Subject to any regulations made under this Act and to Schedule 3, where a person enters into a contract of fire insurance with an insurance company in respect of any personal property situated in New Zealand, the property shall, while that contract is in force, be deemed to be insured under this Act against natural disaster damage for its replacement value (or, if it is insured against fire on any less favourable basis, that basis) to the amount (exclusive of goods and services tax) which is the lesser of—