Best London Home Insurance Quotes

 

What is home insurance? 

Home insurance is a pact where you pay a regular fee called “premium” and, in return, the insurance provider (also known as the carrier) is compelled to cover the financial losses caused by the perils defined in the policy you bought. It is often referred to as homeowner’s insurance or house insurance. 

Unlike auto insurance, home insurance in London isn’t a legal necessity. Nevertheless, its importance can’t be overstated as it is often a prerequisite for mortgage approval and a wise investment.

 

In this article:

What does London home insurance cover?

Factors impacting London home insurance premiums

What Is NOT covered by London home insurance? 

How much is home insurance in London?

How to get cheap London home insurance quotes

How to choose my London home insurance coverage

What are the best home insurance companies in London?

Comparing London home insurance quotes

FAQ about London home insurance

 

Let’s say your home caught fire by accident; if a guest was injured, the insurer will handle the legal fees you’d be responsible for. You may also get reimbursed for temporary accommodation if your home is rendered uninhabitable.

With home insurance, the carrier will cover repair costs, indemnify you for your lost belongings or even rebuild your whole property. Needless to say – these situations must be covered in your policy, and within coverage limits. 

If you don’t have insurance, though, you would have to pay for everything from your own pocket.

Ouch.

That would be a devastating blow, wouldn’t it? Home insurance offers a financial safety net for homeowners, shielding them from sudden, potentially massive financial burdens.

The specifics of your coverage and the premium cost depend on several factors, which we will explore in this guide – as well as give you useful tips on how to get the best home insurance in London for the lowest price.

 

 

What does London home insurance cover?

Understanding the coverage of your home insurance in London can feel quite daunting and complex, but with the knowledge of a few concepts you can get a crystal-clear view of any policy or home insurance quote to decide whether it provides you the security you deserve.

We’ll go through coverages and other details, breaking things down into snack-sized bites so you can get cheap home insurance without struggle.

Property coverage:

Property Coverage is the section of your policy designed to protect your home, its attached structures, and other permanent fixtures on your property from specified damages. It is organized into four main areas:

• • Dwelling:

This part of your policy provides coverage to your main dwelling — your home — as well as any structures directly attached to it, such as a garage or sun deck. The perils covered will depend on your policy, but fire and lightning are usually included. Coverage may also include features like swimming pools, backyard decks, and other structures. The covered amount is typically capped by the replacement cost of your home.

• • Detached private structure(s):

This refers to the insurance protection for unattached buildings on your property. These might include items like a standalone workshop, an unattached garage, or a gazebo, with coverage against damages from perils like windstorms or hail, according to your policy. Usually capped to 10-20% of the replacement cost.

• • Additional living expenses:

If your home becomes uninhabitable due to an insured loss, this will cover the costs of living elsewhere while you’re unable to stay at your own home. It includes hotel bills, moving costs, and even meals. 

• • Personal property:

This encompasses all your personal belongings, like furniture, electronics, and clothes. Depreciation will be taken into consideration when calculating the indemnification. It’s essential to keep a detailed inventory of these, as well as check if your coverage limits are enough to make up for the value of your belongings. Valuables like jewelry, artwork, collectibles, vintage wines, and others might need a high value personal items endorsement. 

 

Additional or optional London home insurance coverage:

You can add additional coverage to your policy for specific circumstances that are not included by default. These coverages are also called endorsement. Here are some types:

• • Overland water:

Protects against damage caused by the overflow of a stream or body of freshwater, like a river or a lake,that leads to water entering your home. Crucial for homes in flood-prone regions.

• • Sewer backup:

This will cover your losses in case your sewer backs up and water or sewage enters your home. It’s particularly valuable for homeowners in areas with old or poorly maintained sewer systems.

• • Ground water:

This coverage protects your home against damage caused if water accidentally enters or seeps into the property through foundations, basement floors or other means. For example, this could apply to damages caused by a rapid snowmelt that causes water to enter your basement.

• • Above ground water:

Pertains to water damage that occurs above the ground level of the house, such as rain, snow, melting snow or melting ice that seeps through the roof or the walls. An essential addition for homes in areas prone to heavy rainfalls.

