Replacement Cost vs ACV

[John Zevenbergen]

I am looking at a foreclosure property listed at 50k and assessed around 85k. I requested a quote from an agent and he came back at almost 1, 000 / yr. This seemed high to me. Quote was from Northstar.

The agent said that the quote was at replacement cost, and because of the size and age of the home, the cost is higher.

My question is this - which is the best way to go, ACV or replacement cost?

Also, anyone have a good insurance company that they prefer for rentals?