This is a tough question, because there is no "average." But the good news is that you are planning to build -- so you can pick the best location and build to standards that could possibly bring your insurance costs down. Wind insurance could be your most expensive premium, determined largely by your roof design, decks and opening protection (windows and doors). See this link for information about how much certain design features may save you. But, to answer your question, most homes this size run from $2000 to $4000 per year -- a big difference, so build with that in mind! Flood insurance depends upon the flood zone in which you build, and coverage under the National Flood Insurance (NFIP) is limited to $250,000. If you need more than that, Lloyds of London is your only choice. Depending upon your location and the amount of coverage you need, expect to pay $1,800 to $2,500 for NFIP. First & Second-tier lots are generally lower elevations on the far east and far west ends. But the differences are so minor that you should just pick the location you like best, and then look for the lot in that location that has the best elevation. We have a very good fire department, and well-located hydrants. The benefit to homeowners is reasonable Fire Insurance rates for a rural location served by volunteers. Again, your building materials and the amount of coverage needed will affect your premium. The "typical" mid-sized home on the island has an annual fire/homeowners premium under $2,000. Hope this helps!