How much should I insure my home for?

Your bank or your insurer asks for a sum. Find it from the square metres, and see what you lose if you set it low.

A home is insured for what it costs to build again, not for its market value: the square metres times the cost of building one, without the plot.
An engineer or your insurer knows the cost, and in 2024 the press wrote of €2,500 to €3,000 a square metre for a new building.
If you declare less than the value, the average clause cuts every claim in the same proportion.

Calculate

The home

Floor area of the home m² Cost of building a square metre € a m²

Your policy

The sum in your policy today €

The answer

Home rebuild value: -
Insured today: -

Type the cost of building a square metre. An engineer, a builder or your insurer knows it, for your area and your building. In February 2024 the press wrote of €2,500 to €3,000 a square metre for a new building.

The average clause with a margin of 10%, as the provision clause in the Allianz sheet for Safe Home Exclusive.
The result is rounded to the thousand.
The plot is not insured.

Why not the market value

Insurance pays to rebuild the building, not to buy another. The market value contains the plot, the view and the neighbourhood, which do not burn. A flat of 95 m² in Kolonaki and an identical one in Patras cost almost the same to rebuild.

If you insure for less than the value, the insurer pays each claim in the proportion you cover. A home worth €130,000 insured for €80,000 is insured at 62%: on a damage of €10,000 you get €6,154. A policy may forgive a small gap, with a provision clause: in Safe Home Exclusive of Allianz, up to 10% of the value.

For the same home, the ENFIA discount asks for insurance of the whole rebuild value, with earthquake, fire and flood. Calculate the ENFIA discount.

How we work it out

The value is the square metres times the cost of building one that you type, rounded to the thousand. We found no public table of the cost for each kind of home. In February 2024 the press wrote of €2,500 to €3,000 a square metre for a new building, and we show it only as a yardstick.

Count the semi-open rooms too, and the storeroom or the parking space if they are insured with the home. The things in the home have a tool of their own, with an inventory room by room. How much to insure the contents for.

The average clause is article 17 of law 2496/1997: if the sum is lower than the value, the payment falls in the same proportion. A policy may forgive a small gap, with a provision clause: in the Allianz sheet for Safe Home Exclusive it reaches 10%, and the calculation does the same.

Sources

Allianz, product information document, Safe Home Exclusive, 2025
in.gr: «Building costs at 3,000 euros a square metre» (in Greek), 17 Φεβρουαρίου 2024
Law 2496/1997 on the insurance contract, article 17, under- and over-insurance, 1997

Text size

Frequently asked questions

What people usually ask

01 Why not the market or the tax value?

Insurance pays to rebuild the building, not to buy another. The plot does not burn. The tax value is a figure of the tax office, for ENFIA and transfers.

02 Do I count the common areas?

Not separately. Your share of the stairs, the roof and the frame is inside the rate per square metre of flats.

03 What if I insure for more?

You pay premium for a sum you will never receive. The insurer pays up to the actual damage, whatever the sum insured.

04 Does the bank ask for a specific sum?

Ask the bank: the terms of the loan state the sum it asks for. Do not insure for less than it costs to build the home again.

05 How often should I revisit the sum?

Every renewal. Building costs change, and a sum set years ago may be underinsurance today.