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$106.58May 21, 2024, 07:11 AMAuto69FemaleL2R6P9
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Article Contents
Picture of By <span>Matthew Roberts</span>
By Matthew Roberts

Updated on May 22, 2024

Visit author page
Picture of By <span>Matthew Roberts</span>
By Matthew Roberts

Updated May 22, 2024

Visit author page

4 minute read

Article Contents

Your home insurance in London can be affected by many different factors, such as your home’s age, location, condition, and so much more. Because of this, it can be difficult to find the right policy type and insurer for you. By understanding the ins and outs of home insurance, you can get a better deal, and more peace of mind. Read on to find a breakdown of home insurance in London.

What Risks Affect Homeowners in London?

While most homeowners in Canada face similar risks, those living in London, Ontario need to be extra vigilant for the following:

Overland flooding

Because of its proximity to the Snow Belt, London often experiences severe winters. When the ice thaws, there’s a risk of the water seeping into homes and causing damage, especially to basements. Ask your insurer if it offers overland water coverage under your policy or as an add-on.

Freezing

Extremely cold temperatures can freeze your pipes. In the worst cases, your pipes can burst and cause even more extensive damage.

Earthquakes

Canada records around 4,000 earthquakes per year. However, many homeowners aren’t aware that earthquake insurance is often not included in a standard home insurance policy – you need to ask your provider or broker to get additional coverage for earthquake damage.

Property crime

 London’s property crime rate is 4,346 reported incidents per 100,000 people, 86% higher than the provincial average. As such, insurers may increase premiums for homes in particularly affected areas.

How Much Does Home Insurance in London Usually Cost?

How much your home insurance in London costs will depend on an array of factors, such as the age and value of your home, your history of filing claims, and even the neighbourhood you live in. Different insurers will also have different methods of computing your premiums, so an individual can get different quotes, even for the same house.

To get a better idea of how much your London home insurance premiums might cost, take a look at the average provincial and city rates. London’s premiums average at $1,047/year, comparable to Ontario’s annual average of $1,155.

Postal Codes With the Most Expensive Home Insurance in London

N5X is one of the most expensive postal codes in London when it comes to home insurance.

Postal CodeAverage Annual
Home Insurance Premium
N5X$1,176

Postal Codes With the Least Expensive Home Insurance in London

People living in the N5W and N5Y postal code areas in London can enjoy the cheapest home insurance rates in the city.

Postal CodeAverage Annual
Home Insurance Premium
N5W$1,093
N5Y$1,039

Housing Data in London

Based on the 2021 Census of Population, here’s a breakdown of the average home in London, ON:

Type of Occupied Dwelling

Almost half (48.8%) of occupied dwellings in London are single-detached homes. The second-most common type of occupied dwelling is apartments at 31.7%.

Owner vs Renter Stats/Condo vs Non-Condo Owners

A majority of residents in London are homeowners (58.1%), while 41.9% are renters. Out of those that are owned, only 16.3% are condominiums.

Private Dwellings by Period of Construction: New or Older Homes?

Over half (52.3%) of private homes in London are categorized as older homes, having been constructed prior to 1980. In comparison, under a quarter (22.9%) were constructed from 2001 to 2021.

Major Repairs or Just Maintenance Needed?

Most homes in London are well-maintained, with 94.5% only needing regular maintenance and minor repairs. The remaining 5.5% need major repairs. 

Homeownership Rate by Age in London

Below are the homeownership rates in London categorized by different age groups:

Age GroupHomeownership Rate
15 to 2412.0%
25 to 3941.6%
40 to 5464.8%
55 to 7468.8%
75 and over65.3%

Average Home Price in London by Dwelling Type

The average price for a single detached house in London is $686,300, well below the provincial average of $800,000.

Type of DwellingAverage Value
Detached$686,300
Semi-Detached$503,500
Freehold Townhouse$524,950

London Population Growth

London’s population grew by 10.03% in 5 years since 2016. That’s a high population growth rate relative to some other Ontario cities.

What Is Not Included in a Typical Home Insurance Policy?

Even if you’ve opted for a highly comprehensive home insurance policy, there are some risks that insurers explicitly don’t include as a covered peril. These are called “exclusions” by home insurers.

Here are the most common home insurance exclusions:

Criminal activities:

If your home was damaged due to criminal activity, it won’t be covered by your insurance policy.

Damage from tenants

Generally, home insurance companies require specific coverage for homeowners/landlords who plan to rent out their properties. A standard home insurance policy won’t include coverage if you rent your home out and the tenant causes damage.

Earthquakes

Most policies exclude this risk, but you can cover earthquake losses and damage as an add-on to a standard policy.

Failure to maintain your home

Damage or losses caused by poor home upkeep (e.g., clogged storm drains, broken bannisters) won’t be covered, as your insurer deems it your responsibility to manage wear and tear.

Flood damage

Flooding is typically not covered by a standard policy, but it may be included as an add-on.

Home business activities

Home businesses will need separate home-based business insurance to cover home or equipment damage.

Insect damage

Because this is considered a preventable risk, most insurers don’t cover insect damage.

Mortgage or property taxes

These are separate expenses handled by policy owners as they’re unrelated to your home insurance policy.

Mould

Mould caused by poor home maintenance is typically excluded by home insurance policies. Note that this is separate from mould caused by an insured peril, which will be covered by your policy.

Vacant dwelling risks

Many insurers may void your insurance if you leave your home vacant for a prolonged period.

This is by no means an exclusive list of risks typically excluded from a home insurance policy in London. Talk to your home insurance provider to see what’s covered by your policy in case of loss or damage.

Why Do I Need Home Insurance in London?

You technically don’t “need” home insurance in London, as it isn’t legally required to have a policy. That said, insurance can be extremely beneficial in the following cases:

Mortgage requirements

Unlike auto insurance, home insurance is not legally required in London and the rest of Canada. However, some lenders require that you take a policy out before you can secure a mortgage.

Loss or damage

Your home may be vulnerable to both natural (e.g. floods, earthquakes) and man-made (e.g., theft, vandalism) risks. Fortunately, insurance can give you the money you need to cover repairs or even the purchase of a new home.

Liabilities

Liability coverage insures you in the event that someone is hurt or injured accidentally on your property. This can help cover legal fees and settlement costs.

How You Can Get Cheap Home Insurance in London

If you’re trying to save money on home insurance coverage in London, visit our main province page for practical tips.

Sources

1. Mychoice.ca Internal Data, Home Insurance Quotes Collected, 2024.

2. Mychoice.ca Internal Data, Most Expensive Postal Codes, Ontario, London, Home Insurance Quotes Collected, 2024.

3. Mychoice.ca Internal Data, Least Expensive Postal Codes, Ontario, London, Home Insurance Quotes Collected, 2024.

4. Statistics Canada, 2021, Census of Population, Ontario, London, Housing Statistics. Data Published March 29, 2023.

5. Statistics Canada, 2021, Census of Population, Ontario, London, Homeownership Rate by Age. Data Published December 16, 2022.

6. CREA, Ontario, London, Median Price of Homes by Dwelling Type, 2024.

7. Statistics Canada, 2001-2021, Census of Population Statistics, Ontario, London, Population Statistics. Data Published December 16, 2022.

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