FirstTuesday.US is a site for real estate continuing ed and has some very good, affordable material on the topic.For those considering starting, there's a lot to learn.

Even with that, your finish materials can change dramatically from house to house.

You will hear Foremost or NREIG but neither are a builders risk as they do not cover theft nor materials on property that are not attached.

I have no idea how much things would costs right now (labor or materials).

Obviously I don’t know the property or the policy, but that would be my advice on preparations. my police was replacement cost to current equivalent material. $77,000 worth. 

REI is a passion of mine, and its the key to my dream life, not riches and material things, but a life that I can spend a majority of my time with my future family, and my wife, and traveling.

All the rules / methods you list are as 'rules of thumb', 'short cuts', etc. just as you can guesstimate a roof re-shingle just by the sq footage without selecting material, taking in account specific damage or getting quotes.Using any one of these methods is just a time saver to see if you should invest the most precious thing you have - Time.

Both for labor and materials. 

Depends on the quality of material used. 

Curious:- after so many local meet-ups you organized, what are the best practices for material to cover, what keeps guests coming back, # of sessions/mth, anything else that helps these become successful...- what type of financing and terms?