It is REALLY going to depend on where you live.
I live in Houston, TX and prone to flooding, hurricanes and higher crime rates so even in an area that has never flooded, only had damage one time (Ike caused around $6K taking out our entire perimeter fence, some roof damage, water damage from roof damage in two rooms effecting carpet/floor/baseboards and some freestanding furniture).
House is currently worth according to the tax assessor's office around $130K, Insurance currently covers house replacement value as $150K, insured cost is for $1,300/year.
(they always insist on quoting a value to replace the house if it was completely destroyed down to the foundation, so rebuild/replace is going to be more than the purchase or tax basis of the property in my experience)