What state has highest cost of insurance in Australia for home building is Northern Territory and Queensland, with NT average building $500K $2,500 to $3,500 per year and QLD $2,000 to $2,800, versus NSW $1,900, VIC $1,700, SA $1,500, TAS $1,400, due to cyclone, flood and storm risk. According to Insurance Council data, NT has highest home insurance cost due to cyclone risk, with premiums 50% to 100% higher than VIC, with Darwin $500K building $2,800 to $4,000 per year, plus flood. Queensland second highest due to flood and cyclone, with Brisbane $500K building $2,200 to $3,000, Cairns $2,500 to $3,500. For car insurance, NT and QLD also highest due to theft and flood. In US, state with highest cost of insurance for homeowners is Florida with average $3,500 to $5,500 for $300K dwelling due to hurricanes, followed by Louisiana $3,500 to $5,000. So in Australia, NT has highest cost of insurance for home building $2,500 to $3,500 average, QLD second $2,000 to $2,800, due to cyclone and flood, with premiums increased 30% in last 2 years due to 2022 floods $6B claims, while TAS cheapest $1,400, and in US Florida highest.
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