Replacement Value Coverage

Limitations may apply to Replacement Value Coverage. That’s why it is important to take a look at some of the ways your valuables are covered.

Replacement value

Replacement value coverage means that the contents of your home are insured for the amount it costs to replace them. When you replace the item(s) with a similar kind and quality, within a specified time, the insurer will pay you what it cost you to replace the covered item(s) up to your policy limit, instead of what they were actually worth in their used state. This is the most common option added to property policies.

Jewellery & fur coverage

We know you want to protect your beautiful jewels and fabulous furs—that’s why it is important to insure their full value. All home policies limit the amount and type of coverage available for your jewellery and furs when a loss occurs. That’s why it’s a smart idea to get additional jewellery or fur specific. Your basic policy limit covers your smaller valued pieces, while you can use specialty coverage to itemize your larger pieces of jewellery and furs separately.

Extended water damage coverage

Water loss has surpassed fire as being the most common claim made by homeowners in Canada1. Your property policy covers you for any covered loss caused by a sudden, accidental discharge of water in your home. This includes coverage for freezing pipes and the overflow of water from public water mains carrying drinking water2. If you want to be covered for damages caused by the backup of sewers or septic tanks, ground and surface water entering your home below ground level (including heavy rainfalls or melting snow that enters your home), or flooding due to rises in streams or bodies of fresh water, you should purchase the Extended Water Damage option.

Earthquake coverage

We do not know when the next major earthquake will strike, but we do know where damage is most likely to occur. Three of Canada’s largest cities are located in regions of high to moderate risk of earthquake damage — Vancouver, Montreal, and Ottawa. If you live in these areas, you should seriously consider this option. It is likely that property damage will be experienced eventually in or around one or more of these centres.

Earthquake coverage is now mandatory in certain parts of British Columbia with TD Insurance home coverage policies. A recent study by The Insurance Bureau of Canada recently revealed that if an earthquake were to occur in British Columbia, the potential damage would be severe.

Limitations in coverage

Keep this in mind. You can expect to see limitations in theft coverage for jewellery and furs, silverware, business property, bicycles, money, boat and motor. If you have any of these special items, you should call a TD Insurance advisor to find out if you have adequate coverage for your needs.
Additional coverage options may be available. Please speak with an Advisor.


* Please note earthquake damage coverage may also be referred to as earthquake.
1 Harris, C. (2014, June). The problem with property. Retrieved January 13, 2016, from
2 Certain conditions and limitations may apply