Estimates. According to the Federal Reserve Bureau, the average cost of an annual premium for homeowners insurance is between $300 and $1,000. For most homeowners, the annual costs for a homeowners insurance policy can be estimated by dividing the value of the home by 1,000, then multiplying the result by $3.50.ne factor in the cost of homeowners insurance is what circumstances are covered under a particular policy. Some examples of typical disasters and incidents that are covered under a basic homeowners insurance policy are fire, vandalism and wind, says the Federal Reserve Board.