Compare the Best Home Insurance Quotes in London

The lowest average home insurance quote that homeowners in London received from RATESDOTCA in 2020 was $1,367/year, or $114/month. This is 6% higher than the provincial average of $1,283/year, or $106/month.

But just like how not all homes are the same, not every home insurance premium will be identical. Every home requires a personalized home insurance policy. As a result, insurance premiums will look different for each London homeowner, as the cost of home insurance depends on numerous factors, such as the property’s location, age, building materials and structure, and the homeowner’s previous claims history, to name a few. Your London home insurance premium may be lower or higher than the city average depending on such factors, as well as the type of coverage you choose.

Looking for the cheapest home insurance provider in London? There’s no single company that offers the lowest standard rate for all homes in the city.

Each home insurance provider will assess your property risks in a different way, making it important for you to compare multiple providers in order to find the best deal.

The city of London is on the perimeter of southwestern Ontario, which means that it faces risk from environmental factors, such as:

• Extreme cold: During London winters, temperature drops can cause sudden burst pipes in your home. Burst pipes can result in extensive water damage that’s expensive to fix, and it is therefore recommended you ensure this coverage is a part of your home insurance policy. If it’s not already included, you may be able to add it as an add-on.
• Overland water: Every year, London experiences medium to heavy snowfall due to its proximity to the province’s Snow Belt. The sheer amount of snowfall can cause overland water to enter homes and damage basements, running homeowners thousands of dollars in house repairs. Ask your insurer if they provide this coverage under your policy or as an add-on.
• Earthquakes: London may not experience powerful earthquakes, but it still faces potential risk from earthquake damage. You may be able to add this coverage as an add-on, if it’s not already available under your policy.

When looking for home insurance, you’ll quickly realize that not all perils are covered under a standard policy. Even common perils, such as flooding and earthquakes, may only be included as add-ons. This is why it is important for homeowners to assess their property’s potential risks and add the necessary coverage to prevent financial losses.

The most common add-ons that London homeowners choose are extra liability coverage and overland water coverage. Consult your home insurance provider to find out more about the optimal coverages for your home.

Although London home insurance premiums may be higher than those in most Ontario cities, you can still save money on your home insurance premiums in a variety of ways.

• Bundle auto and home: An auto and home insurance bundle can help you save 10-15% on both home and auto insurance. Ask your provider for more information on multi-line discounts.
• Update your content coverage: Check if your content coverage is unnecessarily high. If your home does not contain goods equal to the total value covered under your policy, you can change your content coverage and instantly reduce your premium.
• Take advantage of a no claims discount: Never filed a claim before? Ask your insurer for a claims free discount. If you have filed minor claims in the past, you may also be eligible for a claims forgiveness discount. Ask your home insurance provider for more information.
• Upgrading your home: Does your home have old lead pipes instead of copper or plastic pipes? Is your roof leaking? Upgrading old and damaged areas will lower the probability you’ll have to file a claim. This will not only make your home safer, it will also lower your home insurance premium.
• Retirees: Some home insurance providers in London offer special discounts for retirees. If you’ve retired, make sure you ask your home insurer if such a discount is available to you.
• Increase your deductible: You can choose a higher deductible to instantly lower your home insurance premium. Ask yourself how much money you can afford to spend on sudden damages? This amount will help you decide on the ideal deductible.
• Increase your home security: Installing a smart security system will help secure your home and lower your home insurance premium. Some examples include smart doorbell cameras and fire and burglar alarms that alert the authorities when the potential for damage or theft arises.
• Install a backwater valve: Overland water is a common issue for London homeowners and results in thousands of claims every year. By installing a backwater valve, you can prevent sewage from flowing into your basement during a flood or seasonal snow thaw. This will reduce your water damage risk, along with your insurance premium.