As with nearly all of Canada’s top banks and financial institutions, Scotiabank has an insurance arm, known as Scotia Insurance. Through it, renters, homeowners, condo owners, and drivers can buy coverage. But is Scotiabank tenant insurance the right choice for you?
Here’s how to find out. Once you get a quote, be sure to compare it with quotes from other providers. Unlike YouSet, Scotia Insurance doesn’t compare multiple insurers for you—so it’s up to you to shop around if you want to be confident you’re getting the best value.
That said, price isn’t everything. The right tenant insurance provider offers not just a good deal, but coverage and service that meet your specific needs. Taking time to weigh the pros and cons will help you make a final decision with more confidence.
| Pros | Cons |
| Backed by Scotiabank | Only sells BNS Insurance products |
| Diverse product offering | Inconsistent customer reviews |
| Option to bundle | Limited information on their website |
| Self-serve features | Limited availability |
✅ 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.
❌ Only sells BNS Insurance products
Scotia Insurance only offer products and services from BNS Insurance Agency, which is affiliated with Scotiabank (BNS stands for Bank of Nova Scotia). This means that if you want to be sure you’re getting the best deal, you’ll need to compare quotes from other providers with yourself.
✅ Diverse product offering
Scotia Insurance offers a range of insurance products beyond just tenant insurance, including life, health, travel, car, and home insurance.
❌ Inconsistent customer reviews
Scotia Insurance’s customer satisfaction ratings indicate that there is room for improvement. As of May 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.
✅ Option to bundle tenant and car insurance
If you’re looking to get cheaper tenant insurance, buying Scotiabank car insurance could help. However, bundling with a single provider, like this, isn’t always the best way to maximize your savings. Sometimes, mix-and-match bundling with different providers proves to be better, which is why YouSet automatically checks for this option every time you request a bundled quote.
❌ 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.
✅ Self-serve features
While not unique to Scotia Insurance, their online self-serve options make it easy to manage your policy. You can access digital proof of insurance, update your policy or payment info, and even submit and track claims—all without having to call in.
❌ 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.
Scotiabank vs. YouSet tenant insurance
After getting a tenant insurance quote from Scotiabank and doing your own research, it’s always wise to compare the quoted price to a policy from an alternative provider, such as YouSet, to see if that’s truly the best price you can get or if there’s a better deal available.
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.