Blog

Why Manitoba Home Insurance Rates Are Rising in 2026 — And What You Can Do About It

If you've opened your home insurance renewal lately and done a double-take at the number, you're not alone. Manitobans are facing some of the steepest home insurance increases in the country right now — and understanding why can help you make smarter decisions about your coverage.

Here's what's driving the changes, and how working with a local broker can help you navigate it.

What's Happening to Home Insurance Rates?

Manitoba saw the second-highest increase in home insurance premiums in Canada in 2025, according to a report by MyChoice Financial. And 2026 is shaping up to be another challenging year.

The reasons are real and interconnected:

• Wildfire damage. The 2025 Manitoba wildfire season was devastating — destroying over 130 properties and forcing more than 32,000 people to evacuate. The Flin Flon-area fires alone caused over $200 million in insured damage. Insurance is a business, and those losses get reflected in future premiums.

• Record-breaking weather costs. Canadian insurers paid out a staggering $9 billion in claims in 2024 — a national record. In 2025, insured damages exceeded $2 billion more. These costs ripple across every policy.

• Rising construction costs. The price to rebuild a home has jumped significantly. One Manitoba couple found that rebuilding their cabin would cost 50% more than when they built it in 2019 — meaning their insured value was no longer enough to cover a full loss.

• Labour shortages. Skilled tradespeople are harder to find, which drives up repair and rebuild timelines and costs.

The Hidden Risk: Being Underinsured

One of the most important lessons from recent wildfire claims is that many homeowners are underinsured — not because they were careless, but because they simply renewed their policy year after year without revisiting the numbers.

If construction costs have risen 30–50% in recent years, a policy that was "enough" in 2020 may leave you significantly short today.

Common coverage gaps we see:

• Home rebuild values that haven't kept pace with inflation

• Missing or inadequate Sewer Back Up and Overland Water coverage

• Service Line Coverage overlooked entirely

• Boats, off-road vehicles, or secondary properties not included in the policy

What You Can Do Right Now

The good news? You have options — especially when you work with a local broker who has access to multiple insurance markets.

1. Review your rebuild value. Don't assume last year's number is still accurate. Ask your broker to help you assess whether your current insured value reflects today's construction costs.

2. Check your optional coverages. Sewer backup, overland water, and service line coverage are add-ons that many homeowners skip — until they need them. A quick review can close those gaps affordably.

3. Shop your policy. If your current insurer has raised your rates significantly or declined to renew, don't panic. There are many providers in Manitoba, and a broker with access to 10+ insurance markets can find competitive options you won't find on your own.

4. Ask questions at renewal. Don't just sign and file. Ask: Is my home insured to its full replacement value? What's not covered? Are there any new exclusions?

We're Here to Help

At Fast Insurance, we've been helping Manitoba homeowners protect what matters most since 1967. We work with over 10 insurance carriers — which means we can shop your coverage, find the right fit, and make sure you're not left underinsured when it matters most.

If your renewal is coming up or you just want a second opinion on your current policy, reach out to us. We'd love to take a look.

Serving Winnipeg, Steinbach, and all of Manitoba - fast-insurance.ca 

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