I have just finished ratifying a contract for a home purchase. Our timeline for getting everything done is fairly tight and I'd like to start getting the homeowner's insurance squared away as soon as possible, especially since I want to shop around for the right mix of a good deal and good service. Getting estimates requires providing an estimate of how much dwelling coverage I will need.
I know our purchase price from the contract as well as the current county assessment. They are fairly close - a few thousand dollars apart. Because I live in a high cost of living area, much of the assessment is the land value. I don't believe my insurance will need to cover that. I have read, however, that it needs to cover demolition and rebuilding, which will likely be more expensive than the assessed structure value.
I already have a rough home inventory for my belongings in my rental, but know I will need to potentially add in things like appliances (my inventory is also only guestimates at value in writing, no pictures...oops).
So how do I calculate this reasonably and quickly. I assume most people don't go out and actually ask builders. I know that some insurance agents will give me that information based on a program with information about the house - should I skip the places that require me to do it for myself or use the quote from the first agent who will give it to me?