How much insurance do you really need on a rental?

[Billy Rogers]

I got a quote from my insurance agent for a property I'm in the process of buying.  The coverage was for an amount about 4 times the purchase price of the property.   I think if something happened and I collected 4 times my purchase price I would just buy four more similar properties rather than rebuild.   Should I ask them to lower it?  It's really not that much money, it's just the idea of covering it for an amount so much greater seems strange to me.