First Insurance Policy - Your Thoughts BP?

[Kenton C.]

Here is the replacement cost value policy I was quoted for a rental property that I bought for $71,500. The quote insures the property for 171,000$, and 500,000$ in liability. I am not operating under an LLC, and have no assets (no car, no house) to lose, but I have the income from my job. Total premium is 1027, and seems to be the cheapest from the 10+ insurance brokers and companies I called, for this amount of coverage under a replacement cost policy.

What do you think? Is it missing anything? Is this enough coverage? Questions I should ask/clarify with the broker? I'd like to hear some thoughts as this is my first property, and first policy.