technically, the structure engineer (or designer) should provide the allowable settlement of a structure. to provide an estimated total and differential, just run the calculations. from all the calcs i've run on "typical" sites (meaning nothing completely wacky), 1/2 is pretty darn consistent although not absolute. if you have one column footing on goo and another on rock, differential may be jacked up. if you're not sure, run the calcs on the best case and worst case (of nearby columns or maybe not) and see what the difference is. if you run the calcs, it will not be rule of thumb although it may very well follow it. keep in mind too that "1 inch of settlement" may very well be 1/2 inch or it could be 1 1/2 inches. so 1/2 inch may be 1/4 inch or it may be 1 inch. consider the structure, structure type, expected performance, variability in subsurface conditions (as well as how well you think you know those conditions), etc etc and apply good sound engineering judgement with a "reasonable" safety factor.