When it comes to building repair and replacement insurance, no fixed amount can be set to cover all building types.
Interestingly, here corners are cut by penny-pinching committees in their all-consuming quest to lower premiums and therefore their levies. Owners will use out-dated valuations as the basis of their decision making on the level of cover, the cost of demolition and redesign will be deleted and GST will be discounted or ignored. Governments are attempting to cover this responsibility gap as well by forcing valuations to occur each few years. Even then, in places, this is being applied only to larger buildings as if the smaller ones are less important to their owners or smaller owners corporations are more likely to be more responsible than bigger ones. There is no known link between size and intelligence.