After a major disaster, the recovery and reconstruction of housing are related to the stability of urban and rural society and the level of governance. It is not only the reconstruction of the survival foundation but also the reconstruction of social relationships and governance capabilities. It must be planned with a focus on the restoration of real social governance capabilities and how to reduce losses in the event of another major disaster in the future. From the practice of housing recovery and reconstruction, it cannot be separated from the joint promotion of the government and the market. The market can efficiently solve the incentive problem of social forces participating in reconstruction, and the government can more effectively address the restoration of social governance capabilities and future disaster prevention and reduction issues. At the same time, practice has shown that only through cooperation between the government and the market can both aspects be optimally resolved. In the process of "normal society–extraordinary society–reconstruction of normal society", it is necessary to fairly and harmoniously handle the supply of private and public goods in the housing reconstruction process and achieve the modernization of urban and rural governance as the guiding principle of social reconstruction. The analysis of the experience of three sample areas based on housing recovery and reconstruction also demonstrates the value of this understanding. It can be seen that in the process of housing reconstruction after a major disaster, the modernization of urban and rural social governance should be the basic consideration. By establishing a post−disaster housing reconstruction funding support system combining national subsidies and market post−disaster insurance systems, it can incentivize market forces such as enterprises to participate in housing reconstruction and simultaneously regulate housing reconstruction and social reconstruction from the policy and legal levels.