How much building insurance costs in Australia is $1,200 to $1,800 per year for $500K building sum insured for average house, $1,500 to $2,200 for $700K building, $2,000 to $3,000 for $1M building, according to Canstar and Finder, varying by state and flood risk. Building insurance, also called home building, covers structure walls, roof, floors and permanent fixtures $500K to $1M against fire, storm, flood if included, theft and vandalism, plus $20M public liability if visitor injured $100K to $500K claim, costing $1,200 to $1,800 per year for $500K from Budget Direct cheapest $1,000 to $1,200, Youi $1,200 to $1,500, NRMA $1,400 to $1,800, Allianz $1,300 to $1,700, with excess $500 to $1,000 and online discount 10% to 15%. For example, $500K building in NSW average $1,500 per year, VIC $1,300, QLD $1,800 due to flood and cyclone, NT $2,500 to $3,500 cyclone, TAS $1,200 cheapest, with flood cover optional extra 10% to 20% $100 to $200. For unit, building via strata levies $500 to $800 per year not separate building insurance. So building insurance $1,200 to $1,800 per year for $500K building, $1,500 to $2,200 for $700K, $2,000 to $3,000 for $1M, with Budget Direct cheapest $1,000 to $1,200, average $1,500, with state varying QLD and NT higher due to flood and cyclone, mandatory for mortgage $500K.
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