Rental house Insurance

[Austin Brushett]

I am getting ready to close on a rental property and I have been getting quotes that are a mortgage coverage only quote as well as regular full replacement quotes for insurance. This will be my first out of state rental purchase and I am curious what other folks do here. Obviously the mortgage only quotes are lower having less impact on the cash flow but if something were to happen seems like you could be stuck with a vacant lot and no money to build. Do folks play the odds here and hope nothing will happen or do people shell out for the better insurance just in case. Just trying to get a feel for what other folks do/think. Thanks