Our home insurance guide for London, Ontario shows you how to save money on home insurance, provides tips on how to get the best policy, and details average rates across the city for tenants, homeowners, and condo dwellers.

What are average Home Insurance cost in London, Ontario?

In the chart that illustrates homeowner’s insurance in London, in Ontario, and in other provinces, you will notice that renter’s rates are typically lower than homeowner’s rates. This is due to the nature of the insurance. Renter’s (aka tenant’s) insurance covers contents and sometimes liability. On the other hand, homeowner’s insurance covers the dwelling, property, contents, liability, and some other risks.

Over the past few years, a topic that is increasingly impacting Ontario is flooding. Most insurers in Canada cover overland flooding (flooding where water enters your home from outside such as during a flood after rain or melting snow) but sometimes it is listed as a different name or is sold as optional insurance (e.g. overland flooding endorsement). It may be bundled with other coverage such as sewer backup protection. Check with your insurer to see if you are covered by the main policy or need a rider for full protection.

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How to save on Home Insurance in London, ON: 10 Tips

  1. Change your content coverage: If you don’t have the full value of contents covered by home insurance (typically $250,000), lower your coverage amount to save on your premium. Some IKEA furniture and a laptop don’t usually add up to $250,000!
  2. Pipes: Copper and plastic pipes are safer, and cheaper to insure, than galvanized or lead ones.
  3. Pool: Insurers view pools, especially unfenced ones, as a huge liability. Having a pool increases your premium.
  4. Wiring: Be sure to avoid aluminum wiring. It’s expensive to insure, requires a full electrical inspection at your cost, and not all underwriters will offer coverage if you have this outdated type of wiring in your home.
  5. Professional Memberships: Are you a CMA member? In an alumni organization? Some insurers offer discounts or group policies to professional members, associations, and organizations.
  6. Retirees: If you have retired you are likely spending more time on your property. This is why discounts are sometimes offered to retirees.
  7. Benchmark your costs: Costs can vary among providers for similar coverage. Compare using online tools or among your peer group to ensure you are getting the best price and policy for your needs.
  8. Direct insurers: While brokers shop the market for you and compare a variety of rates on your behalf, a direct insurer only sells the products of one company. Using a direct insurer, which also goes by the name captive agent, may save you time and money.
  9. Mortgage insurance: Be careful about doubling up on mortgage and life insurance. Life insurance may be enough. Mortgage insurance is a form of life/critical illness/disability insurance that pays off your mortgage when an event listed in the policy is triggered. However, a life insurance policy may have enough coverage to pay off the mortgage and still leave something for your beneficiaries.
  10. Bundle: Bundle up! Most companies provide a discount if you bundle your home and auto insurance with them.

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5 Elements that will increase your Home Insurance costs

  1. Expensive items: Are you a collector of art or wine? Do your hobbies include having expensive musical instruments, a home studio setup, or sports equipment? If so, your valuables could exceed your contents maximum. Check to see if you need an addition to your policy – a rider – to cover your expensive items.
  2. Working from home: Bed and breakfasts, daycares, or any business that requires clients to come to your home (or requires expensive equipment at home) can increase your liability – and therefore your premium.
  3. Building frame: Concrete frame homes are less likely to be as severely damaged in a fire, which is why they sometimes cost less to insure than wood frame homes.
  4. Finished basement: A developed basement is great, but when flooding or sewer backup happens, water flows down… into the basement! This is why finished basements can cost more to insure. The cost to repair them is greater than remediating an unfished one.
  5. Oil-based heating: Avoid oil heated homes, or upgrade to electric heat or forced-air gas as quickly as possible. Not only do oil heated homes cost more to insure, they are a fire and environmental hazard.

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London –  Home Insurance quotes, examples

London home insurance quote #1:

Tenant home insurance for a 2-storey unit in a duplex under 1,000 sq. feet. This home has a built-in garage for one car and no basement. Located in Glen Cairn Woods next to Southeast Optimist Park. 

Price: $26 per month ($312/year)


London home insurance quote #2:

Homeowners insurance for a 2-bedroom condo under 1,000 sq. feet. in a high rise building. The occupants are non-smokers. The building is located near Richard B. Harrison Park.

Price: $31 per month ($372/year)


London home insurance quote #3:

Homeowners insurance for a 1.5-storey detached brick house about 1,500 sq. feet. This house has no garage and no basement. It is located in East London next to Kiwanis Park. The home insurance policy is bundled with car insurance.

Price: $72 per month ($864/year)


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5 Home Insurance myths to know

Myth #1:  My home insurance policy covers sewer backup protection

When the municipal drains and sewer system are overwhelmed and sewage backs up into your home, that is called sewer backup damage. Similar to overland flooding, where water enters your home from outside sources, most insurers offer optional protection for this through a rider. A few include it in their standard policy, but read through yours to see if you are covered, and strongly consider a rider if you are not.

Myth #2: The older the home, the less the insurance

This is a prevailing myth, but it’s wrong! Older homes that have not been updated are more prone to having outdated wiring, faulty plumbing, or roof systems that leak. If your older home is not upgraded or maintained, it could actually cost more to insure.

Myth #3: If I make a home insurance claim, my insurance costs will go up

This is not always the case. Sometimes you just lose your claims free discount and sometimes the first claim doesn’t impact your premium.

Myth #4: My home insurance only covers the house

More than your house is covered. Your policy covers the home, contents, liability, structures on the property, living expenses if you must relocate due to the nature of the claim, and liability. Riders can be added for things that may not be included such as earthquakes and landslides. Condo policies cover the interior of the unit, contents, liability and unit upgrades. Our overview of condo insurance (including quoting) will explain the details of condo insurance coverage in greater detail.

Myth #5: It is fine to overstate the value of the damage

Never do this! Every insurer does a very thorough investigation of each claim. Should it be determined that you inflated the damage or costs, your claim could be denied. You could even lose your coverage as this gives them grounds to cancel the policy. With your credibility in ruins, you will have a hard time getting approved for a policy elsewhere.

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Frequently Asked Questions (FAQ): Home Insurance in London, Ontario

What does Home Insurance cover in London, ON?

Home insurance coverage depends on your type of dwelling:

  • Tenant insurance: Covers your personal contents and liability only.
  • Homeowner insurance (condo): Covers the condo unit and associated upgrades. It doesn’t cover the building envelope as that is covered by the condo corporation. It does, however, include your contents, theft protection, and liability.
  • Homeowner insurance (house): The most complete protection, this covers your home’s rebuilding costs, your liability, and some structures on your land such as your garden shed. A range of natural impacts are covered too, and riders for ones that may not be covered (such as flooding or earthquakes) can be added.

Who has the best Home Insurance in London, ON ?

Different home insurance companies specialize in different customer segments. For example, some work with seniors, others with affiliated groups. To find the best home insurance in London, ON, get as many quotes as possible from a variety of insurers and understand what each has to offer in terms of exclusions, deductibles, coverage, etc. Our insurance professionals can help you with all these questions and can help you find and compare quotes.

Home Insurance in London, Ontario – Reviews: where to find them?

Our proprietary insurance review platform has been collecting independent consumer reviews for different insurance and financial products since 2012. We now have thousands of insurance reviews on our site. Click here to access these reviews for free.

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