Tenant Insurance in Nova Scotia

What does Nova Scotia tenant insurance coverage look like?

If you’re wondering what Nova Scotia tenant insurance coverage looks like, then you’re in the right place. While policies can vary between policyholders, the three types of coverage below are staples, which means you will find them in nearly every Nova Scotia renters insurance plan:

Contents coverage

Contents coverage, also called personal property coverage, protects a tenant’s personal belongings against losses or damage. For example, if a fire breaks out in your apartment and your furniture or clothing is damaged, you can file a content coverage claim and receive a payout from your insurance provider to cover the cost of replacing the lost items.

In essence, as long as the damage to your personal property was the result of an insured peril, you can file a contents coverage claim. Insured perils vary between insurance providers but typically include theft, wind, smoke, fire, explosions, falling objects, and more. Select your contents coverage limit wisely. Most policyholders want to be covered in the event of a total loss. They calculate the actual cash value of all the belongings inside their homes to determine the ideal coverage limit.

Lastly, it is worth noting that not all contents coverage policies will reimburse policyholders for high-value items that are lost, such as fine jewellery or original artwork, so if your rented home contains lots of expensive items, speak with a BrokerLink insurance advisor about adding a special rider or endorsement to your policy. This way, you can ensure those high-value belongings have the coverage they require.

Additional living expenses coverage

Next up is additional living expenses coverage. This type of coverage may also be known as loss of use coverage. It can pay for all sorts of living expenses if you are temporarily forced to relocate due to damage caused by an insured peril. For example, if your rented home is flooded, you may have to move out until it is repaired. During this time, the costs that you incur, such as renting a hotel, buying food or meals, or purchasing new clothing and toiletries, will all be covered by your insurance provider. They will reimburse you for these costs through an insurance payout.

Tenant liability insurance

Finally, tenant liability insurance is another type of coverage that is part of all Nova Scotia tenant insurance policies. It protects tenants against third party claims that may be brought against them. The most common types of third party claims are property damage claims and bodily harm claims. You may need to file a claim with your provider if a guest visits your rented home and injures themselves while on the premises. They could sue you as a result.

If this happens, you wouldn't want to pay for the lawsuit on your own. Thankfully, tenant liability insurance would cover all sorts of fees, including legal fees, medical fees, and any property damage repair expenses that may apply. The most common coverage limits for tenant liability insurance are $1,000,000 and $2,000,000.

Enhanced tenant insurance coverage for your rented home in Nova Scotia

If basic tenant insurance coverage isn’t enough, you can likely add extra coverage to your policy. Ask an insurance broker or agent about what other types of coverage they offer to tenants. Most of the time, you will have the option of adding flood coverage, personal values coverage, identify theft coverage, and more to your Nova Scotia renters insurance plan:

Overland water coverage

Overland water coverage is a type of flood coverage that will pay to repair water damage in your home, so long as the water damage was caused by an overflow of water from a nearby lake or river, melting ice, or heavy precipitation. Given that Nova Scotia is surrounded by water, this type of coverage might be important.

Sewer backup coverage

Sewer backup coverage is another type of flood coverage that can pay for the cost of water damage in your rented home. However, with sewer backup coverage, you will only be protected if the water damage results from sewage or wastewater backing up and coming out of the drains in your home.

Identity theft coverage

Identity theft coverage is a type of enhanced protection that you can add to your Nova Scotia tenant insurance plan. If you are the victim of identity theft, such as if someone steals your credit card, passport, driver’s licence, health card, or social insurance number and attempts to impersonate you, your insurance company will reimburse you for the associated costs. These costs can range from money lost to costs incurred in your attempt to recover the missing information or ID.

Personal valuables coverage

Personal valuables coverage is one last type of enhanced protection that might be worthwhile for your needs as a tenant. This type of coverage is usually meant for tenants who have a lot of high-value items inside their homes. In this case, regular content(s) coverage may not be enough. Personal valuable coverage offers greater protection than regular contents coverage, which is why it is ideal for tenants whose rented homes contain original artwork, fine jewellery, vintage wine, musical instruments, antique furniture, etc.

How do Nova Scotia insurance companies calculate tenant insurance rates?

