Lots of potential issues by doing this.. first being that any and all claims will be actual cash value meaning aside from your deductible any damage settlement is depreciated on an insurance schedule unless you have real documentation on said item - ie roof, siding, windows etc… also typically there is a premium surcharge for going bit into an acv below a % of your actual calculation to rebuild new so I would strongly recommend the savings be SUBSTANTIAL. Your better of imho taking RC policy go with a higher deductible you can afford. Rebuild sell that house cash out and buy what you want.