I have two properties in escrow in Saint Louis City. They are both four family properties in desirable locations (quality tenants).

The purchase prices are $349,000 and $290,000.  However, as these properties are all brick construction, the typical insurance quote provides astronomical replacement estimates (~$1M each).  I want sufficient insurance, but if something catastrophic were to happen I would construct under more modern building methods. Specifically, I would use wood construction with brick veneer. This is the method of choice for new construction in St. Louis. The goal would be to maintain the curb appeal / authentic look, but at a much lower replacement cost.

Thus, I'm looking to find an insurance agent / receive quotes that understand this dynamic. It makes no sense to me that I would insure a home from $1M, when the market value is $300K. Let me know if you think you can help, and I would love to discuss options available.

I'm planning to buy 3 more 4 family units this year, and will continue to buy multiple properties a year for many years to come. As such, it's important to me to find a solution to this problem, and the status quo of over insuring these properties just doesn't work for me.

Thanks in advance for your help!