Tenants Insurance

You are a ______ Bank credit card holder, you’ve signed a lease, and your new Landlord is waiting for you to provide evidence of Tenants Insurance. Read More below.


Features of your Tenants Coverage

Many Insurance offerings are complicated, requiring many decisions. To make it easier for you, we’ve included as standard, many coverages which are optional with other insurers. Compare as follows:

ItemDirectors GlobalOthers
Flood✓ StandardOptional or not available
Overland Water✓ StandardOptional or not available
Earthquake✓ StandardOptional or not available
Sewer Back Up✓ StandardOptional or not available
1-800 Claims Service✓ StandardOptional or not available
Credit Card Payment✓ Standard ( __ Bank)Optional or not available
Personal PropertyStandard $50,000;*Optional $100,000, or $150,000Optional or not available
LiabilityStandard $1,000,000 per occurrence; *Optional $2,000,000 per occurrenceOptional or not available
Special Valuable Property (like furs and jewelry, watches, software, gems, bicycles)Standard- $5,000 per item, $15,000 Maximum; *Optional (1) $5,000 per item, $20,000 maximum all items; (2) $10,000 per item, $25,000 maximum all itemsOptional or not available

*Higher limits available upon request.

Picking Your Coverage

Once you are ready to purchase the insurance and get a quote, visit the Portal and you will choose the amount of insurance you want for Personal Belongings, and for Liability.
Here are the options:

Liability: You can choose between limits of $1,000,000 or $2,000,000.
Personal Belongings: All options contain a $1,000 deductible.


Personal Belongings Limit:

You should pick the limit which reflects the total cost to replace all of your Personal Belongings with new materials which are the same quality and materials (not better).
You can choose from three Options:

    • $50,000 (this is the standard limit)
    • $100,000 (additional cost)
    • $150,000 (additional cost)
Personal Belongings Standard Limits:
Whether you pick a Personal Belongings Limit of $50,000, $100,000, or $150,000, you will have maximum limits payable for the following items, as shown below:

Special Belongings Property:

You have a choice of three options to cover you “Special Belongings”:

    • Option 1 (Standard): $5,000 per item below, $15,000 maximum all items.
    • Option 2: $5,000 per item below, $20,000 maximum all items.
    • Option 3: $10,000 per item below, $25,000 maximum all items.
Special Belongings Property Limits:
*Options 1, 2, and 3 apply to the following “Special Belongings” items below:

*If you have any belongings that fall into the categories above, they will have limits on how much you can claim per item and in total. Although these items have their own limits, they still contribute to your Personal Belongings maximum (outlined above) if you have a claim.

