Insuring for replacement cost vs. cash value

[Dave Versch]

Hi,

I've got a mortgage app in for a rental property. One of the conditions of the mortgage (which were given to me after applying) is that I need to purchase replacement cost coverage rather than cash value coverage. I'm purchasing the house for around 30K. To actually rebuild the house could easily cost 5 to 10 times that amount. Since it's an investment and I'll never be living there, if the place burns to the ground I just want to make sure I can pay off the mortgage, good riddance, and on to the next investment. Why should the bank care about anything else? If I can pay them off, in my view they should be satisfied. What am I missing?
Anyway, in the likely event that I won't be able to convince the bank to change their way of thinking, does anyone out there know of any bank doing conventional financing that would accept cash value insurance for an investment property in a situation where the cash value is much less than the replacement cost would be?