Can the lot entitlements be changed to match our insurance valuation?
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We are a five-unit, self-managed townhouse owners corporation. Four of our units have a similar single-level design. The fifth is a two-story unit which is approximately 20% larger. We recently received a formal valuation for all lots. Not surprisingly, the two-story unit has a higher rebuild valuation than the others, and we are currently insured for the sum of the two valuations, on the basis that we are required to insure for the rebuilding of the total property.