Home insurance dilemma…can you help?

Home insurance dilemma…can you help?
Added (1). Update: My house is appraised at 348K, and I have a mortgage on the property of $125K. My parents had insurance on the home approx equal to the appraised value. Now that the property is in my name, the insurance company says they determine coverage by the replacement value, which would be close to $1Million. Can my lender or the insurance agency force me to pay for a million dollar insurance policy?

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