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.
Quote data from MyChoice.ca, February 2025
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:
Severe Event Probability in London
On January 10, 2020, an intense low-pressure system moving across southwestern Ontario engulfed London in freezing rain and heavy precipitation, causing power failures.
Below are the MyChoice severe event probability scores for London, based on the historical data from the Canadian Disaster Database collected since 1950. The percentages reflect the likelihood of a major event in question occurring at least once in the region in the next decade – relative to other regions and events.
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 $1,094/year, comparable to Ontario’s annual average of $1,207.
Quote data from MyChoice.ca, February 2025
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 Code | Average Annual Home Insurance Premium |
|---|---|
| N5X | $1,229 |
Quote data from MyChoice.ca, February 2025
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 Code | Average Annual Home Insurance Premium |
|---|---|
| N5W | $1,142 |
| N5Y | $1,086 |
Quote data from MyChoice.ca, February 2025
Housing Data in London
Based on the 2021 Census of Population, here’s a breakdown of the average home in London, ON:
Homeownership Rate by Age in London
Below are the homeownership rates in London categorized by different age groups:
| Age Group | Homeownership Rate |
|---|---|
| 15 to 24 | 12.0% |
| 25 to 39 | 41.6% |
| 40 to 54 | 64.8% |
| 55 to 74 | 68.8% |
| 75 and over | 65.3% |
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 Dwelling | Average 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:
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:
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.