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How do I determine the Sum Insured for my Fire insurance policy?

Last updated on: April 21, 2023
You can choose one of the following to be your policy's Sum Insured:
1) Your original mortgage loan value;
2) the cost of your property reinstatement;
3) your current mortgage loan value.

If you choose your Sum Insured to be the cost of rebuilding your property, a property valuation must be conducted annually and the Sum Insured may change year to year depending on the valuation.


Many homeowners choose a Sum Insured equal to their current mortgage loan value. However, a mortgage loan's value drops over time, which means the Sum Insured will also decrease. If you have any doubt, you may check with your mortgage bank for the exact Sum Insured required.
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