Home Insurance

In Home Insurance policy how do I calculate the value of the structure?

In home insurance policy, the structure of your home is insured for its reconstruction value (and not for the market value). This value is the cost incurred to reconstruct the home if it is damaged. On the other hand, market value of your home is a combination of cost of land, demand and supply scenario, etc. The sum insured is calculated by multiplying the carpet area of your home with the construction rate per sq. feet, e.g. if the carpet area of your home is 1000 sq. feet and the construction rate is ₹1800 per sq. feet, the sum insured for your home structure is ₹18,00,000.