocket.
  • Live in a neighbourhood with low crime risk.
  • Buy a newer home instead of an old one. Newer homes are less risky because they usually have newer heating, plumbing and electrical systems.
  • Review your insurance claim regularly. You might find that there are coverages you no longer need that are costing you money.
  • Pay your premiums annually as monthly premiums cost more because of administrative fees.

For more tips on how to save on home insurance, ask a home insurance broker in Manitoba. 

 

What Risks Do Manitoba Homeowners Face?

Each area has its set of challenges and risks. Aside from acts of negligence, sometimes there are risks that we can’t control. Here are the risks Manitoba residents and homeowners face that might result in damage and loss.

Weather

Manitoba, like many provinces in Canada, has its share of harsh weather conditions. Residents might face conditions, like thunderstorms, blizzards, snowstorms, or heavy rainfalls. These weather events might damage the roof, foundation, windows, or water system of houses. It’s important to learn how to handle such events to reduce risks.

Fire

Fire is another risk that Manitoba residents face. Aside from natural disasters like wildfire, there is a fair share of fire accidents, like cooking accidents, outdated heating systems, and electrical malfunctions. Fire can cause a lot of damage, loss and potential injuries. And if you don’t have home insurance, the repair costs will be expensive.

Theft and Vandalism

Like any other city, crimes happen in Manitoba. An instance of theft might result in loss of property and belongings. Vandalism might cause property damage as well. Homeowners should install a good security system to protect their homes. Talk to your insurer to find out what coverages you might add for your belongings in case of theft or vandalism.

Liability

Accidents can happen at any time. If an accident, like a guest slipping on your icy or wet floor, happens on your property, the owner will be held liable. Even if the accident happens on a property they own that isn’t their main residence, they will have to cover the damage. Make sure to follow safety procedures to

Water Damage

Factors like leaky roofs, sewer backups, or burst pipes can cause significant damage to your home, its structure, or its contents, like furniture or electrical fittings. This could cause many problems, like mould, fungus, or electrical fires.

Natural Disasters

Although rare, tornadoes and earthquakes could happen in Manitoba. Moreover, wildfires are a common risk that might lead to property damage and evacuations.

 

 

Find the Best Home Insurance Coverage in Manitoba. 

Sharp Insurance understands fully that the world of insurance can be complex at the best times, and having the information you need to make the most informed decisions can go a long way. That’s where having a broker comes in.

We understand that you want the best possible protection for your investment. However, this does not imply that you know exactly which options to select. Allow the professionals to handle that worry for you! Sharp Insurance is an expert in all things home insurance, and because of our use of digital resources, we can confidently state that we can bring you what you need faster.

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Home Insurance Manitoba FAQs

No, home insurance isn’t legally mandatory in Manitoba. However, a mortgage lender can refuse to invest in your house if you don’t have adequate home insurance coverage. Moreover, home insurance protects your home and assets against many potential risks, as loss or damage might be costly to fix if you don’t have insurance. Not to mention that liability claims might also be costly to settle.

Some disasters, like wildfires or windstorms are covered by insurance. However, not all natural disasters are covered by homeowners insurance. For example, earthquakes and floods aren’t typically covered by standard home insurance and might require adding endorsements to your policy.

Home insurance costs an average of $1,032 per year, or about $80 per month in Manitoba. This is just an average. The cost differs from one individual to another and one company to another based on many factors, like insurance history, credit score, home value, location and deductible amount.