• • Earthquake: 

Even though earthquakes are rare, they often cause extensive damage which is not covered by your regular London home insurance policy. This endorsement can be invaluable to repairing or even rebuilding your home if you are caught in an earthquake. You should pay special attention to this endorsement if you live in earthquake-prone areas in Canada, like on the west coast area near Vancouver Island.

• • Identity theft:

In the event of identity theft, this endorsement covers expenses like legal fees and credit monitoring services. It covers credit cards, passports, bank accounts, and others.

• • High value personal items:

Standard policies have limited value coverage for personal valuables, so if you have high-value items like jewelry, art, or collectible items, it is wise to buy extra coverage to match their actual values.

 

 

Liability coverage:

While Property Coverage and Aditional Coverages (or Endorsements) are mostly focused on protecting your assets, Liability Coverages come into play to shield you from the financial consequences of lawsuits you may need to answer due to unintentional harm caused to others. 

• • Personal liability:

Covers legal expenses and damages in case someone gets injured on your property, or if you or a family member unintentionally cause harm to others. This can range from a visitor slipping on your icy entrance to your kid accidentally breaking a neighbor’s window while playing baseball. On average, coverage ranges from $1,000,000 to $2,000,000.

• • Voluntary medical payments:

A goodwill gesture that can help you avoid a more expensive lawsuit. If someone is injured on your property, regardless of whose fault it is, this coverage will handle their medical expenses up to a certain limit of time and value. Typically it will cover from $1,000 to $5,000 and up to one year after the accident.

• • Voluntary property damage:

Similar to Voluntary Medical Payments, this one covers the cost of repairing or replacing someone else’s property that was accidentally damaged by you or a family member. It applies even if the incident didn’t occur on your property, such as accidentally hitting a baseball through a neighbor’s window. It has a lower coverage value, hardly going over $1,000.

 

Now, you’re better prepared to pick the right policy to protect your home and belongings. Remember, it’s not just about having the cheapest home insurance: it’s about having the right coverage. So let’s proceed to the next step: understanding the factors that will be taken into consideration by the insurance carriers when calculating your premiums, so you can get the best deal for your money.

The Insurance Bureau of Canada recommends: “Read your policy carefully to determine your exact coverage. Ask your insurance representative about a policy that pays for the full cost of replacing what you’ve lost.” 

 

Factors impacting London home insurance premium

Determining your home insurance premium in London is a bit like assembling a puzzle. Various pieces contribute to the bigger picture, each one representing a factor that can make your premium price go up or down. We categorize these pieces into four groups: Location factors, Property factors, Coverage factors, and Policyholder factors.

London population and density

London, Ontario was founded in 1826, and it has since grown into a vibrant and thriving city. With a rich history, London showcases a blend of historical landmarks and modern developments, offering residents a unique and dynamic living environment.

With a population of 422,324, London has an average density of 913.1 people per square kilometer. This moderate population density does not have a significant impact on insurance premium prices compared to cities with higher population densities. It provides a balance between urban amenities and spacious living.

 

Flood risk in London

London faces mild risks of flooding, and it is important for residents to be aware of the potential impact. According to The Gazette: “There hasn’t been any serious flooding in London in recent decades — a benefit of the city’s existing flood protection infrastructure, like the Fanshawe Dam and London Dyke System.” Nevertheless, it is important to refer to flood maps provided by local authorities, so you can identify if the area your rental home is located in a flood-prone area. Taking appropriate precautions and considering water coverage in insurance policies can help mitigate potential losses.

 

London crime severity index (CSI)

London has a Crime severity index (CSI) of 88.6, making it the second most dangerous metropolitan area in Ontario, following only Windsor.

 

Safest neighborhoods in London

Here’s a roundup of the city’s safest neighborhoods.

• • Old North
  • Southcrest
  • Byron
  • Old South
  • River Bend
  • Blackfriars
  • Carling Heights
  • Masonville
  • Summerside
  • Westmount

Bear in mind that if you’re in a fancy neighborhood with expensive homes, your insurance premiums may be a bit higher. The cost to replace high-end homes can be hefty, and that’s a factor your insurance company takes into account. Pay special attention to this if your home is in Westmount, Sunningdale, Masonville, and Old North as they are among the most expensive neighborhoods in London.

