Our owners corp gets an independent valuation done every 5-10 years and presents that to an insurer. I don’t recall the insurer ever rejecting the valuation. Between valuations, each year’s AGM resolves that the committee shall renew our insurance increasing the insured amount in line with the insurer’s recommendation. That recommendation is only ever a few % each year to reflect general increases in property value. After some years of just having % increases, we get another valuation done to ensure we have not drifted too far off course.