Brittany,Without know the exact rebuilding costs of each option you could not say for certainty which would be cheaper insurance wise. 

Your not going to rebuild them if your self insuring cost far to much to replace than what the true value is.. ( this is true in most of the US were values for existing homes are sub 100k) So for us we were paying say 50 a month for insurance X 350 or 17.500 a month.. we could replace the homes for 50k no problem ( as we buy direct and wholesale) so if we cut the insurance down to just liability the idea was we could just insure under our big umbrella policy..

You need liability insurance to protect yourself from damages that may arise at your rental property (trip and falls) and you need to cover the structure itself (rebuild costs).

I settled by paying them off in one lump sum, so I essentially saved 65% of the loan balance by doing so.. clearly this is detrimental to your credit thought but For me, we chose to use my partners name (we are engaged not yet married) for the mortgage of our 1st MF property which would give me a chance to re-build my credit and in 3 years time we will be ready to invest in our 2nd MF (and we will be married by then).  

Just because there is a house there currently does not mean you can rebuild if the structure is removed.

Example: the historic preservationists in Davenport Ia want you to REBUILD wooden windows rather than replace them with energy efficient vinyl.

My Fire/Dwelling policy covers the rebuild cost of $193K, $2K in personal Property, and $100K liability (seperate $1M umbrella) for a yearly premium of $1750.

I have moved from Boston to Panama City in hopes to help rebuild the community.

I would not rebuild a big roof with supports  

I am trying to find a contractor for rebuilding of the ground level front facade.