According to the Dutch government (Rijksoverheid), the rebuilding value is the money needed to rebuild the building, for example after a fire. You will find the amount on the policy schedule of the fire and buildings insurance.
The rebuilding value matters for the annual reserve. If the VvE does not work with a multi-year maintenance plan, it sets aside at least 0.5% of the building's rebuilding value each year (article 5:126(2)(b) BW).
It also matters for insurance: under the Model Regulations 2017 the meeting sets the insured amount, which for the buildings insurance must match the rebuilding costs (article 19.2). A rebuilding value that is too low can therefore mean both under-insurance and too small a reserve.
See also: Reserve fund (reservefonds), Multi-year maintenance plan (MJOP), Buildings insurance (opstalverzekering)
Read more: How much must your VvE save?
Legal basis: Boek 5 BW, art. 5:126, Rijksoverheid, Modelreglement 2017, art. 19