Tenant insurance protects a tenant’s belongings in case of fire or other hazards. Without this coverage, the tenant will be responsible for any repair or replacement of their belongings. With appropriate coverage, the policy may cover this expense.
This insurance may be required by a landlord and can easily be overlooked when moving into shared accommodations and student rentals in London. Some policies will not automatically cover roommates if a unit is shared, so tenants should be aware of the provisions of their policies and find out if they are covered when belongings are kept outside of their bedrooms.
Tenant Insurance in London at a Glance
More important for shared-house renters, particularly students, than this $3 difference between London’s median premium ($323 per year) and Ontario’s benchmark premium ($326 per year) is to check the terms of a tenant policy, particularly who is insured and the treatment of portable property.
| Median annual tenant insurance premium | $323 |
| Median monthly tenant insurance premium | $27 |
| London premium vs. Ontario benchmark | 0.9% below the Ontario benchmark |
| Lowest-premium postal code area | N6K ($298) |
| Highest-premium postal code area | N5X ($350) |
London Tenant Insurance Premiums by Postal Code Area
When comparing prices, keep all other parameters such as number of occupants, contents limit, and deductible, the same to identify differences associated with the geographic area. For example, London prices range from $298 in N6K to $350 in N5X, a difference of $52.
| Postal Code Area | Median Annual Tenant Insurance Premium |
|---|---|
| N6K | $298 |
| N6A | $318 |
| N6J | $318 |
| N5Y | $326 |
| N6B | $327 |
| N6C | $328 |
| N6M | $328 |
| N6G | $336 |
| N5W | $345 |
| N5X | $350 |
What Goes Into a Tenant Insurance Premium in London?
In a shared rental, verify each insured person’s possessions and whether laptops, bicycles or items in a common area remain covered outside a bedroom. Contents protection accounts for 73.4% of London’s standard premium and optional water and other endorsements for 12.7%.
| Coverage Component | What It Generally Covers | Median Annual Tenant Insurance Premium Allocation |
|---|---|---|
| Contents / Personal Property | Contents damaged or destroyed by a covered peril will be paid, subject to terms of loss settlement, deductibles and policy limits. | $237 |
| Personal Liability and Voluntary Medical | Coverage is given against claims made against the insured renter for damages to property or for bodily injury. Limited medical payments are made if applicable. | $25 |
| Additional Living Expenses | If your rental is made uninhabitable by a covered loss, additional living expenses are available. | $20 |
| Optional Water and Other Endorsements | Many insurance carriers offer a wide array of other types of coverage which can be added to your policy, such as overland water, sewer backup and groundwater coverage, and identity theft coverage. | $41 |
| Coverage Total | $323 |
London Tenant Insurance Premiums by Unit Size
Living in a large space with others complicates the process further as each person in the residence owns items. To ensure that they’re covered, each renter should make a list of their items. Renters can insure the contents of an apartment for $272 a year for spaces smaller than 500 square feet to $392 for spaces of 1,600 square feet or more.
| Rental Unit Size | Median Annual Tenant Insurance Premium |
|---|---|
| Under 500 sq. ft. | $272 |
| 500–799 sq. ft. | $299 |
| 800–1,199 sq. ft. | $323 |
| 1,200–1,599 sq. ft. | $354 |
| 1,600+ sq. ft. | $392 |
London Tenant Insurance Premiums by Building Age
Under the standard profile, the annual premium is $385 in a pre-1940 London building and $312 in one completed in 2020 or later. Renters in older conversions should ask about major system updates and report maintenance concerns promptly; the landlord’s policy will not replace their belongings.
| Building Construction Period | Median Annual Tenant Insurance Premium |
|---|---|
| Before 1940 | $385 |
| 1940–1959 | $365 |
| 1960–1979 | $346 |
| 1980–1999 | $333 |
| 2000–2009 | $323 |
| 2010–2019 | $317 |
| 2020 or newer | $312 |
Popular Tenant Insurance Add-ons in London
Renters living in a shared home should ask what losses or power-outage circumstances trigger food-spoilage payouts and whether items kept in a shed, garage, basement, etc. have their own coverage limit under the policy.
| Selected Coverage | Share of London Quotes |
|---|---|
| Storage/outbuildings | 30.3% |
| Food-freezer contents | 26.5% |
| Ground water | 12.8% |
What Is Not Included in a Typical London Tenant Insurance Policy?
One of the biggest problems that arises when you’re sharing a house is whether all residents’ belongings are covered. This isn’t necessarily the case. Make sure all housemates are insured; do not just assume that everyone is covered under one person’s policy, and that there is a limit that can be called on by anyone in the house. For example, portable items that are used elsewhere, such as bikes or laptops, might not be.
Each unrelated roommate should confirm their own insured status and belongings. Also ask how communal property, bicycles and laptops used away from the house fit within the policy rather than assuming one limit applies to everyone.
How Can You Find Cheaper Tenant Insurance in London?
Refer to the Ontario tenant insurance guide for more provincial guidance. Student or tenant discounts, bundling and an affordable deductible may reduce the price without creating a coverage gap. London renters should compare the same occupant count, contents limit and protection for property away from home.