Actual Cash vs. Replacement: Wut monthly $ difference to go with?

[Brendan L.]

This is a low cost of living area, purchase price is 140k, 6/4 duplex built in 1900, buy and hold, B+ neighborhood. I have an ACV quote for 200k coverage at $712/yr. I have a RC quote for 470k coverage at $1,150/yr. Difference of $438/yr, or $36.50/mo. 

This is a 1.7% minimum rental, and difference in premiums would represent a 6% difference in total monthly PITI payment. So, I'm not thin on margin and can afford the extra in premium. Big picture, RC about an extra $4,400 per 10 years.

Would that difference make you go with ACV over RC? What would make you choose one or the other? I'm leaning toward RC for this property because my margins are fine and if something happened once, it would likely pay for itself. But I want to get others' opinions about how they might make this kind of business decision.