What will my insurance cost for the new house?

Question

Hi there, Lets say i would like to invest a house in a new subdivision cost $300 000. Located outskirt of Birmingham, AL. The Subdivision/community even built an Elementary School in the community. The community is divided from house prices ranging $150 000 to $500 000. When completed, the community will have 3,000 homes in a variety of distinctive neighborhoods within 5 to 10 years or more from now.

How much will the insurance cost? Don't need a specific answer but just an idea how much it would cost average for the insurance etc etc I'm pretty sure certain factors changes each individual owner and the property area but from the basic description of the area, how much do you think?

Of course i can always ask the insurer the question but i would like to know the homes owners in the house. Thanks for your input

Answer 1

Should be $1,100 a year for a "complete" policy.  You could get one as low as $750 with high deductibles.

Answer 2

No one can really answer your question because much more goes into the calculation than the cost of the house.

Size of house, style of house, type of fire coverage (paid or volunteer), distance from nearest fire hydrant, distance from the coast, likelihood of hurricane strikes, type of heating and cooling, fireplace or not, etc., etc., etc.  

Guessing that in Birmingham, AL, there is hurricane risk and that a $300,000 house is probably about 2500 sf, I'd make a WAG (wild @ss guess, probably only good to +/- 50%) of $1200 per year.  

good luck!