Calculate your Manitoba home insurance quote

As we mentioned above, there’s a lot that goes into determining your home insurance premiums. So if you’re looking for a home insurance premium calculator for Manitoba, you might want to consider our quoting tool instead. That’s because it’s not possible for a calculator to determine your monthly home insurance cost in Manitoba without some key details.

Your monthly home insurance payments will be based largely on how much coverage you purchase. But there are other things that play into your payment.

How much coverage you get: When insurance companies are determining what your home insurance premiums will be, the primary factor they consider is how much insurance you’re actually buying. Of course, the price will depend on the type of policy (of which there are a few). You might be after a comprehensive policy, or perhaps a basic policy. This will impact how much you pay.

The cost of rebuilding your home: This is a major factor that insurance companies have to take into account when determining your premiums. Why? If your home gets damaged or completely destroyed due to some sort of peril, your insurance company may need to pay to build you a brand new one.

What your home’s contents are worth: What you keep inside the house is just as important as the materials used to build the exterior. Home insurance policies will give you a certain amount of coverage for your home’s contents. If what you own exceeds that limit, then it is probably in your best interest to opt for additional coverage.

Here are some other factors that may also come into play.

Mortgage lender: Just like how food prices vary based on what grocery store you shop at, your home insurance premiums will vary based on what lender you get your mortgage from. There are some lenders that require you to buy extra coverage, which would then increase your premiums.

Interest and other fees: Something else that could affect your premiums are making late payments or missing payments altogether. In order to avoid making that costly mistake, keep a close watch on your credit card’s expiry date (if that’s where your premiums are charged to each month) when signing up with a new insurance provider. If you get charged too many late fees, you risk having your policy cancelled on you altogether, which will make it harder (and more expensive) to get insurance again with a new provider. You should also consider monthly interest when calculating your home insurance costs.

Not a whole lot. The only difference you might find from province to province could have to do with “endorsements” or “add-ons.” The availability and cost of these add-ons can vary from province to province just based on the chance of those risks happening. For example, an earthquake endorsement might not be as expensive in a province that isn’t prone to earthquakes, compared to one that is.

There is more than one policy Manitoba homeowners can choose from. The type of policy you may need will affect your premium. That’s why our calculator lets you select what type of policy you want when entering your information into the form.

The more you know about the policy you want, the more accurate an estimate you will receive for your BC home insurance. The typical policies offered for homeowners include:

Comprehensive

Sometimes called an all-perils policy, it gives you the most bang for your buck and coverage. It covers the structure of your home and its contents against all perils except those that are specifically excluded. If your policy names flooding and sewer backup as exclusions, then you don’t have coverage for these risks. But if a fire isn’t named as an exclusion, this coverage is included in your policy. Choosing this type of policy may mean higher monthly home insurance costs. Our calculator will give you a more exact estimate.

Basic coverage/named perils

This type of coverage, also called named perils or a standard policy offers less coverage than a comprehensive policy. It only provides coverage for the perils specifically named in the policy and nothing else.

Broad coverage

A broad policy is somewhere in between a comprehensive and a basic coverage policy. Like a comprehensive policy, it covers your home’s structure except the ones that are specifically excluded. And like a basic coverage/named perils policy, it covers your contents for only perils that are specifically named.

No frills coverage

If your home has structural damage and doesn’t meet your Manitoba home insurance provider's standards, you may opt for a no-frills policy. This policy may cover fire damage until the home is repaired and qualifies for one of the other types of insurance described above.

Manitoba home insurance can be purchased from a few sources. You can talk to an agent, who works directly with a specific insurance provider; a broker, who can offer quotes from multiple sources; or directly from the insurance provider themselves.

One of the fastest and cheapest ways to find home insurance is online at LowestRates.ca. You can use our home insurance calculator to see the types of rates you will pay for your home and then choose the policy that suits you. To begin just click the “Get Started” button above and away you go.

There are multiple ways to reduce your Manitoba home insurance. Consider the following:

Install preventative measures against water damage, fire damage and theft: Security systems or other measures that prevent damage can help reduce risk to your home and help reduce your BC home insurance premiums.

Use weather-resistant materials to build your roof: Upgrading your roof with class four asphalt shingles or slate tiles can help it withstand intense weather, resulting in lower premiums.

Bundle your home and auto insurance policies: Bundling your home, life and auto insurance under one provider, for example, is a great way to save on insurance rates. Your provider will appreciate your loyalty and pass on some of that appreciation by way of savings.

Increase your deductible: Increasing your deductible means you are willing to pay more upfront for damages or theft, prior to your insurance kicking in. The more you are willing to pay, the less of a risk you are the cheaper your Manitoba home insurance rates can be.

Don’t switch insurance companies before the end of your policy term: Some providers will enforce fees for early cancellation. The closer you are to the end of your term, the lower your fees may be.

Ask about discounts: Many Manitoba home insurance providers offer discounts to members of associations or unions, for example. Talk to your agent or provider to see which discounts you qualify for.

Don’t become a high-risk customer: The more claims in your history, the greater a risk you become to your provider and the higher your Manitoba home insurance rates will be. Try to keep claims to a minimum if possible.

Your’re in luck. Our home insurance calculator can also help with condo or renter’s insurance. As you are filling out the property insurance form, choose Condo Insurance or Renter Insurance from the drop-down menu on the first page. We’ll do the rest.

If you’re looking for more information about either of these products, feel free to visit either our dedicated Condo Insurance or Renters Insurance pages.

Premiums are the monthly or annual payments you make in order to maintain your insurance policy. If you’re wanting to find out how much home insurance will cost annually in Manitoba, our calculator tool will show you. In fact, it will show you both the annual and monthly premiums that the insurance companies are willing to offer based on the information you provide.

You’ll be able to pay your home insurance premiums annually in a lump sum, monthly, or according to another payment schedule you work out with your insurance provider. Sometimes, if your home insurance is under a certain annual amount, you may not have the option to pay monthly and you may have to pay in a lump sum. Our Manitoba home insurance quoter will show you both the annual amount and the monthly amount, but it won’t dictate how you’re going to pay. A broker or agent will get in touch with you shortly after you complete the form to secure that rate and at that time, you can discuss payment frequency.

This refers to a type of policy wherein your insurance company gives you the current value for an item that needs replacing as opposed to what it costs to buy a brand new one. As such, premiums for this type of policy tend to be lower than a replacement cost value policy.

This refers to a type of policy wherein your insurance company replaces the damaged item with a brand new one that is similar in make or model. As such, premiums for this type of policy tend to be higher than in an actual cash values policy.

Endorsements are a fancy word for “add-ons.” They simply refer to extra/additional coverage that you can buy for specific things not covered in your base policy, such as jewelry, sewer backup, earthquake, or overland flooding.

A deductible is the amount of money you’ll be responsible for in the event that you make a claim and you’re found partially or fully at fault. If, for instance, your claim was $5,000 and your deductible was $2,000, then your insurance company only needs to pay you $3,000. The higher the deductible, the lower your premiums, typically. So consider increasing your deductible if you can afford it and are looking to save money on your home insurance.

Depreciation is a decline in value of an item over time.

Perils are events that happen unexpectedly or by accident.