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Yes, you can use drywall repair techniques for some types of plaster damage. Tiny holes and small cracks in plaster can be patched in similar ways to drywall. You apply the necessary compound to fill the hole, wait for it to dry, then sand it down. For larger damage, like water damage or mold, you need to use plaster-specific techniques and materials.

Generally, your homeowner’s insurance might only cover ceiling collapses caused by problems under the coverage, such as a busted pipe. But if the ceiling collapse resulted from owner negligence, maintenance issues, or other reasons excluded by your policy, you could be on your own. Some policies might cover damages caused by the collapse but not the repair itself. Check with your policy carrier for the most accurate information regarding ceiling collapse coverage.

Plastering lasts for around 15 to 20 years without needing repairs or maintenance in most cases, and with proper upkeep, plastering can last a lifetime—sometimes more than 100 years. Plaster repair costs between $1 and $3 per square foot, and you may need these services once every 15 to 20 years or so unless you have a harsh climate where humidity changes are a constant issue. You can also opt to skim-coat plaster for between $0.90 and $1.30 per square foot, which may serve you better in the long run.

Whether Venetian plaster increases your home's value often depends on the buyer's preference. As a purely aesthetic upgrade, it doesn't add structural value in the same way a kitchen or bathroom remodel might. However, its beautiful and attractive appearance can make a home more appealing to potential buyers, possibly leading to more interest, higher offers, and increased competition when you sell.