Approximately how much should I be insuring my 8-plex for?

[Jennifer Rysdam]

Hi everyone! I bought an 8-plex in SW MN in April. I paid $175,000 for it. It was insured for $520,000, so I just stuck with that number for my policy too. Is that a reasonable number? Do I really need that much? It's a 6500 square foot building and I'm currently paying $3000 per year for insurance.

Thanks!