How do you estimate insurance costs?

Is there a general formula to determine what insurance costs will be? It would definitely help me out in checking the cashflow of a property…

no not really. I just call an ins co and ask for an estimate of a made up house and they give me a ballpark idea .realators and ins. co’s . hate me I pester the heck out of them ;D

I really don’t want to spend 100 hrs on the phone. :-\

If you know what your ins. is and the property is similar to the one you own use that as a guide for ball park figures

I don’t currently own, I rent. :-\

Ask the person that you are buying from what they are currently paying so you have an idea what to expect.

Just call your local agent and tell them you are looking to purchase a residence and rent it out. Tell them you need to get a quote for a landlord policy on the property and give them the figures for replacement costs, liabilty and deductible. It should only take a few minutes to do this and you get a fair market idea. It is a good idea to let the agent know it is for a landlord policy as some companies will only insure rented properties if they insure your primary residence. No use getting a quote from an insurer if they can’t or won’t underwrite your policy. I know as I am an insurance agent and handle property and casulaty, etc, etc, etc. Good luck.