Landlord insurance advice

[Daniel Wolz]

Looking for advice on landlord insurance - actual cash value vs replacement cost. I have a single family home rental that I paid $22k for a couple years ago. I have it insured for $24k under an actual cash value policy. The property, as is, is probably now worth ~$60k. A new build (assuming it was rebuilt under a replacement cost policy) would probably go for ~$150k. - Should I keep the policy as is at $24k to just cover my initial investment? (cheapest option) - Should I increase the actual cash value to $60k to cover current market value of my investment? (slightly more expensive) - Should I get replacement cost coverage since the market has picked up so much for a new build? (most expensive) I know this depends on the cost of the premiums, but I'm just hoping to get some insight from any of you who know insurance or may have been on a similar situation before. Thanks for your input!