The amount is shown in the schedule of your policy. If your policy covers contents the sum insured must be sufficient to replace, as new, all the contents of your home. If your policy covers the buildings of your home then the sum insured must be sufficient to rebuild in the event of total destruction.
The sum expressed in a policy as the amount payable on the occurrence of the event insured against in the case of a benefit policy, or as the maximum of the insurer's liability under a contract of indemnity.
The amount for which property is insured, and the maximum amount that the insurance company will pay for any claim. In life insurance, the amount that is guaranteed to be paid and to which bonuses may be added.
For non-life insurance it is the maximum amount the insurance company will pay out for a claim. For life assurance it is the amount that is guaranteed to be paid on death to which, if a with-profits contract, bonuses may be added.