How much more unoccupied home insurance costs in Australia is 20% to 50% more than standard occupied building insurance, with occupied $1,200 to $1,800 per year for $500K building becoming vacant $1,500 to $2,500 per year. Standard home building insurance for $500K occupied costs $1,200 to $1,800 per year from Budget Direct, Youi, NRMA, Allianz, assuming occupied with someone living overnight. If house unoccupied empty 60+ days, many insurers charge extra premium 20% to 50% more, so $1,500 building becomes $1,800 to $2,250, $1,800 becomes $2,200 to $2,700, due to higher risk of undetected water damage, vandalism, theft and fire, as no one to notice. Specialist vacant insurance from Terri Scheer, QBE, AAMI costs $1,500 to $2,800 per year for $500K, which is $300 to $1,000 more than occupied $1,200 to $1,800, with excess $1,000 versus $500. For example, occupied $1,500 per year, unoccupied $2,000 = $500 more = 33% more. For $700K building, occupied $1,800, unoccupied $2,400 = $600 more. So unoccupied home insurance costs $300 to $1,000 more per year than occupied, or 20% to 50% more, with requirement for weekly inspection, mail collection and maintained garden, otherwise standard policy may deny theft and water damage claim after 60 days, making specialist cover essential despite extra cost.
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