 

Property factors

This collection of characteristics can influence the price you pay for your London home insurance.

• • Home replacement cost:

The cost to rebuild your home from scratch is one of the costliest coverages in your policy, and it will impact the price of your premium. Replacement cost is not based on the current market value of your home, but rather on how much it would cost to rebuild your home in its current state. Custom finishes like marble floors or unique features like solar panels can make it more expensive. It’s important to always keep your insurer informed of any updates and upgrades to ensure the replacement coverage is adequate for your needs.

• • Property age:

Old houses often come with lower purchase prices but higher insurance costs compared to newly constructed homes, because of the higher chances of accidents or losses. Each house is unique, as they are made of different materials and undergo diverse levels of upkeep negligence. Some of the building materials used in the past like asbestos, cadmium, and lead are not considered safe anymore. When such materials are involved in restorations, prices soar because they need special treatment. Plumbing, wiring, roofing, and other components may also affect the premium prices.

• • Exterior materials:

The materials used in your home building will largely impact the costs of your premium, as each material has a different durability and maintenance cost. Here are some examples. A brick home might lower your premium because it’s more fire-resistant, while a wooden exterior could increase it due to a higher fire risk. Regarding siding materials, durable and weather-resistant vinyl could result in lower premiums compared to aluminum sidings, as they are prone to dents and scratches. Stone and synthetic alternatives can offer the resilience of natural stone for a cheaper price; however, synthetic stucco exteriors like EIFS are often associated with moisture issues and might hike up your insurance premium.

• • Special use:

Running a business from your home may or may not increase your premium, depending on the type of activity you are doing. A simple remote home office won’t directly impact your premium, but if you have an accident-prone environment (e.g. a home-made candle business or a home-based woodworking business), your premium will probably go up and you should consider buying a separate business insurance. Last but not least, if you rent your home or a room using AirBnB, there are specific policies for that kind of coverage.

• • Property type and use:

The nature of your property and its use affects insurance costs. For instance, a single-family home might have a higher upkeep cost compared to a condo, as the upkeep is shared by all the units; on the other hand, a fire in a condo can quickly spread to other units. Each situation is different and will be assessed by the carrier. If you use your property or part of it as a rental, your premium might be higher due to the risks associated with tenants.

• • Roofing:

Your roof’s condition and material can influence your premium up or down. A new, sturdy roof made of weather-resistant metal can reduce it, while an old, shingle roof might increase it due to higher damage risks. Solar panels might increase your premium due to the high replacement cost – though it will save you money with electricity bills and will likely make it up for a higher premium.

• • Plumbing:

The state of your plumbing will not be taken for granted by the carrier when calculating your premium costs. Old, galvanized steel pipes could increase your premium due to higher leak risks, while new, PVC pipes could reduce it because they’re less prone to leakage. Outdated sewer lines might also have a higher premium due to the risks of sewer backup.

• • Electrical systems:

Your electrical system can impact your insurance cost. A house with outdated knob-and-tube wiring might have a higher premium due to fire risks, while a home with a modern, circuit-breaker system could have a lower premium thanks to its increased safety. Additionally, aluminum wiring can elevate fire hazards and inflate your premium. Carriers in London may demand you to replace your electrical system before granting you coverage. 

• • Detached structures:

Detached structures on your property will increase accident risks. For example, a detached garage might increase your premium because it adds to the total replacement cost, while a shed filled with valuable tools could up your premium because of the personal belongings costs. Similarly, a guest house could increase your premium due to the added liability and property damage risks, especially if you rent it to strangers.

• • Renovations & betterments:

 Any improvements you make to your home can impact your premium. For instance, a newly remodeled kitchen with high-end appliances could increase your premium due to the higher replacement cost. Make sure you keep your carrier updated about renovations and improvements, even if they will increase your premium as it is your responsibility to keep them updated. 

• • Pool or spa:

Features like swimming pools can impact your premium. A house with a pool could have a higher premium due to increased liability risks and upkeep. Similarly, a house with a spa could see a rise in premiums due to the risk of injuries for you and your guests, especially when there are children involved.

Examine these factors thoroughly if you want to find ways to reduce your home insurance cost in London, such as updating old systems or considering the implications of a renovation before you start.

