The Owners’ Management Company in any development is required to exercise their fiduciary duties at all times in relation to all members, and one of their key responsibilities is to ensure there is adequate insurance cover in place for the development.
The rebuilding costs are associated with the cost of building or replacing the development. The valuation is what a property would sell for on the open market. These figures can be very different. When seeking insurance cover, the figure you need to focus on is the rebuilding cost. While theThe cost of construction materials and labour have increased significantly over the last couple of years, resulting in a large number of residential developments being underinsured.
For example, if the rebuild cost of your home is, say, €440,000, and you only have it insured for €330,000, you will be facing a shortfall of €110,000 in the event of a catastrophic event such as a fire.
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