Monthly home insurance costs

[mosdef]

Wifey and I are putting together a plan for buying a home. We are trying to budget for monthly home insurance costs as part of the plan.

The problem we're having is:

1. We have no idea if it's going to be $100 a month, $300 a month, $1,000 a month. We have no guidelines because this will be our first home.

2. The insurance companies won't give us any information except for a formal quote, which we can't obtain without getting a whole bunch of details about a target house.

Anyone have a good rule of thumb here? Something like annual home insurance is around x-y% of home value per year, but be careful if your home is old, expensive, etc.

[WLVRYN]

My annual insurance premium is about 0.2% of my home's value. My home is relatively new (within the last 5 years). I have no idea if this is representative of market or not since I havent shopped insurance in forever. I also get some discounts because we have both cars and an umbrella policy with the same company as well.

[JohnMo]

Mine is like 500 per year (State Farm) with some discounts. My house is worth 350 ish and rebuild cost are roughly 140. Hope that helps.

[Tien]

Last house I sold:

Market value is about 220 000
Cost about 280 000 to rebuild.
Construction year: 1985
1500 SQ FT of living space.
5000 SQ FT of total land
3 bedrooms / 2.5 Bath
Above ground pool

I don't remember what other questions they ask.

Cost me 800 bucks a year but it was for a vacant / landlord insurance policy.

I live in Montreal by the way and I used TD Canada Trust to do it. TD Canada are soooooooo easy in their requirements to give out insurance compared to all the other companies.

[mosdef]

[ QUOTE ]
Last house I sold:

Market value is about 220 000
Cost about 280 000 to rebuild.
Construction year: 1985
1500 SQ FT of living space.
5000 SQ FT of total land
3 bedrooms / 2.5 Bath
Above ground pool

I don't remember what other questions they ask.

Cost me 800 bucks a year but it was for a vacant / landlord insurance policy.

I live in Montreal by the way and I used TD Canada Trust to do it. TD Canada are soooooooo easy in their requirements to give out insurance compared to all the other companies.

[/ QUOTE ]

Thanks for the responses. We have gotten quotes at around $175 per month. The purchase price of the home is around $900,000. This is proportionally consistent with the amounts provided in this thread, plus a margin because it's an old home.