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Recent Quotes From Our Users

Monthly PremiumsDate & TimeQuote TypeAgeGenderPostal Code
$106.45Jun 19, 2024, 04:08 PMAuto59FemaleK6J4P2
$43.02Jun 19, 2024, 05:45 AMHome56FemaleK1G0M5
$24.31Jun 19, 2024, 03:31 PMTenant30FemaleM1H2E4

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Article Contents
Picture of By <span>Matthew Roberts</span>
By Matthew Roberts

Updated on May 29, 2024

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

Updated May 29, 2024

Visit author page

3 minute read

Article Contents

Quick Facts About Tenant Insurance in London

  • London tenant insurance is LESS expensive than the Ontario average.
  • The average cost of tenant insurance in London is $17 per month.
  • On average a one-bedroom apartment costs $1,186 per month in London.

Nearly half of London’s residents choose to live in rental properties. Renting a home is usually more affordable in the short-term and it means saving on maintenance costs. However, if you’re a renter, you should always keep in mind that your landlord’s home insurance does not cover your personal belongings.

The lack of coverage means you still need to pay for any repairs or replacement if your things are damaged in a fire or other hazards. This is where tenant insurance comes in. Your tenant insurance policy can cover the costs needed to restore your belongings if you have the right coverage.

Choosing the right tenant insurance policy can be confusing because different insurers offer varying types of protection. Learn more about tenant insurance for London renters to ensure you make informed decisions and pick the best policy for your needs.

How Much Does Tenant Insurance in London Usually Cost?

Tenant insurance in London costs $203/year, on average. Tenant insurance rates in London are generally a little less expensive than the Ontario average renters insurance rate, which is around $264 annually. This means you generally pay around $17 per month, a very reasonable fee to protect your belongings from various dangers.

A Snapshot of London Renters

How common are renters in London? How competitive is the rental market? Let’s take a look:

According to the 25% sample data presented in the 2021 Census of Population, 41.9% of London’s 174,655 residents are renters. Apartment dwellers are very common in London, with around one-third of the city’s residents living in duplex, low-rise, or high-rise apartments.

The Canada Mortgage and Housing Corporation’s January 2023 rental report states that the London rental market is highly competitive. Vacancy rates for purpose-built rentals are 1.7%, while condo vacancy rates are at 0.9%. The extremely low vacancy rates were caused by increasing demand due to immigration, an influx of students, and high homeownership costs.

The average rent for two-bedroom homes in London rose by 5.8% to $1,393. Stiff competition and high demand for rentals naturally drive higher prices, with new tenants often seeing 25% rent increases compared to previous residents.

Average Monthly Rent in London

Below is the average monthly rent in London, categorized by apartment type. The rent price for a 1-bedroom apartment in London is $1,186, way below the Ontario average of $1,480.

Apartment TypeAverage Monthly Rent
1 Bedroom$1,186
2 Bedroom$1,473
3 Bedroom +$1,565

London Rent Price Over The Years

Rent increased consistently across all apartment types from 2018 to 2023. For example, the rent price for 2-bedroom apartments increased substantially from $1,088 in 2018 to $1,473 in 2023, or about 35.4%, indicating higher demand for these units.

London Vacancy Rate Over the Years

Vacancy rates for 3-bedroom apartments in London decreased significantly from 4.1% in 2018 to 1.3% in 2023, indicating a tightening market for larger apartments.

London Population Growth

London’s population grew from 383,822 to 422,324 in 5 years since 2016, a 10.03% increase. That’s a high population growth rate relative to some other Ontario cities.

What Is Not Included in a Typical London Renters Insurance Policy?

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

Here are the most common tenant insurance exclusions:

Criminal activities

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


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., water damage from frozen pipes, broken bannisters) won’t be covered.

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 business insurance coverage to protect you from rental property or equipment damage.

Pest damage

Because this is considered a preventable risk, most insurers don’t cover damage or loss caused by insects, vermin, and animals.


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

Vacant property risks

Many insurers may void your tenant insurance if you leave the property vacant for over 30 days in a row.

Note that a tenant insurance policy doesn’t cover loss or damage to items that aren’t yours, so it won’t cover a roommate’s belongings or your landlord’s possessions. Also, the list above is by no means an exclusive enumeration of risks typically excluded from a tenant insurance policy in London. Talk to your tenant insurance provider to see what’s covered by your policy in case of loss or damage.

How You Can Get Cheap Tenant Insurance in London?

If you’re trying to save money on tenant insurance coverage in London, visit our provincial page for a list of practical tips.


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

2. CMHC, 2023, Rental Market Statistics Summary by Metropolitan Areas, Ontario, London, Average Rent. Data Published October, 2023.

3. CMHC, 2023, Rental Market Statistics Summary by Metropolitan Areas, Ontario, London, Average Rent, 2018-2023. Data Published October, 2023.

4. CMHC, 2023, Rental Market Statistics Summary by Metropolitan Areas, Ontario, London, Vacancy Rate, 2018-2023. Data Published October, 2023.

5. Statistics Canada, 2016-2021, Census of Population Statistics, Ontario, London, Population Statistics. Data Published December 16, 2022.

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