What amount should I insure the house for?

[Adam Craig]

I am shopping rates on my 10 rental properties. The agent from American Modern asked for a dollar figure I wanted to insurance for. My guys at Nationwide never asked me this they just insured for a set amount.

Example - I bought a house for 50K - its now valued at $70 - the replacement cost is 169K - do I want to insure for the full replacement cost amount? It seems high and I know it will bump up my rates.