Yes, Scotiabank tenant insurance can provide the feeling of being taken care of by a large, powerful company. It comes with several perks, especially if you're already a Scotiabank client. And really, the convenience of getting multiple services from one provider is hard to beat.
But it isn't always the most economical choice. Insurance premiums from big banks are often higher than those of other, more specialized companies. Before committing to Scotiabank tenant insurance, you should compare some of the details of their policy alongside other insurance providers.
Scotiabank tenant insurance features
Here's an overview of everything Scotiabank offers their tenant insurance customers.
Why You Want It
Easy to set up if you’re a Scotiabank customer + 24/7 claims service.
Eligibility
- Canadian citizen
- Age of majority
Provinces
ALL
Features
Personal Liability
Personal Belongings
Additional Living Expenses
Unit Improvements
Identity Theft
Sewer Backup
Overland Water
Scotiabank tenant insurance product rating: 2.2 stars
Scotiabank tenant insurance gains some stars for being from a well-known and reputable company – and one of the biggest banks in Canada. It's been around for decades – since 1831, actually, and it now has more than 900 branches across the country. If you happen to bank with Scotiabank already, it can be extremely convenient to also take out an insurance policy with them.
Unfortunately, Scotiabank doesn't offer everything we look for – including no mention of water coverage. Be sure to compare quotes with other companies before committing to Scotiabank.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of Scotiabank tenant insurance
Take a look at the upsides of going with tenant insurance from Scotiabank.
Pros
Convenience of a big bank
We've mentioned this already, but it bears repeating. If you're already a Scotiabank client, adding tenant insurance to the list of services you have with them is easy peasy. Their locations are also convenient – there's practically a Scotiabank on every corner these days.
Emergency living expenses
In a situation where there's been damage to your home due to a fire, flood, etc., your renters insurance with Scotiabank will provide funds to help with alternate housing. So while your home is being repaired, any expenses you encounter (housing, food, transportation, etc.) will be covered. This type of coverage isn't offered by all tenant insurance providers.
No credit check required
Nobody who applies for tenant insurance from Scotiabank is required to submit to a credit check. In some regions of Canada, it won't even be an option. For other areas, you'll likely be asked about it, but you can say no without being penalized.
The cons of Scotiabank tenant insurance
Unfortunately, this renters insurance option isn't the best out there. Here are a few details you should take note of.
Cons
Limited information online
Scotiabank really doesn't offer much information about their tenant insurance online at all. All you really get is one small window with very general information about contents coverage, liability coverage, and all-risk policies. Plus, the references to "home insurance" on the site is confusing – sometimes this includes tenant insurance and sometimes it doesn't. This is especially frustrating when trying to use the online chat feature.
Lack of online quote
The bottom line is that if you want a quote, you'll have to call and speak to an agent. The big red Request A Quote button is only helpful if you want typical home insurance, not tenant's insurance. Again, this is where the site could benefit from a clearer distinction between home insurance and tenant insurance.
Scotiabank tenant insurance alternatives
Take a look at how Scotiabank compares to these other tenant insurance providers.
 |  |  | |
|---|---|---|---|
| Account | Scotiabank Tenant Insurance | Sonnet Tenant Insurance | RBC Tenant Insurance |
| Genius Rating | |||
| Why You Want It | Easy to set up if you’re a Scotiabank customer + 24/7 claims service. | Get an easy online quote for cheap insurance premiums + Multiple ways to save. | Choose from comprehensive coverage options + Trusted, reputable bank. |
| Personal Liability | | | |
| Personal Belongings | | | |
| Additional Living Expenses | | | |
| Unit Improvements | | | |
| Identity Theft | | | |
Show More | |||
| Get a quote See more Scotiabank products Compare | Learn More See more Sonnet products Compare | Learn More See more RBC products Compare |
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FAQ
Is Scotiabank tenant insurance any good?
Yes, the tenant insurance offered by Scotiabank has quite a few perks. It's available in all Canadian provinces and provides impressive coverage, plus you can add optional protection for special items like jewelry and art. You can read more about the perks of Scotiabank tenant insurance here.
How can I get a Scotiabank tenant insurance quote?
You can get quotes, but there isn't an easy online option for doing this. The best method is to call Scotiabank itself, speak to a representative, and have them give you a quote. They can send an email after your phone call so you'll have documentation of everything that was discussed. Click here to see Scotiabank compared to other tenant insurance alternatives.
Can I get tenant insurance in BC with Scotiabank?
Yes, Scotiabank offers tenant insurance for all areas of Canada, including BC. Of course, the rates will vary depending on where you live, but coverage is available for all Canadians. You can read more about Scotiabank's tenant insurance coverage here.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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