An interesting thing happened here recently. A condo building burned to the ground. It happens. The building was insured for catastrophic loss, and the insurance paid out in full. However, the payout only covered a third of the replacement cost. The building's current value had not been reassessed for several years, and was still insured at the old assessment value - but real estate prices have exploded higher in the interim years, such that the coverage was no longer adequate for a new building. The owners are apparently trying to sue the management company but are probably SOL. Their equity is basically now lost.