It depends what kinda accident you might have...

If you pay cash for the house, you can buy insurance at your will, usually replacement cost.

If you have a mortgage against the property then lender will also ask you to buy insurance up to replacement cost.

Hazard insurance is for improvement(property) NOT for the land. Rental property, you can purchase umbrella coverage/general liability insurance. Overall, because this property is not expensive I don't think your insurance premium will be too high anyway.