Haven't been paying attention to the news recently.
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Certainly they would have homeowner's insurance. But if one has a really nice mansion I think they would be loathe to have it destroyed and then wait four years for it to get rebuilt. (permits, delays, material with lead time order to get delivered to Maui, competition for local contractors)
I believe the typical construction loan is 6 months.....but I guess a mansion takes longer...
Periodically I take a look at mansions on the market and the realtors may note how long they took to build. We're talking about multiyear projects because of all the needs I mentioned, and I forgot to include scheduling for inspections of many things.
This isn't like throwing up a particle board framed dimensional lumber frame house. It's a works project with so many things like foundation digging and pouring, structure erection, walls, plumbing, electric, flooring, roofing, cabinetry, painting, many areas with required inspections. Big houses take long times.