Insurance policy question.. How much insurance should I get?

[Talley Haines]

Need some advice when it comes to insuring a rental property...  I have a rental that would probably sell for around 200,000 if I sold it right now but my plan is to keep it and rent it out.  Would it be a bad idea to get 150,000 worth of insurance on the house in order to keep my monthly payment down.  

[Mary M.]

you might look into changing your deductible if you re looking to save money.....  but rebuilding is expensive now so I would what to insure so my asset could be rebuilt if it were to burn down for example.....  usually  this means insuring the home and not the land....  I also do a 10k deductible as that will save me a bit of cash and I have that saved.....  the best thing to do is call your insurance broker and ask them to quote the policy various ways....    if these are rental properties be sure you are getting LL /biz owner insurance...  not just property insurance.