Sum insured (asfalismeno kefalaio)
The sum insured is the maximum the insurer can pay for a cover. For a home it corresponds to the rebuild cost, not the market value; for life it is the amount the beneficiaries receive. If set below the real value, the payout is reduced proportionally.
Also known as: Insured amount
The sum insured is the most misunderstood number in a policy. For a home, many confuse it with market or tax value — but insurance pays to rebuild the home, not to buy the land. The right figure is the rebuild cost.
A wrong sum insured costs you two ways: if it is too low you are underinsured and the payout is cut; if it is too high you pay premium for cover you will never receive.
In your own policy, the sum insured is the main amount next to each cover. Compare it to a realistic estimate: for a home, the rebuild cost per square meter. PolicyWallet surfaces the sum insured and, if the policy also states a rebuild cost, shows you when the sum falls short — on the Family plan.
Upload your policy — free summaryFrequently asked questions
Is the sum insured my home's value?
No — it is the cost to rebuild it, not its market value. Land is not destroyed, so it is not insured.
What if the sum insured is too low?
You are underinsured: in a claim, the payout is reduced in proportion to the underinsurance.
Related
Educational content, not insurance advice. PolicyWallet explains what the term means and helps you find it in your own document — it does not assert what your policy covers.