Estimate home insurance cost

Q: I’m trying to budget for my expenses this year. Is there a way for me to estimate the cost of homeowner’s insurance?
-Gary, Wilmington, DE

A: Gary, insurance rates vary a lot from place to place. But, there is a broad rule of thumb you can use to get a rough estimate of your annual homeowner’s insurance which is to divide the value of the home by 1,000 and then multiply the result by $3.50. Again, as I said, this will only give you a very rough estimate, and your premium will depend on where your house is located and other factors like how much insurance coverage you get—so I suggest to find out for sure you get a real insurance quote form an insurance company or broker. Thanks for your question, Gary. Good luck. For more real estate tips and information, visit performanceproperty.com. I’m Gerald Lucas and I’ll see you again soon.