Insurance Amount Coverage? Replacement Cost

[Account Closed]

I'm a bit confused by the amount of insurance I should have on my buildings.  Currently, I have a duplex with a value of 150,000.  My insurance agent has me hooked up with 350K in coverage as replacement cost.  This seems like a bit overkill.  Any thoughts?

[Tim Puffer]

@Account Closed

Did you review the Replacement Cost Estimator with your agent/broker? Make sure that is correct.An option you would have s to insure it under a Repair Cost policy if you don't want to insure it for $350K. Also, it is likely that the company has underwriting guidelines that would take the market value into consideration to determine the amount of coverage that they could offer to you. They typically want to see a certain % ratio of the market value to replacement cost. 

I would ask your broker/agent about these items. Let me know if you need anything at all insurance related!