Tenant Insurance in Manitoba

Which factors affect Manitoba tenant insurance costs?

Every tenant insurance quote in Manitoba is built from a set of risk factors. Insurance companies weigh these factors to help them decide how likely it is that a claim will happen, and how expensive that claim might be. Understanding what goes into the calculation may help you make sense of your renters' insurance premium and see where adjustments might help you lower your costs.

Location within the province

Rental homes in Winnipeg, Dauphin, Portage la Prairie, or even Lynn Lake all carry different levels of risk. Areas with higher crime rates or a history of flooding may see higher premiums. As such, flood-prone communities near the Red River, like Morris, may be seen differently from newer neighbourhoods in Steinbach or Winkler.

Value of personal property

A student in Thompson living in a bachelor apartment with a laptop and a bike will likely pay less than a family in Portage la Prairie that's insuring multiple rooms full of furniture, electronics, and appliances. More belongings or higher-priced items mean more risk for the insurer, and the more coverage or higher limits you'll need to protect them.

Your living arrangements

Living by yourself means you’re the only one responsible if something happens in your place. Add roommates into the mix, and everyday slip-ups (e.g., a kitchen fire, a broken door, a flooded bathroom, etc.) become increasingly more likely. This added risk may lead to higher premiums.

Pets in the home

From dogs in Dauphin to cats in Brandon, having pets in a rental can bring an increase in liability. Bites, scratches, or property damage can all trigger expensive claims, which is why some insurers may charge more or require extra liability coverage for certain breeds.

Building condition and age

Older buildings with older plumbing, wiring, or heating systems are often seen as more likely to have issues and need repairs. And with the cost of repairs rising across Manitoba, homeowners here have seen insurance rate increases of around 11.31% due to severe weather within the province over the past few years.

Level of security

Features such as secure entry, monitored alarm systems, smoke detectors, well-lit common areas, or a visible security presence can all help reduce the risk of theft or vandalism. Insurance companies may give you better rates when these are in place.

Coverage options and deductible

If you choose to add extra coverage, like insuring expensive jewelry or adding sewer backup protection, it does push your premium up, but it also widens the amount of protection around your personal belongings. One way to balance things out is by raising your policy deductible. That means you agree to cover a larger part of the bill if you ever need to make a claim, and in return, your monthly payments may go down.

Claims history

If you have made multiple claims in recent years, insurance providers may view your risk of filing another claim as higher and increase your premiums in response. But a history with few or no claims often helps reduce premiums and may even qualify you for a claims-free discount.