How much insurance?

[Niyi Adewole]

I am 1 week away from officially closing on my first property (Tri-plex, live in one unit rent the other 2 out). I used an FHA loan to secure this first property, and have started shopping around for insurance. Below are details about the insurance quote i received from Liberty Mutual:

Estimated Replacement Cost - 401,083

Dwelling - $301,000

Other Structures on Insured Location (I.E. The garage) - 30,100

Personal Property - $150,500

Loss of Use of Insured Location - $60,200

Personal Liability - $1,000,000

Medical Payments to Others - $5000

TOTAL 12 MONTH POLICY PREMIUM - $2,434.02 (or 202.84 per month)

Question:

1. Is this enough coverage for my first property? (Triplex, 2600 Sq ft, Househack) 

2. Is this a decent price?