Coverage factors

These are directly related to the details of your insurance policy. They will define the extent and nature of your coverage.

• • Coverage limits:

Higher coverage limits mean more financial protection if disaster strikes, but also higher premiums.

• • Deductible:

The amount you’re willing to pay out-of-pocket before your insurance steps in. A higher deductible can lead to lower premiums.

• • Endorsements:

These add-ons offer extra protection beyond a standard policy. While they provide more comprehensive coverage, they also increase premium prices.

 

Policyholder factors

These factors reflect your personal circumstances and history and are unique to you.

• • Past claims history:

Each time you file a claim, your premium price may go up so make sure it’s worth it before you file one. For instance, if you’ve made several claims for water damage due to leaky pipes, insurers might see you as more likely to make similar claims in the future, leading to higher premiums. Each claim has a cost and if your policy has a higher cost for the insurance company, it is natural that they will want to charge a higher fee from you. Usually a 6-year period is taken into consideration for this matter. As a rule of thumb, the costs of the claim should be substantially higher than your deductible. If the costs and the deductible break even, you should pay it from your own pocket. 

• • Gaps and cancellations:

 If you’ve ever had your policy canceled due to non-payment, this could significantly raise your premiums because the financial stability of the carrier depends on the customers paying their premiums. Gap periods in your history without any insurance coverage, like during a move or while renovating, can also be seen as risk enhancements.

• • Endorsements:

These add-ons offer extra protection beyond a standard policy. While they provide more comprehensive coverage, they also increase premium prices.

• • Credit score:

Depending on your province’s regulations, a poor credit score could lead to higher premiums. This is because individuals with lower credit scores are statistically seen as more likely to make a claim or miss payments. Missing credit card payments or having high credit card debt may impact your premium prices.

• • Marital status:

Statistically, married individuals tend to make fewer claims and thus might receive lower premiums. For instance, a single person living alone might be more likely to be the victim of a break-in and make a related claim, leading to higher premiums. The price difference will vary depending on the carrier and the policy.

• • Pets:

Raising exotic pets like tarantulas or snakes, and/or certain breeds of dogs deemed as aggressive could increase your premium due to the perceived risk of injury or damage. Some breeds are banned from certain provinces and/or cities, and can even give your insurer grounds to deny you coverage if you don’t inform them.

Important: these factors will vary by insurer and location. The right way to find the best home insurance policy in London is by using YouSet.

With YouSet, you need to answer only a few questions and our platform will sweep the market to find exclusive home insurance rates and personalized discounts for you. All you need to do is fill out a single form and in under 4 minutes, you’ll get the best home insurance quotes in London.

 

What Is NOT covered by London home insurance? 

Home insurance can be a lifesaver in London —or rather, a home-saver. It’ll help you cover unexpected and uncontrollable events that could wreak havoc on your home and/or finances. 

There are several specific exclusions, and it’s crucial to know what they are to avoid any unwelcome surprises. Let’s take a look at some common exclusions:

1. Natural disasters: Generally, London standard home insurance doesn’t cover earthquakes or floods. You’ll need to get specific endorsements for these perils.
2. Deliberate damage: If you or someone on your property intentionally damages your home, it won’t be covered. Pretty obvious, if you ask us.
3. Pest damage: Damage caused by insects, rodents, or birds, such as termites or rats, isn’t usually covered.
4. Wear and tear: Regular maintenance issues, including the general aging and breakdown of your home and its systems, aren’t covered.
5. High-Value items: Standard policies have limits on coverage for high-value items, like jewelry or artwork. You need additional coverage for these.
6. Business activities: If you run a business from your home, any damage or liability related to business activities typically won’t be covered without a special endorsement.
7. Mold: Most policies won’t cover mold damage, as it’s considered a maintenance issue that homeowners should prevent.
8. Nuclear Accident: Damage resulting from a nuclear event is not covered. If you’re some sort of mad scientist, please do not run your fusion reactor experiments at home.

 

These are just some of the typical exclusions, but remember: policies can vary. Always review your policy document thoroughly. If in doubt, talk to one of our representatives – we’ll be happy to help you figure things out.

 

How much is home insurance in London? 

