Insurance Shopping- Any "rules of thumb"?

[Andrew West]

Hello Friends-

We are under contract on two duplexes in Michigan, and shopping for insurance (everyone's FAVORITE topic). We are fairly new to this so, as we learn about all of the different aspects of a policy (ACV vs. replacement cost, deductibles, premiums, etc.), I'm wondering if anyone uses any "rules of thumb" when choosing your policy as an investor. Perhaps those in the insurance world specifically have tips on how to think about the various priorities? Please don't give me the classic "it depends on your goals and your risk tolerance" responses. I already know that, as a general rule, we "purchase" peace of mind with higher premiums so that if something does go wrong we have better coverage. I am genuinely looking to get educated as to when the numbers make sense for an ACV policy vs. replacement cost, and how I should be thinking about this. Thanks in advance!