How much should I pay for insurance on a $100k property?

[Aaron Holtzman]

Hi all, as a rule of thumb what % of property value (using REPLACEMENT COST METHOD) should I use to estimate insurance...again I know different markets and whatnot will impact this - especially flood zones but I would not invest in flood zone areas).  

This being said....would a 1% expense to value seem adequate?  So if my property has a value (at replacement cost) of $100,000, for my financial analysis I would use a $1,000 annual insurance expense.

I look forward to hearing back from you guys, thanks!