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Million Dollar Solution®

Date updated: 2026-08-06

© TD Bank Financial Group (2026). All rights reserved. Authored by: Christina Frechette

TL;DR – Million Dollar Solution®

The Million Dollar Solution® offers a flexible approach to home insurance coverage limits in Canada.

  • One combined amount: Instead of separate limits, you have one coverage amount that ranges between $1 million and $5 million in coverage, that can be used across your home, belongings, and temporary living expenses.
  • Based on rebuild cost: Your coverage is based on what it would cost to rebuild your home, not its market value.
  • Flexibility when things change: If costs increase or timelines extend during a claim, your coverage can be used where it’s needed most.

Bottom line: Your coverage is designed for your recovery, giving you more flexibility when it matters most.

When something happens to your home, a lot of questions can come up; how long repairs will take, where you’ll stay, and whether you have enough coverage if costs change along the way.

The Million Dollar Solution®, offered exclusively by TD Insurance is designed to bring more flexibility to those moments, with one overall amount of coverage ranging  between $1 million and $5 million,that can be used across your home, your belongings, and temporary living expenses.

What's Unique About the Million Dollar Solution®?

Many home insurance policies split coverage into separate limits for your home, your belongings, and your additional living expenses.

The Million Dollar Solution®, offered to TD Insurance homeowners, takes a different approach.

Having a single flexible coverage amount ensures you have enough coverage to help get your life back to normal in the event of a claim. Our Million Dollar Solution® provides a global limit of coverage for:

  • Your home, including any outbuildings or detached structures on your property, such as sheds and garages. Barns and stables may not be included, so ask your TD Insurance Advisor about your options to ensure adequate coverage.
  • Your belongings that are in your home, or temporarily removed from your premises, as well as your belongings located in outbuildings or detached structures on your property.
  • Additional living expenses if you need to temporarily move out of your home while it’s being repaired or rebuilt because of a loss that’s covered by your policy.
  • Clean-up costs, such as debris removal and decontamination services.
  • Rebuilding expenses associated with new by-laws.

This means your coverage can be used where you need it most, instead of being restricted by traditional home insurance coverage limits in Canada.

While this overall amount offers flexibility, some specific coverages, such as Extended Water Damage, may still have their own limits and terms, depending on your policy terms.

Many home insurance policies

TD Insurance Million Dollar Solution®
How your coverage is set up
Separate coverage limits for your home, belongings, and temporary living costs
One combined amount of coverage across your home, belonging and temporary living costs
What happens if costs change
Each category has its own limit, even if others aren't used
Coverage can be used where it's needed most
Temporary living costs
Often limited to a set percentage of the cost to rebuild your home
Included within your overall coverage amount
Ease of understanding during a claim
Multiple limits to track and manage
One amount supporting your recovery

Examples of How the Million Dollar Solution® Works for You

After a loss, things don't always go as planned. Costs can change, timelines can extend, and your needs can shift along the way. Having flexibility can make a big difference during the claim process.

Here are a few examples of how the Million Dollar Solution can support you: 

During a claim, you may need to move out temporarily while your home is being repaired. What was expected to be a short stay at a hotel, or short-term rental, could become longer due to delays outside your control.

For example, if your temporary living costs are expected to be $3,000 per month, a few extra months could add up quickly. Under some policies, if you reach your limit for additional living expenses, you might have to make significant lifestyle changes during an already stressful time. With the Million Dollar Solution®, your coverage isn't tied to a fixed limit just for living expenses. Instead, it can draw from your overall coverage amount, giving you more room to manage those costs if your stay ends up being longer, or more complex than expected.

As repairs begin, material and labor costs may increase. You may also find that building codes have changed, requiring the damaged portion of your home to be rebuilt differently to meet current standards, such as reinforcing structural elements. 

For example, a rebuild initially estimated at $450,000 may increase to $525,000 once updated materials and code requirements are factored in. With some policies that have a fixed rebuild limit, if costs increase beyond that limit, you may need to cover the difference out of pocket.

The Million Dollar Solution® can be used when it's needed most, helping you manage those expenses as they come up. 

Over time, people accumulate more than they realize; new furniture, electronics, clothing, toys, and everyday items. If it's been several years since you first set up your policy, the total value of your belongings today may be much higher than it was then.

For example, items that may have cost $40,000 to replace a few years ago could cost $55,000 or more today, as you add new items and replacement costs increase over time.

With the Million Dollar Solution®, your coverage can be used across both your home and belongings together. This gives you more flexibility to replace what you need, even if your situation has changed since you first set up your policy. 

How coverage amounts are determined

The coverage under the Million Dollar Solution® is based on the estimated cost to rebuild your home, including attached and certain detached structures on your property, such as a detached garage or pool house, not its market value or purchase price.

Coverage amounts under the Million Dollar Solution® start at $1 million and can go up to $5 million, depending on that rebuild estimate.  Factors like the size, features, and location of your home are considered.

Coverage under the Million Dollar Solution is grouped into ranges. A small change in your home details or rebuild value may move your coverage into the next range, even if your home hasn't changed significantly.

If your needs change, for example, after renovations, home additions, or high-value purchases, you can request an increase in your coverage and/or purchase optional coverage. Coverage generally cannot be reduced below what is required to reasonably reflect your home’s rebuild cost.

Review your coverage online

If it's been a while since you last reviewed your policy, it may be worth taking another look. At TD Insurance, we recommend reviewing your policy at least once a year to help ensure your coverage and home details are up to date. 

You can sign into the TD Insurance app or MyInsurance online to view your coverage, access your documents, and make updates. If you prefer, you can contact us to speak with a TD Insurance advisor who can help you better understand what's in place today and answer any questions.

Designed to protect, not over insure

The Million Dollar Solution® is designed to provide flexibility, not more coverage than you need.  Claims are settled based on the value of covered damage or loss, subject to policy terms, conditions, exclusions, and deductibles.

Many customers appreciate the simplicity of knowing they have broad protection in place, without needing to manage multiple coverage caps and predicting every possible expense in advance.

FAQs

You may be able to increase your coverage if your needs change, for example, after renovations, home additions, or high-value purchases,

Coverage cannot be reduced below what's needed to rebuild your home. This helps ensure your coverage can support your full recovery in the event of a loss, including your home, belongings and temporary living expenses. 

The Million Dollar Solution® gives you one overall amount of coverage that can be used across your home, your belongings and temporary living expenses.

Some higher-value items may have specific limits under your policy, especially higher-value items like jewelry, collectibles, works of art or specialty items.

If you own items like these, you may choose to list them separately on your policy, to their full valued amount, so they have more specific coverage based on what they're worth.

No. The Million Dollar Solution® provides one overall coverage amount that can be used across your home, belongings and additional living expenses, rather than multiple separate sub-limits. It is designed to provide flexibility across many types of expenses, but some specific coverage may still include their own limits or conditions.

For example, certain optional coverages like Extended Water Damage, or how roof and siding are covered, may vary depending on your policy and the characteristics of your home.

Understanding these details can help you feel more confident in how your coverage will respond in different situations.

The content on this page is for general information purposes only and does not constitute legal advice. Coverages described herein may be subject to additional eligibility criteria, limitations and exclusions. In the event you make a claim, potential indemnification is also subject to the receivability of the claim and the type of coverage you bought.

In the case of conflict between the content on this page and your policy wordings, your policy wordings shall take precedence.