Sum insured (asfalismeno kefalaio)
The sum insured is the amount specified for a cover. It does not mean the whole amount is paid automatically. Payment depends on the event, terms and sublimits. In property insurance, a low amount may lead to underinsurance.
Also known as: Insured amount · Insured sum
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.
Check which value the terms require you to insure. A low amount may reduce compensation. A higher amount does not necessarily mean payment above the actual loss.
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
Are the sum insured and the premium the same?
No. The premium is what you pay for insurance. The sum insured is the amount stated for the cover. A payout also depends on the terms, deductibles and sublimits; it is not an automatic payment of the full sum insured.
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?
If an average clause applies, compensation may be reduced. Some covers have different terms, such as first-loss cover. Check the rules for the specific cover.
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.