Known for its longstanding presence in the Canadian financial services market, Scotiabank ventured into personal insurance in 2009 with the launch of Scotia Insurance. Today, the company offers home, tenant, and condo insurance across Ontario, Quebec, New Brunswick, Nova Scotia, Newfoundland and Labrador, Prince Edward Island, Alberta, and British Columbia.
But in today’s competitive insurance market, is a well-known name and reputation enough? Not necessarily. For many Canadians, choosing the right home insurance provider goes beyond brand recognition – it involves considering factors like coverage options, customer service, convenience, and, of course, price.
That’s why it’s essential to weigh the potential pros and cons of Scotiabank home insurance. By considering these factors, doing your own research, and comparing alternative providers, you can make an informed decision about what’s best for you.
| Pros | Cons |
| Backed by Scotiabank | Cannot buy online |
| Broad but standard selection of products | Restricted to Belair products and pricing |
| Policies include basic coverages | Poor online reviews |
| 24/7 emergency claim hotline | Limited information on their website |
✅ Backed by Scotiabank
Scotia Insurance operates under the Bank of Nova Scotia, one of Canada’s “Big Five” banks. This affiliation provides financial strength and stability, ensuring that Scotia Insurance can fulfill its obligations to policyholders.
❌ Cannot buy online
While you can get a quote online, you cannot check out. Instead, you are prompted to either call a sales representative during business hours or, in some cases, download an application and mail it in. For those who prefer the convenience of buying a policy online or need coverage quickly, this could be a drawback.
✅ Broad but standard selection of products
Scotia Insurance offers a standard range of insurance products, which meet the basic insurance needs of most individuals. In addition to home insurance, they also provide car, health, life, and travel insurance, which, while comprehensive, generally reflect what is typically offered by large financial institutions in the Canadian insurance industry.
❌ Restricted to Belair products and pricing
Since home insurance from Scotiabank is underwritten by Belair Insurance Company Inc., you are limited to their products, pricing, and discounts. This means that, unlike a broker like YouSet, which compares a broader range of options to find the best price, you’ll only have access to the options and rates provided by Belair.
✅ Policies include basic coverages
A Scotia Insurance home policy includes standard coverages for repairs or rebuilding, additional living expenses, liability, and personal belongings. However, the availability and details of optional coverages remain unclear, as their website provides limited information. Aside from mentions of coverage for moving damages and valuables, other optional coverages, such as for water-related damages, are not specified as of April 2025.
❌ Poor online reviews
As of April 2025, Scotia Insurance’s overall Google review rating was just 2.4 out of 5 stars. While these customer reviews may highlight some concerns, unhappy customers are generally more likely to leave reviews on platforms like this than satisfied ones.
✅ 24/7 emergency claim hotline
Scotia Insurance offers customers a 24/7 hotline for emergency claims, which indicates that it is making an effort to create a more positive customer experience.
❌ Limited information on their website
During our research, we found that Scotia Insurance’s website provides only basic details about its insurance offerings for homeowners, condo owners, and tenants. Only upon completing the entire quote process was additional information about coverage available.
Scotiabank vs. YouSet home insurance
After getting a quote from Scotiabank and doing your own research, it’s always wise to compare the quoted price to a policy from an alternative provider, like YouSet.
Since 2017, YouSet has been making it easier for Canadians to buy home and car insurance online. Why spend hours manually comparing quotes when our proprietary technology can do it all for you in less than 4 minutes? Not only that, but we’ll also have Canada’s top insurance providers competing for your business, ensuring you get the best price year after year. With over 300,000 users and an average online review rating of 4.9 stars, YouSet is a broker well worth considering.
Best price year-after-year
YouSet’s algorithms are designed to do one thing - find you the best price. Not just the first time you buy, either. If your price increases at renewal, we’ll alert you and even help you re-shop with another carrier.
Highly reviewed by Canadians
With an overall rating of 4.8 out of 5 stars on Google, the general consensus among YouSet users is that YouSet is making it easier to find affordable insurance and buy it online at the best price year after year.
Transparent renewals
Anytime a YouSet insurance policy comes up for renewal, our team will make sure you’re paying the best price possible for your policy. If that’s no longer working, we’ll help you re-shop another carrier for a better deal.
Buy, manage, and renew your policy online
How much easier would it be if you could purchase a policy, personalize it to fit your needs, make modifications to it, and renew it, all without having to make any phone calls or wait on hold? With YouSet, you can do all that and more with our self-serve features.
Mix-and-match approach to bundling
YouSet is the only digital broker in Canada that automatically compares the cost of bundling home and car insurance from a single carrier against the cost of mix-and-matching home and car carriers. Whichever option offers the maximum savings is the one we present to you.
