Insurance quote too high?

[Jorge Leon]

Hi y'all, we are buying a 4 unit investment in Chicago for 430k, conventional loan with 30% down. I just got quoted minimum coverage from state farm for a $900,000, is this common?. Monthly payment is $450, more than we would like to pay. Can anyone recommend the cheapest insurance quotes in Chicagoland? Someone in another forum suggested asking for a quote with 80% coverage, I am waiting to hear back from the state farm guy. Any suggestions greatly appreciated. 

[John Warren]

@Jorge Leon replacement costs are through the roof this year. Most 4 unit buildings are running 30-40% more than they were a few years ago due to the value of construction being so much higher. I would focus on finding a local insurance broker versus going to one of the "captive" shops. I never really waste time with any captive shops since they can only do one thing to lower price which is lower the rebuild value. Then the next year, they will jack that up and I will be right back where I started.