Ques: Can I insure my House for the value for which I have purchased?
Sum Insured for your house excludes the cost of land.
Sum Insured is calculated as follows-
Covered Area (Sq. ft) * Cost of construction (per sq. ft) = SI for your Building
E.g. (400sq ft) * (Rs 700/sq ft) = Rs 280000/-(SI of Building).