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HSC Tenant Insurance Premiums Are Changing

Posted on November 15, 2019 by Jeffrey Herrle


Renewal premiums are changing for the HSC Tenant Insurance Program. The change applies to residents with new and renewing policies. The increase will come into effect February 1, 2020. For most residents, the increase will be less than $2/month. HSC’s program still remains the lowest cost option in the marketplace, despite the current hard insurance market.

Ontario Rates:

Coverages:  Option 1  Option 2
 $10K content  $20K content
 $2K living expenses  $4K living expenses
 $500K liability

 

 $1M liability
Cost for policies renewing February 1, 2020 (taxes & fees included):  $199.27/year ($16.60/monthly)   $257.74/year ($21.47/monthly)
Cost for policies starting February 1, 2020 (taxes & fees included):  $199.27/year (initial payment of $33.21, then 10 payments of $16.60/monthly) $257.74/year (initial payment of $42.96, then 10 payments of $21.47/monthly)

 

Caseworkers with OW/ODSP clients that pay for tenant insurance from their shelter allowance on a monthly basis should watch for the tenant insurance renewal notice to ensure that the amount deducted is adjusted. This will start with clients whose insurance expires on January 31, 2020 and will complete with clients whose insurance expires on December 31, 2020

Housing providers that require tenants to carry insurance and those that monitor compliance for risk management credits in HSC’s Group Insurance Program or otherwise should be mindful of this change. Housing providers can receive reports from HSC relating to active tenant insurance policies in their buildings by contacting HSC. HSC Tenant Insurance brochures with updated prices will be available for order starting December 1, 2019 at https://tenant.hscorp.ca/brochure-order-form/

For the new rates in other provinces or for further information about this program, please visit the HSC Tenant Insurance Program website.

Download our Fact Sheet on the Change and its Impacts

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