It depends on your policy and on the damage done whether we will indemnify you or replace the damaged property. If you will be indemnified, your insurance policy will generally cover you for actual losses up to the sum you are insured for. Your Schedule of Insurance states what amounts you are insured for – for instance “Up to €200,000 for building, Up to €20,000 for contents” etc.
There may be limitations if you choose not rebuild but sell the land. In such a case we shall only pay the value of the property whereas if we will replace the damaged property, we will cover you for the amount it would cost to replace or repair damaged building/contents to the condition it was in just prior to the fire or even as new depending on the basis of replacement described in the policy.