Two Family Dwelling Fire Insurance in Massachusetts

[Andrew Laing]

BP, I need some assistance! 

I'm closing on a 2 family in Massachusetts, 2600 sq. ft. 7 beds, 2 bath. $152k

Received my first quote for fire dwelling coverage. Premium came back at $2160/yr!

They have replacement cost at $359k, which is the bulk of the premium. This doesn't make a lot of sense to me with a property value at $152k. Anyone have an insurance company that does not do replacement cost? I'd prefer to insure around the value I'm paying and if building burns to the ground I'll just take my insurance check and walk. 

Thanks in advance for the help!!