Meet ScotiaLife Financial, one of Canada’s top home insurance providers.

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Meet ScotiaLife Financial home insurance

The bank with the big red ‘S’ logo, ScotiaLife Financial is part of The Bank of Nova Scotia, otherwise known as Scotiabank.

Scotiabank offers home insurance via ScotiaLife Financial, a subsidiary company. In Canada, banks are barred from selling home and auto insurance through their regular bank branches. When Scotiabank expanded into the insurance business in 2009, it had to do so under the banner of ScotiaLife Financial.

Home insurance policies from ScotiaLife Financial are underwritten by Unifund Assurance Company, except in Quebec, where the policies are underwritten by Royal & Sun Alliance Insurance Company of Canada.

Scotiabank is the third-largest bank in Canada by deposits and market capitalization. It was founded in 1832 in Halifax, N.S. — hence the name — but moved its corporate offices to Bay and King Streets in Toronto’s Financial District in 1900.

Not only are there Scotiabank branches and ATMs available across the provinces and territories, Scotiabank has a strong international presence with branches in Mexico, Puerto Rico, Jamaica and China. Scotiabank increased its presence in Canada with the acquisition of ING Direct in 2014, renaming it Tangerine.

As of 2018, the bank is 44th on the list of the world’s 100 biggest banks, according to market intelligence firm SNL Financial's annual ranking.

Scotiabank has a long history of supporting and sponsoring community and sports events. Not only has it sponsored Hockey Night in Canada and marathons in Toronto, Vancouver and Calgary, it also sponsors cricket and soccer events in Canada and in the Caribbean. It’s the main sponsor of Toronto’s Caribbean Carnival and the Giller Prize for Canadian literature.

It’s also known for partnering with Cineplex Entertainment on the popular SCENE loyalty program, which lets members earn points that can be redeemed for free movie tickets.

The Scotia home insurance advantage

Discounts

Scotia offers bundling discounts when you purchase home and auto insurance together.

Special Programs

ScotiaLife Financial offers optional coverages for people looking to buy insurance for a house. For an extra fee, the following endorsements can be added to your base policy:

Water damage protection - This optional coverage protects you from plumbing problems like burst pipes, sewer backups, overland flooding and leaking household appliances, such as dishwashers and washing machines.

Valued articles coverage - This add-on insures high-value items like art, jewellery, electronics, and antiques.

Secondary premises coverage - This endorsement insures secondary homes, RVs, cottages and any watercraft you own.

Escape of fuel coverage - This will insure your property from any damage stemming from a fuel leak and makes you eligible to have any resulting legal fees refunded, should you be affected by a hydrocarbon spill.

Scotia provides optional coverages for condo owners, too. These include:

Unit betterments & improvements endorsement - If you’ve opted to upgrade certain features of your condo, this endorsement will cover essential repairs or replacements to those features. This includes hardwood flooring and granite countertops.

Additional protection endorsement - Should your building management ever allow its insurance to lapse (rare, but it can happen), this add-on will ensure your unit is protected if it’s ever damaged while your building is without insurance.

Loss assessment insurance - Living in a condo means sharing costs for common elements. This optional insurance endorsement covers the cost of any claims made against your condo, if it’s determined that you caused damage to a common area.

Is there an app?

ScotiaLife Financial doesn’t offer an app to manage your home insurance policy at the moment.

How to submit a claim with Scotia home insurance

When accidents happen, you want to file a claim as quickly and as painlessly as possible — and you don’t want to wait for business hours to make the call. Thankfully, Scotia has a 24-hour claims line. However, one drawback is that, unlike many other insurance companies, Scotiabank doesn’t allow policyholders to start a claim online.

When you call ScotiaLife Financial to submit a claim, the representatives should do the following:

  • Confirm your coverage based on your policy.
  • Give you options so you can make an informed decision on next steps.
  • Make arrangements for the repair or replacement of your damaged property as quickly as possible so you can resume your life.
By phone:
1-833-223-8743
Hours of availability:
24 hours/7 days a week

What else does ScotiaLife Financial do?

Since Scotia opened its first home insurance sales office in Mississauga, it has expanded its insurance offerings — which is handy, because it means you can bundle services and get a discount on your premiums. Here are the other types of insurance you can purchase from ScotiaLife Financial:

  • Auto
  • Life insurance
  • Creditor insurance
  • Health and dental insurance
  • Travel insurance

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