Insurance companies in Nova Scotia have complex risk-calculation formulas that they use to assign premiums to customers. These formulas take into account a myriad of factors, ranging from a tenant’s property type to their insurance claims history. A list of factors that are likely to be considered can be found below:

• Property type
• Location
• The estimated value of your personal belongings
• Your credit score
• Whether or not you have roommates, and if so, how many roommates you have
• Whether or not you have pets, and if so, how many and what species and breed they are
• Details on the property, such as the building materials, including the roof, plumbing, and electrical
• The heat source of your rental
• The construction of your building
• Your personal insurance claims history
• The year your location was built
• Your chosen deductible amounts

If you want to find out how much a tenant insurance policy in Nova Scotia will cost you, reach out to BrokerLink today. One of our licensed advisors can get back to you with a free quote in five minutes or less.

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Nova Scotia tenant insurance explained

What is tenant insurance? This is a question that many renters ask themselves when debating whether to purchase this type of policy.

Tenant insurance, which you may also hear called renters insurance, is a type of home insurance policy that offers financial protection to tenants. Risks that tenant insurance policies can protect against include theft, property damage, third-party liability claims, and more. For this reason, most tenant insurance policies in Nova Scotia include personal property coverage, liability coverage, and coverage for additional living expenses. With coverage like this, you can be compensated by your insurance company no matter what goes wrong. Without it, you would be forced to pay the cost of the losses or damages out of pocket.

If you want to find the best possible tenant insurance policy for your needs, enlist the help of an insurance broker in Nova Scotia. Here at BrokerLink, we have an entire team of licensed and dedicated insurance brokers who will take the time to understand your needs and budget before recommending a policy. As property insurance experts, we can also explain how landlord insurance differs from tenant insurance and why it’s still important to have renters insurance even if your landlord has a policy of their own.

Is tenant insurance required in Nova Scotia?

Do I need tenant insurance? While it is not legally required in Nova Scotia the way that car insurance is, most experts would agree that tenants should purchase a tenant insurance policy due to the protection it provides. In addition, some landlords require tenants to have valid tenant insurance coverage for the duration of their lease, and it is legal to do so.

Thus, if you have a lease agreement, make sure that you review it carefully to find out if you are contractually obligated to have tenant insurance coverage until your lease is up. Some landlords will even stipulate how much coverage a tenant is required to have, such as $1,000,000 or $2,000,000 in liability coverage. Remember that if you sign a lease agreement that states you must purchase tenant insurance, you are legally obligated to do so.

If you refuse to purchase it after the fact or you let the policy expire before the lease agreement expires, you could be evicted or sued by your landlord.

What is the difference between landlord insurance and renters insurance?

There are many differences between landlord and renters insurance, and knowing them can help you see why tenant insurance is so important.

The first thing to know about these two types of policies is that landlord insurance is designed to protect the interests of landlords. In contrast, tenant insurance is designed to protect the interests of tenants. For this reason, you will find that what landlord insurance covers nearly always falls short of what a tenant needs. For example, liability coverage on a landlord insurance policy only covers tenant claims brought against them, not third party claims brought against tenants by guests or visitors.

In addition, landlord insurance offers no protection against damage to a tenant’s personal belongings. So if a fire breaks out in your unit and your furniture is damaged, you will have to pay to replace this furniture out of your own pocket.

The only way that landlord insurance covers tenants is through dwelling coverage. Since tenants are not owners, it is the landlord’s responsibility to pay for damage to the physical building, such as damage to a rented space's walls, windows, or doors. As long as the damage was not intentionally caused by the tenant, the landlord's insurance policy would pay for repairing any physical damage to your rented home.

If you still have questions about landlord and tenant responsibilities, reach out to BrokerLink today. We can explain exactly what each type of policy covers and recommend a policy for your specific needs.

Can I buy Nova Scotia tenant insurance if I have roommates?

Yes! You can most certainly purchase tenant insurance even if you have roommates. In fact, it is recommended that all tenants purchase tenant insurance, even if another roommate has already purchased a policy.

Some home insurance companies will allow policyholders to add multiple people to one tenant insurance plan so long as they all live in the same household. This means that if you have roommates, you might be able to add them to your policy and share one policy with everyone.

