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Is Your Home Underinsured? What Manitoba Homeowners Need to Know in 2026

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If you've renewed your home insurance without a second glance lately, you're not alone — and you might be taking a bigger risk than you realize.

After a devastating 2025 wildfire season that destroyed over 130 properties across Manitoba and forced more than 32,000 people from their homes, insurance experts are sounding the alarm: premiums are rising, coverage options are shrinking, and many Manitobans are discovering their policies don't cover as much as they thought.

Here's what you need to know — and what you can do about it.

Why Home Insurance Is Getting More Expensive

Manitoba saw the second-highest increase in home insurance premiums in Canada in 2025, according to a report by MyChoice Financial. And 2026 isn't expected to bring relief.

Several factors are driving costs up:

• Severe weather events — wildfires, flooding, and extreme storms are becoming more frequent and more destructive.

• Rising construction costs — rebuilding a home today costs significantly more than it did even five years ago. One Manitoba couple found their rebuild estimate was 50% higher than when they first insured their cabin.

• Skilled labour shortages — fewer tradespeople means longer rebuild timelines and higher bills.

• Insurers reassessing risk — some providers are limiting new policies or non-renewing existing ones in higher-risk areas.

The Hidden Danger: Being Underinsured

One of the most common — and costly — mistakes homeowners make is not updating their coverage as their home's value increases.

Think about it: if you insured your home five years ago, that policy amount may no longer reflect what it would actually cost to rebuild today. And if disaster strikes, the gap between your coverage and your real rebuild cost comes straight out of your pocket.

Common coverage gaps we see at Fast Insurance include:

• Sewer Back Up — often excluded from standard policies but increasingly relevant with heavy rainfall events

• Overland Water — flooding from rivers or heavy rain isn't automatically covered

• Service Line Coverage — the pipes and wires connecting your home to the street can be expensive to repair

• Underinsurance — your home's insured value hasn't kept pace with rising construction costs

What You Should Do Right Now

The good news? These gaps are fixable — and that's exactly what we're here for.

1. Review your policy before renewal, not after a claim. Don't be like the couple who said, "We just renewed every year without really looking at the details." A quick annual review can make all the difference.

2. Ask about your rebuild value. Is your home insured for what it would actually cost to rebuild today? We can help you assess this.

3. Consider add-ons for weather-related risks. Sewer back up and overland water coverage are relatively affordable additions that can save you from a very expensive surprise.

4. Shop around — or let us do it for you. With access to 10+ insurance markets, we can compare options across carriers like Aviva, Intact, Wawanesa, Portage Mutual, Red River Mutual, and more to find you the right coverage at a competitive price.

You Deserve More Than an Automatic Renewal

At Fast Insurance, we don't just send you a renewal and hope for the best. Every renewal gets a personal review — because your life changes, your home changes, and your coverage should too.

We've been helping Manitobans protect what matters most since 1967. Whether you're in Winnipeg, Steinbach, or anywhere across Manitoba, we're here to make sure you're covered for what life throws your way.

Life is a rollercoaster — and we're here to be your safety bar.

Ready to review your home insurance? Give us a call or send us an email. We'll get back to you within minutes.