Yes, of course. The financial institutes may only be insuring up to the level of their interest in your property (i.e. up to the amount of the loan) and it is up to the owner to ensure no shortfall in the sum insured. Adequacy of sum insured is a very important and fundamental part of insurance granted on indemnity basis (as against "agreed value" for instance). There is always an average condition in the policy that says that if at the time of loss the actual values should be greater than the sum insured, then the Insured shall be considered his own insurer for the difference.

Don't forget, even if the financial institute has insured your property adequately, the renovations or extensions to the building and the fixtures and fittings are factors that the financiers would have no knowledge of. It is up to you to arrange such top-up insurance requirement.