Cost to insulate walls

[Tim Lindstrom]

My electrician discovered that the exterior walls in my newly purchased ranch home do not have insulation.  I am meeting with the contractor tomorrow to discuss options.  about how much should I expect to pay to insulate a 1200 sqft ranch, and what options might I have?

I'm thinking tear off drywall, and insulate, then re drywall,  or have it blown in.  anyone with experience with something like this?