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How do I calculate the dwelling coverage I need from the information I have?
Never take the first quote. Consider what it would really cost to replace the house -- to rebuild and pay for living while you do so (including demolition, etc.) and/or pay off the mortgage and return your equity if it is a financed property.  Most insurances will have a limit on how much coverage you can get based on the property value and your goods value estimates.  Shop around for a company that will give you a good price but also good customer service and a smooth claims process.  They should be solvent (able to pay your claim if, say, a tornado hit the whole neighborhood).  And they should cover your reasonable replacement costs. And remember, insurance is about the big losses like fires. Know what you are comfortable self insuring (higher or lower deductibles, optional coverages, etc.) and you will have an easier time getting the coverage you need for the price you want to pay.