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Help!! I am very confused about how much to insure my house for -replacement cost. Is there any formula for how much you deduct for the land? What is the replacement cost per square foot running these days? I have a 2 family -3 floor brick townhouse market value is 1.6 million. It is on the narrow side and total sq feet is 2,085 and the site area is 1570 sq feet. Insurance company suggests replacement at 522,000 but that seems really low to me. 560,00 would bring it to $268 per square foot to replace. I don’t know if that is enough. ALso, what kind of water damage protection do most people have? Currently I have 250,000 which also seems really low. I’d so much appreciate some feedback and help with this!!!