How to Get Tenant Insurance in Nova Scotia

Although tenant insurance is a necessity if you live in a rented house, choosing one can be a challenge! After all, you would want to keep the premiums within your affordability. Therefore, you need to align your budget with your lifestyle and goals. If you are planning to purchase a tenant insurance policy in Nova Scotia, this guide should bail you out of the dilemma.

While purchasing your tenant insurance in Nova Scotia, reach out to one of the reputed brokers.

Click here to reach out to talented insurance advisors who can help you compare multiple quotes in a few minutes.

Getting the lowest quotes for tenant insurance policies

As you hunt for the cheapest tenant insurance Nova Scotia, you need to carry out several time-intensive tasks. These include:

●       Evaluating your risk potential and necessary coverage

●       Shortlisting top property insurers in Nova Scotia

●       Checking their reviews and testimonials

●       Providing the insurers with your property details

●       Customizing your policy with the necessary requirements

●       Obtaining quotes from each insurance company

●       Comparing the quotes to find the cheapest policy

Now that you understand how intimidating this process can be, you might consider consulting a broker. Property insurance brokers remain updated with the latest information about top insurers. These advisors can provide you with customized quotes within minutes.

Besides, you can benefit from discounts or rebates that the brokers keep track of. Rather than exploring the best insurance schemes yourself, it makes sense to get the policy recommended by a broker.

How much is tenant insurance coverage in Nova Scotia?

If you’re wondering, “how much is tenant insurance in Nova Scotia?”, let’s take a look. If you consider the monthly premium, the price comes down to less than a meal. On average, you need to pay around $25 a month for standard coverage.

Based on your risk profile and requirements, you can purchase tenant insurance policies to cover your belongings worth $100,000 to $500,000.

Besides, these policies also provide you with tenant liability coverage benefits. So, the cost of Nova Scotia tenant insurance is quite reasonable, considering the overall benefits you are provisioned for.

What does your Nova Scotia tenant coverage include?

Before explaining how you can get the cheapest Nova Scotia tenant insurance, let’s understand the coverage terms of these policies.

A standard renters’ insurance policy in Nova Scotia should include the following benefits:

Personal property coverage: Personal property coverage provides adequate protection for your belongings. This includes your furniture, clothes, electrical appliances, and other possessions. In case there’s a theft, damage, or disaster destroying these belongings, you can get the value compensated by your insurer.

Additional living expenses: The property you have rented may become uninhabitable due to a disaster or some kind of damage. In these cases, you need to seek additional spaces for accommodation. You can get this money, including hotel bills and temporary living expenses, compensated as a part of the insurance.

Tenant liability coverage: Tenant liability coverage helps you manage the expenses associated with dealing with litigations. In case you accidentally damage your landlord’s property or someone visiting your home sustains an injury, lawsuits can turn out to be expensive. This coverage will also help you settle the associated medical bills of the injured persons.

How to customize your tenant insurance in Nova Scotia

The risk profile of each tenant differs according to the valuation of their property. At times, you need to personalize your coverage based on your specific requirements. This involves choosing some add-ons or riders.

Covering additional items might increase your premium marginally. However, you can rest assured of your financial stability in case of any unfortunate incident. Some of the additional provisions that you can opt-in as a part of your tenant insurance policy include:

●       Personal articles coverage

●       Protection for jewellery

●       Covering high-value art

●       Earthquake damage

●       Coverage for water protection

●       Home business coverage

Some tenants also purchase a claim-protection add-on. With this provision, you can make your first claim without affecting the premiums. Besides, a few insurers also provide personal cyber add-ons. This protects the tenants from personal attacks like data breaches, online fraud, blackmail, and extortion. As new tenant insurance products keep hitting the market, you can also explore add-ons for ID theft and fraud.

Now, you can keep your premiums low by being strategic while choosing the add-ons. Suppose you don’t live in a flood-prone area. Would you go for water damage coverage when you could have done without it?

Similarly, if you don’t entertain guests frequently at your home, you can reduce your personal liability coverage. By consulting reputed insurance brokers, you can personalize your policy. This would keep your premiums low and manageable.

What factors determine your tenant insurance premium?

Your tenant insurance premium largely depends on the following factors. Although most insurers use some basic parameters, these elements can make a visible difference in your monthly or annual premiums.

1.    Type of property

You might be renting a condo unit, an independent home, or an apartment in the basement. The premium is calculated based on the size of the rented space. So, be prepared to shell out higher premiums if you go for larger spaces. This is due to the increased risk potential for property damage.

2.    Credit score

Well, even though you aren’t taking a loan, top insurers might want to know your credit score. With a high credit score, you can save marginally on your premiums. This is because your credit score reflects your financial habits. Tenants with healthy credit scores tend to have a low-risk profile. Even if they end up damaging something, the chances of filing a claim are low.

3.    Your belongings

If you are a technology freak or have expensive appliances at your home, you would carry a high-risk profile. Likewise, if you maintain a decent lifestyle with some old furniture or mid-range appliances, the overall value of your belongings would be low. This would reflect in terms of lower tenant insurance premiums.

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Tenant insurance Nova Scotia — Endnote

With dozens of tenant insurance companies operating in Nova Scotia, landing yourself in a dilemma is relatively easy.

Rather than burdening your judgements with too many quotes and add-ons, reach out to one of the reputed brokers. These insurance brokers can help you obtain customized quotes for tenant insurance in minutes. You would also find their professional policy recommendations practical and worth paying for.