Formula I use...
I don't know how most people calculate their estimated insurance, but I recently posted a response and got a lot of feedback from it, so I figured I would share with anyone who might have questions. For estimating homeowners insurance I take (Purchase Price/1000*3.5) and this usually gives you a pretty good idea of what to expect. Again, this is for estimating purposes only. Just a simple way to get an idea when crunching numbers!