I did a Google search to find the average cost for our area for a $250,000, $500,000 and $750,000 home based on value alone.
I broke those costs down per 1,000 and put together an Excel worksheet that will calculate the estimated cost based on the homes estimated value.
Homes up to $375,000 are based on the cost per 1000 for the $250,000 home.
Homes $375,001 to $625,000 are based on the cost per 1000 for the $500,000 home
Homes $625,001 to $1,125,000 are based on the cost per 1000 for the $750,000 home.
If the home's value is greater than $1,125,000 then a quote is required.
We've been tracking this for about 4 weeks now. Our estimated quotes so far are within $250-$700 of the actual premium, dependent on the insurance company.
HO insurance is not subject to a tolerance and this method of estimation gives us a documented and consistent procedure for estimating the HO insurance.
The opinions expressed are mine and they are not to be taken as legal advice.