That said, adding more people to your tenant insurance plan will increase your rates. In addition, you will have less control as any person listed on the policy can file a claim. If your roommates start making claims without your knowledge, this could adversely affect you and result in an insurance premium increase.

In addition, not all insurance policies protect tenants equally. For example, your policy might only protect the primary policyholder against personal property damage. Finally, there might be a limit to the number of roommates you can add to one tenant insurance policy, which means, depending on how many people live in your rented home, a shared policy may not even be an option for you.

To ensure that you have the best possible coverage, it is typically smartest to purchase an individual tenant insurance policy for yourself and for your roommates to purchase tenant insurance policies of their own. If you need help finding a tenant insurance policy for your Nova Scotia home, reach out to BrokerLink today.

We’re in your community

BrokerLink is honoured to be the go-to insurance brokerage in all of Nova Scotia. For years, we have dedicated ourselves to offering high-quality, dynamic, and personalized insurance solutions to our customers on the East Coast. Whether you’re looking for auto insurance, commercial insurance, or home insurance, we can help.

Contact us

At Nova Scotia BrokerLink, we’re here to help you with any insurance needs you may have. Whether it’s insuring your home, car, business, recreational items, or pets, let us help you find the best coverage possible. One of our licensed insurance advisors can also give you more information on additional interest home insurance and offer quality tips for first-time renters in Nova Scotia.

You can reach us by phone, email, or in person at any of our Nova Scotia locations. No matter how you choose to get in touch, a BrokerLink insurance advisor will be happy to assist you. We also encourage you to take advantage of our free online quote tool that can provide you with a competitive quote in minutes.

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Nova Scotia renters insurance FAQs

Where can I buy renters insurance in Nova Scotia?

Nova Scotia renters insurance can be purchased from an insurance broker or an insurance company. Both options are quick and convenient and can likely be done online from the comfort of your own home.

How do I qualify for cheap tenant insurance in Nova Scotia?

There are many ways that policyholders can save money on tenant insurance in Nova Scotia. For instance, you can select high deductibles instead of low ones, which will instantly lower your premium. You can also purchase basic coverage rather than enhanced coverage. The more coverage you add to your policy, the more expensive it will be. You can also ask an insurance broker about qualifying for a tenant insurance discount. Insurance companies offer a wide range of home insurance discounts to customers, such as a sewer backup detection device discount, a monitored security alarm system discount, a multi-policy discount, an employment-based discount, or an education-based discount.

What does Nova Scotia tenant insurance not cover?

Tenant insurance doesn’t cover everything. Specifically, there are a few types of risks that you should not expect your insurance policy to cover. Namely, any intentional damage or damage to personal belongings that results from wear and tear or owner neglect will not be covered. In addition, flooding and water damage also won’t be covered unless you add overland water coverage, sewer backup coverage, or another type of flood insurance to your policy. Further, damage to your rented home that is caused by war, acts of terrorism, or earthquakes will also not be covered by your Nova Scotia tenant insurance plan. For a complete list of what is and is not covered by your tenant insurance policy, review the terms and conditions of your plan carefully. There will be a section that lays out all exclusions to your coverage.

Does Nova Scotia tenant insurance protect against flooding?

Your Nova Scotia tenant insurance policy will not protect you against any type of water damage, including flooding, unless you specifically add flood insurance to your policy. Two of the most common types of flood coverage in Nova Scotia are sewer backup coverage and overland water coverage. Since Nova Scotia is surrounded by water and features many lakes and rivers, adding flooding coverage to your tenant insurance policy might be wise.

What are the most common types of tenant insurance claims in Nova Scotia?

The most common types of tenant insurance claims in Nova Scotia are flood claims, liability claims, fire claims, and theft claims.

Where can I get a free tenant insurance quote in Nova Scotia?

You can get a free tenant insurance quote from an insurance broker or insurance company. Most professional insurers offer free quotes to customers. Get in touch by phone, in person, or online to request your free tenant insurance quote today.

What types of tenant insurance coverage can a Nova Scotia insurance broker help me find?

A Nova Scotia insurance broker can help customers find all kinds of quality tenant insurance coverages, including personal liability coverage, contents coverage, overland water coverage, sewer backup coverage, additional living expenses coverage, identity theft coverage, personal valuables coverage, and more.

If you have any questions, contact one of our local branches.