What postal codes and neighbourhoods in London have the lowest home insurance?
Here is a sense of how much you will pay for house insurance in these popular and common neighbourhoods in London:
About home insurance and living in London
The region is experiencing big growth over the past few years. It is home to more than 515,000 residents in the metro area, with 422,000 in the city proper. It is in Southwestern Ontario with Highway 401 running along the south end of town. The city is known for Western University, Fanshawe College, its hospital network, and the manufacturing industry.
It is one of the fastest-growing communities in Canada, with the population growing at a rate of 1.6% annually. The rapid growth has led to the expansion and creation of new neighbourhoods in all areas of the city. In total there are over 50 neighbourhoods, each with its own set of unique characteristics. The neighbourhood where you live, and your property type can have a direct impact on how much you pay for your premiums.
Here is a breakdown of the number and types of dwellings in the region:
| Type of dwelling |
Percentage |
| Number of private dwellings |
206,450 |
Single-detached houses |
55.90% |
| Apartment buildings 5+ stories |
16.80% |
| Apartment buildings with less than 5 stories |
10.10% |
| Duplex |
2.50% |
| Other dwellings |
14.70% |
Source: Statistics Canada
London home expenses and insurance
Housing prices have skyrocketed in London since 2019. Increased real estate values in London have an impact on home insurance costs. Higher value real estate cost more to insure. Here are some expenses and information about owning a property in the city.
| Item |
Amount |
| Average home value (March 2022) |
$793,222 |
Property taxes for a $500K home |
$6,741 |
| Property tax (2020) |
1.34% |
| Unemployment (Oct 2021) |
6.70% |
| Homeownership |
64.00% |
Average household income (2016)
| $69,903 |
|
