Isn't that priced into the cost of wealth already through insurance?
Not at all. You rely on the law enforcement and the courts to hold your rights over property, not insurance companies.
Which is typically a function of sale price.
I don’t think sale price of a big mansion sold 100 years ago and passed down from generation to generation would cover maintenance cost (road, sewers, electricity, police etc) for 100 years.
How so?
Police. Judiciary. Military. It takes a lot of infrastructure to defend property and property rights.
I see. Sorry I didn't complete the idea when "owning wealth" was used. I own money in a bank account. But I see now what he/she meant.
I mean, money in a bank account is also protected by the state: if the bank decides to just take your money, you can sue them.