Settle Your Way Endorsement

Looking for a flexible home insurance option? We’ve got you covered.

What is the Settle Your Way endorsement?

Settle Your Way from TD Insurance is an endorsement that you can choose for your Home Coverage or Enhanced Home Coverage; whether you own your home or condo or are renting. It provides you with more flexibility in the event of a covered loss by letting you choose to repair/rebuild or settle in cash without any deduction for depreciation.

Who is the Settle Your Way endorsement for?

This insurance endorsement can be appealing to those who may not want to rebuild their home or replace their belongings if damaged by a covered peril.

How does the Settle Your Way endorsement work?

To understand how the Settle Your Way endorsement works, it’s important to first know how a claim is normally settled.

In the event that your home or belongings are damaged or destroyed due a covered peril, normal settlement coverage would offer you 2 options:

  1. to repair or replace (if irreparable) with a house and/or belongings of similar kind and quality. Your new home would be roughly the same size as your original home and in the same location.
  2. to receive a direct cash settlement on the home and/or belongings, the amount of which would reflect the actual cash value at the time of loss (replacement cost less applicable depreciation).

If you have TD Insurance Condo or Tenant coverage, you could normally replace your belongings with the ones that are of similar kind and quality or you could choose to take a cash settlement. For Condo coverage, you can choose to rebuild or repair any improvements or betterments made to your condo by you or previous owners or take a cash settlement, subject to applicable depreciation.

With the Settle Your Way coverage, you would have the option to rebuild a similar type of home at another location or take a cash settlement, without being subject to depreciation, which you could do with as you please.

For TD Insurance Condo or Tenant coverage combined with the Settle Your Way endorsement, you could take a cash settlement on your belongings without a deduction for depreciation. For condos, you even have the option to take a non-depreciated cash settlement on improvements and betterments.

Be sure to speak to your TD Insurance advisor to decide if the Settle Your Way endorsement is right for you.

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