How much should I expect to pay for rental insurance?

[Bukka Levy]

I’ve seen others post the expect to pay around $500 for an annual policy. Is $500 a reasonable benchmark or is there a percentage of cost/value that I should be using?

I’m about to close on my first out of state rental and am being quoted $1500, so I’m a bit shocked. It is a larger home, a century home, and still has some knob & tube so I realize there’s going to be some higher costs but is this reasonable?

I may be getting too much poilcy. What should I be asking for?

Escrow is hinging on this being in place so I’m in a little bit of a crunch. Also unexpectedly out of town and working from my phone which isn’t at all helpful.