FAQ’s- Frequently Asked Questions

  1. What is Tenants Insurance? Tenants are usually legally responsible for harm they may cause to any part of the building in which they live or to others who live or visit there. A fire ignited by a tenant’s defective toaster, or flooding caused by a malfunctioning dishwasher, could cause a great deal of damage not only to the tenant’s unit, but to the entire apartment complex, potentially leaving the tenant liable for hundreds of thousands of dollars in damage. Other people may be injured. For this reason, Tenants Insurance includes Liability coverage for bodily injury and property damage to others, referred to as “third parties”. Tenant Insurance also covers your own Personal Belongings. You may think you have very little of value, until you have to replace it all. A few pieces of furniture, no matter how modest, can easily cost several thousand dollars to replace. Your clothes, which you have likely accumulated over several years, would also cost thousands to replace all at once. If you bought a television on your credit card and it is destroyed by fire or stolen, you are stuck paying the balance of your debt, but you will likely want to buy a replacement television. For all the reasons above, it is recommended that Tenants insure all the contents of their apartments. Last, Tenant Insurance covers you if your apartment is damaged, and you need to rent Additional Living Expenses, at additional cost to you.
  2. Why should I consider Tenants Insurance? Most Landlords require that you carry this insurance, or they won’t rent the apartment to you. Landlords which promote their apartments on the Prepare for Canada, Landlord Web solutions site are waiting for you to provide evidence of Tenants Insurance. Once you purchase this insurance, a copy of the policy will be sent to them automatically. As above, Tenants Insurance is important protection for you, and covers: 1) Liability to third parties including to the Landlord for property damage to the apartment or to the building elsewhere, or for bodily injury you or the occupants in your apartment may have caused; 2) your Personal Belongings; 3) and for a Additional Living Expenses if your apartment is damaged by an “Insured Peril” lie a fire, flood, lightning or a storm.
  3. How could I be responsible to others for bodily injury or property damage, and how does my insurance work? The liability portion of Tenants Insurance applies at your apartment or anywhere in the world to bodily injury you may unintentionally inflict on others — often referred to as “third parties” — or to accidental damage you may do to their property. For example, suppose a visitor or a household employee were to be injured by slipping on a wet floor in your apartment, and you were judged to be legally responsible, you would be covered for the damages you were legally obliged to pay because of the injury. No deductibles apply. Liability coverage does not apply to injuries sustained by you or by members of your immediate household. There is no liability coverage for disease transmission and physical — including sexual —abuse. Also, there is no coverage for “punitive” damages awarded by a court; only “compensatory” damages are covered.
    • Sometimes an insurer may not wait for a claim to occur before taking remedial action, as when a flood threatens to migrate to adjacent apartment. Regardless of the insurance coverage your insurer may elect to clean up the mess quickly to prevent you from incurring liability for damaging your neighbour’s property.
    • More details about Liability insurance is explained in the attached Policy PDF copy sample, and in the attached PDF document, “Home Insurance Explained”.
  4. What is a “limit”? A “limit” is the amount which the insurance policy will pay.
  5. How much does the Tenants insurance cost and how does it work? Your cost will be somewhere in between $300 and $600 annually, based on the coverages you chose. Some provinces charge provincial insurance taxes as well. When you are ready to purchase Tenants insurance, enter the portal on this site and get a quotation. Once you decide to purchase Tenants Insurance, you will be billed on your Bank of Nova Scotia Start Right Credit Card. The insurance policy will be sent to you and to your Landlord. Before renewal next year, your insurance will be automatically renewed, but you can cancel it before it is renewed.
  6. Who is the insurer? The Tenants Insurance is provided by _______ Insurance Company of Canada, a Canadian Insurer Rated by A.M Best as _________.
  7. What do I need to apply for the Tenants Insurance? What information do I need? When you enter the portal, you’ll be asked questions about your address, your Landlords address, and you’ll be asked to decide how much insurance you choose to carry for Liability and Personal Belongings. Additional Living Expenses coverage is automatic.
  8. When should I apply for Tenants Insurance? You should be applying at the time you sign your lease, so that when the lease starts, you are covered.
  9. How long will the process take? Once you enter the Portal, you can expect to receive your quote in 10-15 minutes. You may also be applying for Lease Guarantee bond. That will take some extra time.
  10. Which provinces is the Tenants Insurance available? All provinces except in the Province of Quebec
  11. Which landlords accept Tenants Insurance? Landlords which promote their apartments on the Prepare for Canada, Landlord Web solutions site are waiting for you to provide evidence of Tenants Insurance. At the time you purchase this insurance, a copy of the policy will be sent to them, and to you, electronically by email.
  12. What happens if a claim is made? If a claim occurs, you must immediately call the 1-800 phone number located on the policy. An attendant will collect details and start the claims process. If you hesitate to call or delay reporting, your claim may be denied.
  13. How much do I get back? What is a deductible? You will choose the amount of insurance you want for Personal Belongings, and for Liability. A Deductible is the amount which will be deducted by the insurer from each claim payment.  Personal Belongings insurance contains a $1,000 “Deductible”, meaning $1,000 will be deducted from any claim you have. For example, if a fire destroyed the apartment, and you lost $30,000 of Personal Belongings, the insurance company would pay you $29,000. However, there is no deductible for Liability insurance, so if you left the tap running and you flooded several apartments below you resulting in you being legally liable for $75,000, you would be compensated by insurance for $75,000, with no deductible.
  14. How do I check the status of a claim? Your claim will be assigned a number, and you can check on status by calling the 1-800 number on your policy.
  15. How do I read about policy details? A copy of the standard policy is attached. Optional are the limits for: 1) Liability insurance; 2) Personal Belongings, and you’ll choose those from our Portal, before you purchase coverage. Your policy will be sent to you electronically should you decide to purchase coverage.
  16. I have some general questions about Tenants Insurance? Attached is the Insurance Bureau of Canada document called “Home Insurance Explained”. This not only addresses Tenants Insurance (and other forms of insurance which you are not purchasing here), but discusses general questions about personal belongings, liability insurance, and some concepts such as policy exclusions.