reinstatement advice needed

T

thomasmc01

Registered User
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how do you assess the re-instatement value of an apartment? have guidelines for terraced, semi-d etc..but not apartments
 
I was under the impression that you cannot get individual insurance for an apartment. Apartments are usually insured under a block policy. Because of shared foundations, walls etc you cannot have a situation where an apartment could be insured but the one underneath not be insured, if you see what I mean.
So, I think you would be looking at the reinstatement cost for the whole block.
 
You may need a surveyor to estimate the rebuilding cost but as aamstudent says often (normally?) apartments are insured under the block insurance provided by the management company using some of the management fees.
 
It would be very unusual for an apartment block to be insured under anything else then a block policy.
If it was done under an individual policy basis who would insure the common areas?
The management company would normally have a block policy in place covering all of the apartments and the common areas and the site
Your portion of the premium would be based on your sq ft plus your percentage of the common areas.
It is the responsibility of the management company to make sure that the sum insured is adequate for reinstatement.
 
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