The price of your London home insurance premium will vary depending on many aspects, like:

• • Additional coverages
  • High value personal items
  • Building characteristics
  • Neighborhood
  • Value of belongings
  • Value of the property
  • Credit score
  • Pets
  • Number of people 
  • Claims history
  • Liability limit

That being said, the average London home insurance cost in April, 2023 was $87/mo and it ranged from $75/mo to $135/mo. Here is a policy example:

 

You can request a personalized home insurance quote online for free here – and it takes less than 4 minutes.

 

How to get cheap London home insurance quotes

Everyone loves a good deal – especially when it comes to something as essential as this. Let’s look at some savvy strategies to land the cheapest home insurance quote in London.

1. Bundle insurance products: Packaging your London  home insurance with other policies like auto insurance can lead to discounts. London  insurance companies often give a 20-25% discount!  It’s the insurance world’s equivalent of a combo deal.
2. Install safety systems:Monitored alarms and security systems can get you from 5 to 10% discount for home insurance in London. To get the discount, you must have a central station that protects your home.
3. Pay annually: If you can manage it, paying your premium in a yearly lump sum can often result in discounts. If you opt to pay monthly, you will pay 2 to 4% more because of the interest.
4. Stay claims-free: Insurance companies love low-risk clients. The longer you go without filing a claim, the more potential for a lower premium.
5. Improve your credit score: A good credit score means to insurers that you’re reliable, and this helps you secure a better rate.
6. Increase your deductible: A higher deductible—what you pay out-of-pocket for a claim—can lower your premium. Just ensure you can afford it should you need to file a claim.
7. Strategic upgrades: Updating outdated systems like plumbing or electrical can reduce the risk of damage, potentially leading to lower premiums. The logic here is simple: new, modern materials are safer and less prone to accidents than old, teared-down materials and generate fewer claims. While it is true that proper maintenance helps to mitigate risks associated with older materials, it is often overlooked.
8. Shop around: Leveraging YouSet can simplify the home insurance comparison process, as you don’t have to call different insurance companies and give them the same information over and over to try and compare coverage. With YouSet, you can get several quotes from Canada’s finest home insurance providers in minutes. This will help you find the most cost-effective policy tailored to your needs in London.

How to choose my London home insurance coverage ?

Think twice before buying insurance with coverage limits lower than your actual needs, as you might be left short just when you need the most.

When it comes to Policy features, look for homeowner insurance policies in London that protect you against these perils:

• • Fire;
  • Theft;
  • Vandalism;
  • Water damages;

For extra protection, consider adding endorsements that will cover your needs, like nature factors (eg. floods) and high-value items.

You also should pay attention to the carriers. At YouSet, we have high quality standards and we work only with carriers that exceed those standards.

 

What are the best home insurance companies in London

Since the whole purpose of homeowner insurance is to provide financial stability and peace of mind, choosing a reputable carrier is key. Thus, when searching for the best home insurance online quote, we strongly advise you to assess the company behind the policy to avoid bad surprises along the road.

It’s common to be swayed by low prices or well-known brand names. However, opting for the cheapest home insurance policy from an unreliable carrier or a subpar policy from a reputable carrier can become a headache: you might waste your money or even get unfair claim denials. Worst-case scenario? You may discover that you have no coverage when you need it the most.

YouSet offers only pre-vetted carriers that provide a satisfactory customer experience at affordable rates, with solid finance backgrounds. These are the factors we consider when evaluating insurance companies:

1. Licensing: don’t even think about buying from a carrier without a license to operate in your area. Big no-no. Here’s the list of licensed carriers in Canada.
2. Price: it’s probably the most relevant aspect people want when searching for London home insurance, so we put time and effort into getting the best deals.
3. Customer service: we prefer companies who provide great support in all channels, especially online. Also, making the claim process easier and smooth goes a long way.
4. Transparency: all representatives of the carrier must answer questions and handle claims fairly and swiftly. We keep track of the satisfaction of our users regarding their carriers, online reviews, and overall experiences.

 

To find the best carriers, we do our due diligence: we ask customers for feedback, read all the reviews, and establish a good relationship with the carriers by letting them know our customer’s needs and expectations. Here are a few of the insurance companies we work with:

Intact – with more than 4 million customers and 24/7 local claims service, Intact is a great carrier and one of our vetted partners. The company’s foundation dates back to 1809 when it was known as Halifax Insurance Company. It’s currently Canada’s largest property and casualty insurance provider, with solid finances and affordable prices for London house insurance. Intact is part of Intact Financial Corporation, which also includes subsidiaries such as belairdirect.   

