I need to get fire insurance for a property. There is no mortgage.
How do I decide on the 'sum assured'? I can find the valuation of the property from HSBC, but that valuation is high and related to how much to buy or sell the property and get a mortgage. The valuation for 'fire insurance' is related to the cost of rebuilding the property. Should I assume that it is the same as the property value?
Thanks.