no ,that used to be the case , but as property prices have now outstripped building costs, buildings insurance is now based on the actual rebuilding costs plus various items such as clearing away rubble ,legal costs etc .

With the other leaseholders, we recently bought the freehold between us from the original freeholder. I am now looking at renewing the buildings insurance and notice that the sum insured for the building and declared value seem very low. Should the declared value be the sum of the value of all the flats as if we were selling them on the open market?

Cheers

Joeh