Insurance on unoccupied properties changes in three ways at once, and owners usually notice only the first. The perils narrow, the excesses rise, and a set of conditions appears that did not exist before. Each of the three is on the schedule, and together they explain why an empty building costs more to insure and is easier to have a claim declined on.
The perils narrow
From a full list to a short one: fire, lightning, explosion, aircraft, usually storm. Escape of water, theft, malicious damage and accidental damage become optional, restricted or absent. Since escape of water is the most likely loss in an empty building, this is the change that matters most and the one to check first on any quote.
The excesses rise
The standard excess is usually higher than on occupied cover, and there is frequently a much larger separate excess for escape of water. Sometimes subsidence too. A claim that would have been worth making on the occupied policy may not be worth making on the unoccupied one, which is a real change in the value of the cover.
The conditions appear
Inspections at intervals with a record. Heating at a minimum temperature or a full drain down. Post cleared, locks specified, services isolated. These are conditions of cover: not meeting one is grounds to decline a claim that the condition was aimed at. They are also, read fairly, the list of things that stop the claim happening.
What that means for the decision
An unoccupied policy is worth having and is not equivalent to what you had. The gap is closed by doing the conditions properly rather than by paying more, which is why the practical question when buying is not what it costs but who is going to do the inspections.
Questions people ask about insurance on unoccupied properties
Why does an empty property cost more to insure?
Because there is nobody to notice a leak, deter a thief or raise an alarm. The claims are more likely and larger, and insurers price that.
Which peril should I check first?
Escape of water. It is the most likely loss in an empty building and the most commonly restricted or excluded.
Are the excesses higher?
Usually, and there is frequently a separate larger excess for escape of water. Read the excess table rather than the headline figure.
What happens if I miss an inspection?
It is grounds to decline a claim that the condition was aimed at. The record is what evidences compliance, so keep dated notes.