Economical – in 2021, Economical went public and became Definity Financial Corporation. With transparent financials that anyone can quickly get on their website, it’s a strong option for house insurance in London thanks to affordable policies and innovative customer experience. Economical is part of Definity Financial Corporation, which also includes subsidiaries such as Sonnet.

Promutuel – with a surprisingly fresh and modern look, this nearly bicentennial company was founded in 1852, they provide affordable home insurance in London starting from as little as $12.95/mo. Bonus points for transparency, as they clearly state the discounts you can get from alarm systems, leak detection, and bundles.

Travelers – with an impressive workforce of 12,000 Claim employees, Travelers is committed to exceptional services and sustainable initiatives. With interesting additional coverages such as housing improvements, it’s both a solid and flexible choice for London home insurance.

L’Unique – founded in 1978, L’Unique is an established insurance carrier in Canada that offers a complete line of policies, including London homeowner insurance. Their 24/7 assistance service is available to all customers in the event of a loss. L’Unique is part of Beneva, Canada’s largest mutual insurance company, which also includes subsidiaries such as La Capitale and SSQ Insurance.

Comparing London home insurance quotes

We won’t sugarcoat this: getting the cheapest home insurance quotes in London can be a quite tedious and time-consuming process.

First, you need to research the various insurance companies and check their websites to request a quote for home insurance. You will have to fill out a lengthy form on each of those websites, providing personal information, property details, and coverage requirements.

Most companies don’t even offer an online home insurance quote – this means you might also need to call them and spend several minutes answering questions. Can you imagine a better way to spend your Tuesday night? We can. At least a dozen.

Then, you will have to compare each quote and coverage to see which is the best one for you. Sometimes, that’s not so easy to do because they change names and try to hide important information in the fine print.

Multiple iterations of this process will be required to obtain different quotes from different carriers with different coverages.

If you don’t want to do that, you have three options: ask an insurance broker to help you out, use an online home insurance comparison tool (also known as home insurance calculator), or use an insurance marketplace such as YouSet.

 

Insurance broker

If you go with an insurance broker, here’s how it will usually go:

1. You’ll need to handle everything over the phone. Most brokers don’t have websites or online quoting tools.
2. They work with two or maybe three insurance companies, so they don’t compare the prices of multiple companies, limiting the possible offers.
3. Some brokerage firms are financially supported by insurance companies, and they will try to sell their “parent” products.

In a nutshell, finding an insurance broker that can get you quotes from plenty of carriers is not an easy task.

 

Online insurance comparison tool

Online insurance quoting tools will give you an estimated insurance policy price in exchange for your contact information. However, most of these tools are just lead generators that will put you on the radar of a third-party insurance broker or insurance company that wants to sell their own products.

Those tools will sell your info to multiple companies, and they will all contact you. Some within a few minutes and some within a few days.

 

Insurance marketplace

If you don’t want that kind of nuisance, you can try YouSet, an innovative marketplace that is changing the way Canadians research, compare and buy  insurance.

YouSet is an automated platform that screens the market to compare London home insurance quotes from multiple companies. The whole process takes less than 4 minutes. 

If you like what you see, you can buy online – no need to talk to a salesperson. However, if you’d rather speak to someone over the phone and ask questions, our specialists are always happy to help. 

YouSet has served over 150,000 satisfied users. Here are a few examples:

 

 
 
 
 
 
 
 
  
 
 
 
  
 
 
 Claudio Cignola 
 
2024-04-23
 
 
  
Very good service. Have been with them 5 years now and we get competitive pricing and great service. Thank you
  
 
  
 
 
 
  
 
 
 Andre Fafard 
 
2024-04-22
 
 
  
Excellent et efficace et très rapide
  
 
  
 
 
 
  
 
 
 Chantal Bechard 
 
2024-04-22
 
 
  
Super rapide et de qualité
  
 
  
 
 
 
  
 
 
 Geleia 
 
2024-04-19
 
 
  
Bon service rapide et fiable
  
 
  
 
 
 
 
 
 
 Google rating score: 4.8 of 5, based on 1008 reviews 
 
  
 
 

 

This allows you to get the best insurance quotes available in London within minutes and with no hassle.

