As you explore what is offered by large financial institutions in the Canadian insurance sector, you will find that Scotiabank’s tenant insurance generally aligns with industry norms. Whether that makes them the right choice for you as a renter, though, is another question.
In order to make that decision, consider the following list of potential pros and cons of Scotiabank tenant insurance. Additionally, take some time to explore alternative providers, such as YouSet, to find out if they can offer you better coverage at a more competitive rate. By taking this approach, you’ll be able to more confidently decide which tenant insurance company is right for you as a renter in Canada.
Pros and cons of Scotiabank tenant insurance
As with many of Canada’s largest banks, Scotiabank offers tenant insurance. Policies are underwritten by Belair Insurance Company Inc., meaning they are backed by a reputable institution with a strong financial foundation. It is for this reason and those listed below that many Canadian renters consider Scotia Insurance when shopping for tenant insurance.
Despite its popularity and strong financial backing, Scotia Insurance, like any provider, has its drawbacks. Depending on your needs and preferences, you may see those drawbacks as either not a big deal or as a dealbreaker. That’s why it’s important to carefully weigh the pros and cons of Scotiabank tenant insurance before you sign on the dotted line.
✅ Well-known provider
Scotia Insurance is part of Scotiabank (formerly known as The Bank of Nova Scotia), which is the third-largest bank in Canada and a household name nationwide.
❌ Inconsistent customer reviews
Scotia Insurance’s customer satisfaction ratings indicate that there is room for improvement. As of April 2025, Scotia Insurance’s 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 online than satisfied ones.
✅ Diverse product offering
Scotia Insurance offers a range of insurance products beyond just tenant insurance, including life, health, travel, car, and home insurance.
❌ Limited availability
Scotiabank tenant insurance is currently only available to residents of Ontario, Quebec, New Brunswick, Nova Scotia, Newfoundland and Labrador, Prince Edward Island, British Columbia, and Alberta.
✅ Strong financial backing
As part of the Scotiabank, Scotia Insurance benefits from the financial stability and resources of a large and established financial institution, ensuring they can fulfill their obligations to policyholders.
❌ Inconsistent customer service
Online feedback from some customers indicates there might be issues with the responsiveness and effectiveness of Scotia Insurance’s customer service team.
✅ 24/7 emergency claim hotline
Scotiabank provides a 24/7 hotline for emergency claims, indicating that they are making an effort to create a positive customer experience.
Scotiabank vs. YouSet tenant insurance
If the disadvantages listed above have you reconsidering your options, rest assured that there are alternatives to Scotia Insurance. Take YouSet as an example.
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.
Next steps
There is no such thing as one-size-fits-all when it comes to tenant insurance. While Scotiabank tenant insurance might work for your friends and family, it’s entirely possible that an alternative provider might work better for you in terms of coverage and price. For this reason, it is always important to do your due diligence by carefully comparing quotes and policies from multiple companies to ensure you find the right amount of coverage for the best value.