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Whether to repair or replace water-damaged plaster depends on the scale of the damage. For small, limited areas, you can often perform a repair yourself. If you choose to paint over small patches, ensure the surface is completely dry and apply a coat of antifungal primer first to prevent mold growth. However, simply painting or plastering over the damage is only a temporary solution that doesn't address the core problem. For more extensive or long-term damage, the plaster may be compromised, and there is a risk of mold. In these cases, it is recommended to remove the damaged section of plasterboard and replace it. You may consider hiring a professional for the repair, and it's worth noting that water damage is often covered by home insurance.

There are six levels of drywall finish, from 0 to 5, that refer to the amount of work performed during the finishing process.

Level 0: Drywall is hung with no finishing work.

Level 1: Tape is placed over the seams between drywall sheets.

Level 2: A thin layer of mud is applied over the tape and screw holes. This level is common for utility rooms or walls that will be covered.

Level 3: A full coat of mud covers the screw holes and tape, but the surface is not sanded. This is often used in garages.

Level 4: This is the most common finish for visible interior walls. It involves applying two coats of mud over seams and screw holes, with sanding between each coat, creating a smooth surface ready for flat paint.

Level 5: This is a high-end finish for luxury homes. It includes full taping, mudding, and sanding, plus a final skim coat over the entire surface before painting.

This depends on how much plaster is applied and in how many layers, but a decent estimate is around 150 square feet. If you are applying only two coats on a small wall, there is a chance you may only need one or two gallons for the entire project. If you are plastering a large living room wall with high ceilings, using one of the more involved techniques–like Scagliola–that requires several coats, expect the project materials costs to add up quickly. 

With its breathability and flexibility, lime plaster is among the most durable of all plaster types. It's also fire-resistant and has a proven track record, as people have been using it for thousands of years.

However, all plaster types will last for many years with the right care and treatment. Proper preparation and installation will also help ensure your plaster walls look great for as long as possible.