It’s a streamlined and convenient solution that will present you with multiple quotes from the most respected insurance providers, matching your specific needs. And you only need to enter your  information once!

Should you choose to compare home insurance yourself, there are several factors you need to carefully analyze:

• • Coverage options
  • Limits
  • Deductibles
  • Policy exclusions
  • Additional coverage options

 

With all that information in hand, you will need to weigh the price points and the overall value provided. Bear in mind that affordability matters, but if you don’t pay attention to the quality of the carrier, you may find yourself in a tight spot if you don’t have all the coverage you need or if the customer service is lousy. 

The best way to avoid any problem when buying an insurance policy is by trusting YouSet. Thanks to the sheer volume of transactions we’ve facilitated over the years, we have a direct channel with our partners that allow us to provide not only the best quotes, but also the best experience by helping you each step of the way – from quote to buy, and beyond.

Long story short, YouSet is on a mission to build the most efficient and most loved insurance platform in Canada. We do so by leveraging our proprietary technology that manages thousands of different algorithms, combined with a team of insurance experts ready to answer your questions, help you with your claims, and more.

 

 

We’ll give you all the information you need for an educated decision, pointing you to the best home insurance policies money can buy, with the perfect combination of coverage, affordability, and customer service.

Click here to get your quote in under 4 minutes – starting at 12$/mo!

 

FAQ about London home insurance

Can you cancel London home insurance?

• • You can cancel at any time, and although some companies charge a fee for early cancellation they are relatively small. It’s usually a small fraction of the premium you would pay until the end of the contract.

Does London home insurance cover Airbnb rentals?

• • Usually, it doesn’t. You should always first check with your insurance company to see if your policy covers it. Airbnb provides hosts with some form of protection, but there are still many gaps in coverage you could be responsible for. Also, there is specific insurance called “Short-term Rental Insurance”. Bear in mind you could void your existing home policy if you don’t notify your provider about home-sharing.

Can home insurance in Ontario be transferred to a new owner?

• • No, a home insurance policy cannot be transferred between homeowners. For example, if you’re selling your home, it’s important to understand that it’s not feasible to transfer your current homeowners insurance policy to the new homeowner. As the seller, you would need to cancel your existing policy and acquire a new home insurance for your next residence, either with your current insurer or with another provider. On the other hand, the buyer of your property would also need to navigate the process of purchasing their own homeowners insurance.
    

Does home insurance cover water leaks in London?

• • Most home insurance policies cover sudden and accidental water damage, such as a burst pipe. However, gradual damage due to a slow leak, poor maintenance, or wear and tear is typically not covered. 

How much home insurance do I need in Ontario ?

• • The amount of home insurance you need depends on the cost to rebuild your home (not its market value), the value of your personal belongings, and the amount of liability coverage you want. As a general rule, your coverage should be sufficient to completely rebuild your home and replace your belongings in the event of total destruction.

How is home insurance calculated in Ontario ?

• • The calculation of home insurance premiums involves several factors, such as the cost to rebuild your home, its age, location, your past insurance claims, and other factors. You can find more about it here. The average home insurance in Ontario will vary based on these and other risk factors associated with your specific property.

Does home insurance in London cover natual disasters?

• • Most Canadian home insurance policies cover a few natural disasters such as windstorms and hail— but not all. Coverage for earthquakes and flooding are typically not included in a standard policy. However, they can be added on as additional coverage or endorsements. Always read your policy carefully to understand what is and isn’t covered.

Does home insurance London cover stolen cash?

• • Many home insurance policies will cover cash stolen from your home, but the coverage limit is typically low, ranging from $200 to $500 depending on your policy. Always check the specifics of your policy.

Do home insurance quotes affect your credit score in Ontario?

• • Inquiring about a home insurance quote will not impact your credit score, as soft inquiries are the norm of the insurance industry when performing a credit check. Insurance companies check credit scores to be able to offer lower premiums. A good credit score can qualify you for discounted rates.

 

More about home insurance:

Our homeowner insurance guide

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