How Much Insurance for 9300sf Commercial Building?

[Darrell Lee]

Buying a 100 y.o. 3 story commercial building, 9300s.f. plus 2,000s.f. basement. 

Not a typo... Paying $20k plus all closing costs for seller and me the buyer. About $10k so $30k total initial investment. Will spend $50-100k in renovations. Completely vacant at the moment, but after rehab I should have 66% leased in short order.

Haven't gotten an insurance quote yet, but the insurance guy (his office is across street from my building and used to insure for the seller) estimates replacement cost at $1.1mil and if I want to insure for cash value he suggests $800k. Sounds expensive in either case, but he's still working on a quote. I'm closing the deal in a couple days so I gotta come to a decision quickly.

What are your recommendations for insurance for me? And liability umbrella? Property in Vt.

Thanks.