The insured value (or assurance value) represents the new-build value of a property. This is also referred to as replacement value (cost of reconstruction). The insured value does not cover the value of the land, nor does it include the value of the garden or any service and utility connections. This value is also known as the fire insurance value.

This indicates what an owner would receive for the reconstruction of his property. In Canton Zurich, insured value is a new-build value without adjustments in respect of the age of the property.

It is also used as the basis for calculating the notional rentable value of a property. To this end, the land value (according to location category) and the insured value are multiplied applying a specific formula to arrive at a taxable value.