What is Sum Insured (Property) | Insurance glossary by upcover

The sum insured is the most an insurer will pay for damage to, or loss of, the insured property. It should match the full replacement cost or value of the property to avoid underinsurance. Policyholders must set an adequate sum insured, since many policies cut claim payouts if the property is underinsured.

Related Terms

Sum Insured (Strata)

Market Value Cover (Strata)

Replacement Cost Cover (Strata)

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Related Term

Sum Insured (Strata)

Market Value Cover (Strata)

Replacement Cost Cover (Strata)

All Category

Financial

Legal

Insurance Documents

Fundraising

Employment

Policy

Risk Management

E&O

D&O

Commercial Insurance

Cyber

Compliance

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