Vacant Property Insurance

Between tenants, held by an estate, mid-renovation or waiting on settlement - an empty property is a different risk, and standard policies often stop short of covering it. We arrange cover written for the vacancy, on terms that acknowledge it.

60-90

Days: typical unoccupancy limit

$2-3.2K

Recent annual placements

Vacancy situations we see

Recognition

THE SHORT ANSWER

Vacant property insurance covers a building that's sitting unoccupied - between tenants, held by a deceased estate, under renovation or awaiting sale. It exists because standard home and landlord policies commonly restrict cover once a property has been empty beyond a set period, often 60 or 90 days depending on the policy.

Standard direct policies are generally built around occupied property, so vacant risks are often placed through brokers with markets that write unoccupied property on its own terms. Tank arranges cover matched to the vacancy - how long the property will sit empty, its security, and what happens next.

01WHAT'S INSURED

What Vacant Property Cover Includes

Cover written for an unoccupied building, on terms that acknowledge the vacancy instead of quietly excluding it. Subject to policy terms, limits and exclusions.

What's covered	Key exclusions and considerations
The building - fire, storm, impact and other insured events while unoccupied	The insurer must know the property is vacant; cover is written on that basis
Legal liability as owner of the vacant property	Agents, tradespeople and neighbours still interact with an empty building
Malicious damage and vandalism, where the policy provides it	Often sub-limited or conditional on security measures for vacant risks
Escape of water damage	Some policies require water to be turned off at the mains while the property is empty
Vacancy conditions built in, not breached	Inspection requirements (for example regular visits) can apply and should be workable for you
Flexibility when occupancy changes - new tenant, sale, works starting	Tell the insurer when the status changes so the cover converts rather than lapses

VACANT PROPERTY QUOTE

Insuring a vacant property?

Tell us the address, why it's empty, how long it's likely to stay that way, and the sum insured. We'll take it to markets that write unoccupied risks.

Open quote form

02WHY IT'S DIFFERENT

Why an Empty Property Is a Different Risk

Nothing about the building changed. What changed is that nobody's there when something goes wrong.

No One There to Notice Damage

In an occupied property, a burst pipe gets found in hours. In a vacant one, water can run for weeks before anyone opens the door. The same event, a much bigger claim - which is why underwriters treat vacancy as its own risk category.

Vandalism, Break-Ins and Squatting

An obviously empty property draws attention. Insurers rate vacant risks with that in mind, and policies can restrict theft and malicious damage cover while a property sits unoccupied, subject to the terms.

Unoccupancy Clauses in Standard Policies

Standard home and landlord policies commonly restrict or reduce cover once a property has been unoccupied beyond a set period, often 60 or 90 days depending on the policy. Past that point, you may hold a policy that no longer responds the way you assume.

Between Tenants

A short gap between leases usually sits within a landlord policy's unoccupancy allowance. A longer gap - renovating between tenancies, a slow market, a property held empty deliberately - can push past it and needs to be addressed.

Deceased Estates and Properties Awaiting Sale

Estate-held property often sits empty while probate runs, and a sold property can sit vacant between exchange and settlement. Both are insurable, but the cover needs to be arranged on vacancy terms rather than left on a standard policy.

Renovations

A property emptied for renovation carries both vacancy risk and works risk. Depending on the scale of the works, the answer may be a vacancy-rated policy, a contract works policy, or both working together.

What it costs: recent Tank placements for vacant and unoccupied property have ranged from approximately $2,000 to $3,200 a year for single holdings, with larger or commercial risks priced case by case. Your property will be rated on its own details.

CLIENT SUCCESS

Vacant Property, Properly Presented: Recent Placements

Recent Tank placements, anonymised. Premiums are approximate and reflect each risk at the time - not a guide to future pricing.

01 A vacant warehouse in inner Melbourne

A property investor held a vacant warehouse in inner Melbourne, used only as parking, with a building sum insured of $700,000. An unoccupied commercial building with no tenant is exactly the kind of risk that needs to be presented properly to the right market.

Tank arranged commercial property cover written on terms that reflected how the building was actually being used.

THE RESULT:

Cover placed at approximately $3,000 a year.

02 A newly built duplex, vacant while tenants were found

A newly completed two-dwelling property in regional WA was vacant after settlement and expected to be tenanted within 30 days. Even that short window had to be disclosed - the cover starts on a vacant property, and the submission has to say so.

Five markets declined because of flood exposure, the unit configuration or underwriting appetite, and one more stayed in referral. What got it placed was the shape of the submission: the certificate of occupancy for the new build, the expected vacancy period, and the fact that only building cover was needed until the tenancies began.

THE RESULT:

Cover placed with Castle at approximately $3,200 a year.

Premiums and outcomes described are specific to each client and indicative only. Your own terms will depend on your circumstances and the insurer.

VACANT PROPERTY FAQS

Common Questions About Insuring an Empty Property

01 Does landlord insurance cover a vacant property?

Usually only for a limited period. Standard landlord and home policies commonly include an unoccupancy clause that restricts or reduces cover once the property has been empty beyond a set timeframe, often 60 or 90 days depending on the policy. If your property will sit vacant longer than that, the policy needs to be endorsed for vacancy or replaced with cover written for unoccupied property. And even a short, planned vacancy should be disclosed: in a recent Tank placement, a newly completed property expected to be tenanted within 30 days still had to be presented as a vacant risk, with the certificate of occupancy and the expected vacancy period stated up front, because those were the facts the underwriters wanted before quoting.

02 Why is vacant property harder to insure?

Because vacancy changes how losses unfold. With no one on site, water damage runs longer before it's found, small maintenance issues become large ones, and an empty property is a more attractive target for vandalism and break-ins. Standard direct policies are generally built around occupied property, so vacant risks are often placed through brokers with markets that write unoccupied property on its own terms.

03 Can I get insurance on a house that's empty while it's being sold?

Yes. A property sitting empty while it's marketed, or between exchange and settlement, is an insurable risk - it just needs to be written on vacancy terms rather than assumed under a standard policy. Tell the insurer the property is unoccupied and how long it's expected to stay that way, and the cover can be matched to that window.

04 What about a deceased estate property that's sitting vacant?

If an estate-held property sits empty while probate runs, any policy the owner held may be lapsing or hitting its unoccupancy limits. Cover can be arranged in the name of the estate on vacancy terms. Our deceased estate property insurance page walks through the whole process for executors and families.

05 Do I need vacant property insurance during a renovation?

It depends on the scale of the works. A cosmetic refresh on an empty property may be handled with a vacancy-rated policy that's told about the works. Structural work generally needs contract works insurance for the build itself, with the existing structure insured alongside it. Describe the project to us and we'll tell you which structure fits, rather than you guessing between products.

06 How much does vacant property insurance cost?

Recent Tank placements for vacant and unoccupied property have ranged from approximately $2,000 to $3,200 a year for single holdings, with larger or commercial risks priced case by case. The construction, location, sum insured, security and expected vacancy period all move the figure.