Take the square feet of your home and divide that into the replacement cost amount. That is your new price per square foot. Then you can check in your area and see how much a home like yours would cost per square foot to rebuild. You can also check with several different insurance companies and get several quotes. See if they are coming out to approxiamately the same replacement cost amount of 416,000. Keep in mind that the bank will require the insurance company to insure the home for the replacement cost or the loan amount if that is higher. I'll be happy to answer any other questions you might have.
I am so sorry you are dealing with this during the Christmas holiday.
God Bless You and Merry Christmas