How high should I insure a property for?

[Donald DiBuono]

Purchased my first 2 Family home. One insurance agent advised me to insure up to the purchase price (216k). The other agent advised I insure up to 500k as the asset is already depreciated and, worse case scenario, you will need higher insurance. What have you investors done in the past?

[Bjorn Ahlblad]

@Donald DiBuono insure it for what it is worth to you. I got a new quote recently..........replacement value is 2 mil. It is worth 1 mil to me and I would not replace it, simply take the money and walk way. So why pay higher premiums for something that is so unlikely to happen.