How much insurance is enough on a rental property?

[Harry Campbell]

I'm buying a rental property in MS and looking at insurance quotes. It seems like the driving factor for the cost is how much building coverage one gets so how much should I get? The property I'm looking at is a SFR with a purchase price of $182,000.

I think a lot of people mis-use/don't understand insurance - my personal mantra is to only insure against the catastrophic or the unknown. But how does/should this change when you're looking at a rental property?

I could afford to replace the whole cost but it would be painful so does that mean I should get insurance?

And thoughts on deductible?