My parents just received a renewal notice for their building insurance. They live in an apartment belonging to a block of 6 units. Total insurance cover is for $2,050,000. My 2 questions : 1) What is the square metre cost to re-build a 3 storey x 6 apartment block ? I know there is a rate for homes but I think it's probably different for buildings. 2) My mother is the treasurer and the property manager has asked for her signature before paying insurance company. Assume there is no legal issue with her signing to approve insurance renewal ? Cheers !
Hi H2L 1) I'm not sure what the current cost would be. But I recall there's a qty surveyors'/building costs guidebook for these sorts of calculations. What I think though is that your Mum should arrange for a valuation for insurance purposes so that the replacement cost can be accurately estimated. 2) I would have thought that insurance renewal and amount would be a matter the body corporate should vote on at its AGM. No doubt the members could delegate the renewal to one of the committee though. Cheers
