$270 to $400 for Builder's Risk Insurance on $405k rowhouse in DC

[Shawn Oh]

Hello,

I have a row house in Petworth, DC that I will be purchasing for $405k, looking at ARV of $675k, and wanted to know how much I should be paying for Builder's Risk Insurance and if these are adequate coverage.

The quote I have so far are,

Special Form Coverage
Replacement Cost - $550,000
$1,000,000 Premises Liability
$5,000 All Other Perils Deductible/$7,500 Theft Peril Deductible
$396.00 Monthly Cost

Or

Basic Form Coverage
Renovation Project
Replacement Cost - $550,000
$1,000,000 Premises Liability
$5,000 All Other Perils Deductible
$269.50 Monthly Cost

The Basic coverage would cover; 

Fire; Lightning; Explosion (includes Sonic Boom and Water Hammer); Windstorm and Hail; Smoke; Aircraft and Vehicles; Riot or Civil Commotion; Volcanic Action; Sprinkler Leakage; Sinkhole Collapse; Vandalism/ Malicious Mischief.

And Special would cover on top of Basic coverage;

Falling Objects; Weight of Snow, Ice or Sleet; Water Damage; Collapse (Additional Coverage); Theft; Risk of Direct Physical Loss (subject to policy exclusions).

Please provide your insight into whether this is adequate price/coverage. What other questions should I be asking them?

Thanks in advance,

Shawn