Question

Home Insurance costs an average of 0.4% of the purchase price of your home and must be purchased every year. If you home costs $290,000.00, how much is the annual Home Insurance bill?

Answer 1

Cost of the house = $290,000.00

Insurance cost = 0.4%

Annual Home Insurance Bill = (290,000 X 0.4)/100

= 116,000 ÷ 100

= 1,160