Insurance policy question

[Phil Morgan]

I have a question for the seasoned owners out there.  I am buying my first larger complex of 36 units.  I am wondering what kind of polices you get on buildings like this.  The current owner is paying $11k per year in taxes but when I go get quotes I am getting prices around $20k which seems like a huge bump for the same property.  Do you get replacement cost?  What is the norm for a property like this?  Would love to get it down around what the current owner is paying but I want to make sure I'm covered in case something happens.