Whether you own a Freehold as Owner Occupier or are the Landlord, the obligation is usually to insure for the property's full reinstatement value. It is important to regularly review the reinstatement valuation of your property to ensure that they are fully covered, for otherwise should an insured event occur and the property be undervalued, it is unlikely that the insurers will discharge the claim in full. Where this occurs and you are a Landlord, then this will regrettably lead to additional personal liability.