If you have a loan, then the house needs to be fully insured. If the house cost 100K, but the replacement value is 200K, you need an insurance policy for 200K.
For my Colorado rental, I have Safeco. The replacement value of the house is $230,000. I have a $5,000 deductible and my rate is $675/year for a landlord policy.
For my Florida rental, I have United Casualty Insurance. The replacement value is $215,000. I have a $2,500 deductible and my rate is $890/year for a landlord policy. In Florida, there is also a standard 2% hurricane policy. If I was to make a claim on hurricane damage I would have to pay 2% of 215,000, which is $4,300.
I would try to get a $5000 deductible and then always make sure that you have at least $5,000 in the bank for each property is disaster strikes.