Dwelling Insurance all over the place

[John Dahl]

I am under contract for a duplex in Syracuse, NY, built in 1925 and have received three different insurance quotes; all having significantly different dwelling replacement costs.

Purchase Price: $155,000

Quote 1 - $292,000 (premium: $1,062/yr)

Quote 2 - $400,000 (premium: $1,072/yr)

Quote 3 - $600,000 (premium: $1,264/yr)

I chose the $2,500 deductible.

How do I know how much I will need?

Any thoughts or rules of thumb from other investors or insurance agents would be greatly appreciated!