If you own a free standing home in Albert Park, SA 5014, you might be wondering whether your home and contents insurance premium is competitive — or whether you're paying more than you should be. This article breaks down a real insurance quote for a three-bedroom, one-bathroom free standing home in Albert Park, comparing it against suburb, state, and national benchmarks to help you make a more informed decision.
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Is This Quote Fair?
The short answer: yes — and then some. This quote comes in at $1,091 per year (or roughly $106 per month), which earns a CHEAP price rating, meaning it sits well below the average for the area.
To put that in perspective, the suburb average for Albert Park is $1,542 per year, and the median sits at $1,567. That means this quote is approximately $451 cheaper than the suburb average — a saving of around 29%. Even compared to the 25th percentile of quotes in the suburb (i.e., the lower end of the range), which sits at $1,289/yr, this premium still undercuts the competition.
For a home and contents policy covering a $473,000 building sum insured and $50,000 in contents, that's a genuinely strong result. The building excess is set at $2,000 and contents excess at $600 — both reasonable figures that help explain some of the premium efficiency, though the overall value still stacks up well.
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How Albert Park Compares
Understanding your premium in isolation only tells part of the story. Here's how Albert Park fits into the broader insurance landscape:
| Benchmark | Annual Premium |
|---|---|
| This Quote | $1,091 |
| Albert Park Suburb Average | $1,542 |
| Albert Park Suburb Median | $1,567 |
| Port Adelaide Enfield LGA Average | $1,295 |
| SA State Average | $2,433 |
| SA State Median | $1,679 |
| National Average | $5,347 |
| National Median | $2,764 |
Albert Park sits within the Port Adelaide Enfield local government area, where the average premium is $1,295/yr — already lower than the broader state average of $2,433. This suggests the area carries a relatively moderate risk profile compared to many other parts of South Australia.
The national average of $5,347 may seem eye-watering by comparison, but it's heavily skewed by high-risk regions such as cyclone-prone parts of Queensland and the Northern Territory, as well as flood-affected inland areas. South Australia, and Albert Park in particular, benefits from a comparatively benign natural hazard environment.
You can explore more local data on the Albert Park suburb stats page, dig into SA-wide insurance trends, or compare against national benchmarks.
> Note: The suburb sample size for Albert Park is currently 6 quotes, so while the data is directionally useful, a larger sample would provide even greater confidence in these figures.
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Property Features That Affect Your Premium
Every home is different, and insurers weigh up a range of property characteristics when calculating your premium. Here's how the features of this particular home likely influence its pricing:
Double Brick Construction
Double brick is one of the most favoured wall materials among Australian insurers. It's structurally robust, fire-resistant, and highly durable — all qualities that reduce the likelihood and severity of a claim. Homes built with double brick typically attract lower premiums than those with timber or clad exteriors.
Steel / Colorbond Roof
A Colorbond steel roof is another tick in the insurer's favour column. It's resistant to ember attack, holds up well in high winds, and requires minimal maintenance compared to terracotta or concrete tiles. This is a particularly relevant feature in South Australian summers, where bushfire risk and extreme heat are real considerations.
Stump Foundation
The property sits on stumps, which is common for homes of this era (built in 1950). Stump foundations can be more susceptible to movement and subsidence over time, and insurers may factor this into their assessment. However, well-maintained stumps — particularly if restumped in recent decades — generally don't pose a significant premium penalty.
Age of Construction (1950)
A home built in 1950 is over 70 years old. Older homes can attract higher premiums due to the cost of sourcing period-appropriate materials and the greater likelihood of ageing systems (plumbing, wiring, roofing) requiring repair or replacement. That said, the double brick construction and Colorbond roof suggest this home has been well-maintained or upgraded over the years.
Tile Flooring & Standard Fittings
Tiled floors are generally viewed positively by insurers — they're durable, easy to replace, and not susceptible to water or termite damage in the way timber floors can be. Standard fittings keep the rebuild cost estimate grounded, avoiding the premium uplift that comes with high-end or bespoke fixtures.
No Pool, Solar, or Ducted Climate Control
The absence of a swimming pool, solar panel system, and ducted air conditioning keeps the insured risk profile lean. Each of these additions can increase both the sum insured and the complexity of a claim, so their absence contributes to a more streamlined (and cost-effective) policy.
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Tips for Homeowners in Albert Park
Whether you're reviewing your current policy or shopping for the first time, here are four practical tips tailored to homeowners in this part of Adelaide's inner west:
- Review your building sum insured regularly. Construction costs have risen significantly across South Australia in recent years. A sum insured of $473,000 for a 130 sqm double brick home is worth validating against current rebuild cost estimates — underinsurance can be a costly mistake at claim time.
- Consider your excess settings carefully. This policy carries a $2,000 building excess. A higher excess generally lowers your premium, but make sure you're comfortable covering that amount out of pocket in the event of a claim. If cash flow is a concern, a lower excess (with a slightly higher premium) may offer better peace of mind.
- Check what's included in your contents cover. At $50,000, the contents sum insured is on the modest side. Take the time to walk through your home and itemise your belongings — furniture, appliances, clothing, jewellery, and electronics can add up quickly. Many Australians are significantly underinsured on contents without realising it.
- Don't set and forget. Insurance premiums and policy terms change at renewal. Even if you're happy with your current insurer, it's worth comparing quotes annually. The savings can be substantial — as this quote demonstrates, the difference between the cheapest and most expensive options in Albert Park spans hundreds of dollars per year.
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Compare Home Insurance Quotes in Albert Park
Whether you're a long-time resident or new to the area, getting the right cover at the right price starts with comparison. CoverClub makes it easy to see how different insurers price your specific property — so you're not left guessing whether you're getting a fair deal.