If the insured property has been fully paid off and is no longer under a mortgage, the customer may choose to use the property's reconstruction cost as the sum insured for fire insurance.  The reconstruction cost refers to the expenses required to restore the insured property to its original condition prior to any damage, excluding the value of the building foundation and the land.


Please note that the cost of rebuilding the property can be influenced by various factors, including the scope and extent of repairs, the size of the building, the condition of maintenance, material choices, and market conditions. Therefore,  when customers choose to insure based on the rebuilding cost, the property should be re-evaluated annually, and the sum insured should be adjusted accordingly. If the sum insured is insufficient, it may affect the compensation amount provided by the fire insurance.