Albion Park, nestled in the Illawarra region of New South Wales, is a well-established suburb known for its family-friendly streets, proximity to Lake Illawarra, and a mix of newer and established homes. For owners of a free standing home in this area, understanding what you should expect to pay for home and contents insurance — and whether your current quote stacks up — is an important part of protecting one of your biggest assets.
This article breaks down a recent insurance quote for a 4-bedroom, 2-bathroom brick veneer home in Albion Park (postcode 2527), comparing it against local, state, and national benchmarks to help you make a more informed decision.
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Is This Quote Fair?
The quote in question comes in at $1,515 per year (or $147/month) for combined home and contents cover, with a building sum insured of $684,000 and contents valued at $50,000. The building excess is $2,000, and the contents excess is $600.
Our price rating for this quote is FAIR — Around Average.
When you dig into the numbers, that rating holds up. The quote sits comfortably between the suburb's 25th percentile ($1,125/yr) and 75th percentile ($2,268/yr), and it comes in just below the Albion Park suburb average of $1,771/yr. It's slightly above the suburb median of $1,432/yr, which means roughly half of comparable quotes in the area are cheaper — but also that half are more expensive.
In short, this isn't a bargain-basement price, but it's also far from the top of the market. For a property of this size and specification, it represents a reasonable mid-range outcome.
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How Albion Park Compares
To put this quote in proper context, it's worth zooming out to the broader market. Here's how Albion Park stacks up against NSW and national figures:
| Benchmark | Average Premium | Median Premium |
|---|---|---|
| Albion Park (2527) | $1,771/yr | $1,432/yr |
| NSW State | $3,801/yr | $3,410/yr |
| National | $2,965/yr | $2,716/yr |
| LGA (Kiama) | $2,945/yr | — |
The figures are striking. Albion Park premiums are dramatically lower than both the NSW state average and the national average — less than half the NSW average, in fact. Even within the Kiama LGA, which averages $2,945/yr, Albion Park stands out as a comparatively affordable postcode for home insurance.
This likely reflects a combination of factors: the suburb's relatively low exposure to extreme weather events (it's not in a cyclone risk zone), its predominantly brick construction, and its distance from high-bushfire-risk areas. You can explore more suburb-level data on the Albion Park insurance stats page, compare it against NSW averages, or see where it sits on the national picture.
At $1,515/yr, this quote is $256 below the Albion Park suburb average — a meaningful saving that suggests the policyholder has found a competitive offer, even if it's not the absolute cheapest available in the area.
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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 property are likely influencing the cost:
Brick Veneer Walls Brick veneer is generally viewed favourably by insurers. It offers solid fire resistance and durability, and is one of the more common construction types in NSW. This likely contributes to a more moderate premium compared to, say, a weatherboard or clad home.
Tiled Roof Terracotta or concrete tiles are considered a low-to-moderate risk roofing material. They're durable and fire-resistant, though they can be more expensive to repair after hail or storm events. Overall, tiles tend to attract a reasonable premium.
Slab Foundation A concrete slab foundation is the standard for homes built in this era and region. It's generally considered low-risk from an insurance perspective, with fewer concerns around subsidence or underfloor pest damage compared to raised foundations.
Built in 2002 At roughly 22 years old, this home sits in a sweet spot — it's modern enough to meet contemporary building standards, but old enough that some wear and tear is expected. Insurers typically view homes from this era as manageable risk.
Swimming Pool A pool adds both value and liability to a property. Insurers factor in the increased risk of accidental damage, liability claims, and the cost to repair or replace pool infrastructure. This will contribute modestly to a higher premium.
Solar Panels Solar panels are increasingly common on Australian rooftops, but they do add to the replacement cost of a home and can be damaged in storms or hail events. Many insurers now include solar panels under building cover, but it's worth confirming this is the case with your specific policy.
Timber/Laminate Flooring Timber and laminate floors can be costly to replace following water damage or flooding, which may nudge the contents or building premium slightly upward compared to tiled flooring throughout.
214 sqm Building Size At 214 square metres, this is a generously sized family home. The $684,000 building sum insured equates to roughly $3,196 per square metre — a reasonable rebuild estimate for this region and construction type, though it's always worth reviewing your sum insured regularly to ensure it keeps pace with construction cost increases.
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Tips for Homeowners in Albion Park
1. Review your sum insured annually Construction costs have risen significantly in recent years. A sum insured set two or three years ago may no longer be enough to fully rebuild your home. Use a building cost calculator or speak with a quantity surveyor to make sure you're not underinsured.
2. Check your pool and solar panel cover Not all standard home insurance policies automatically cover pool equipment or solar panel systems to their full value. Read your Product Disclosure Statement carefully and ask your insurer to confirm exactly what's included — and what's not.
3. Consider your excess settings This quote carries a $2,000 building excess. A higher excess typically means a lower premium, but it also means more out-of-pocket costs when you do need to claim. Think about what you could comfortably afford to pay at short notice, and adjust accordingly.
4. Shop around at renewal time With the suburb's 25th percentile sitting at $1,125/yr, there are clearly cheaper options available in Albion Park. Loyalty doesn't always pay in insurance — comparing quotes at renewal could save you hundreds of dollars each year without sacrificing meaningful cover.
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Compare Your Home Insurance Quote Today
Whether you're renewing your policy or shopping for cover for the first time, it pays to see what the broader market has to offer. CoverClub makes it easy to compare home and contents insurance quotes for properties across Australia, with suburb-level insights to help you understand whether you're getting a fair deal.
Get a quote for your Albion Park home today and see how your premium stacks up against your neighbours.