If you own a free standing home in Bayswater North, VIC 3153, you might be wondering whether your home insurance premium is competitive — or whether you're quietly overpaying year after year. This article breaks down a real home and contents insurance quote for a three-bedroom brick veneer property in the suburb, and stacks it up against local, state, and national benchmarks so you can make a more informed decision.
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Is This Quote Fair?
The short answer? This is an exceptionally competitive quote.
At $887 per year (or roughly $83 per month), this home and contents policy covers a $495,000 building sum insured and $50,000 in contents — a solid level of protection for a well-established suburban home. Our pricing analysis rates this quote as CHEAP, meaning it sits well below the average for the area.
To put that in perspective: the suburb average for Bayswater North sits at $2,185 per year, and the median is $1,897 per year. Even the cheapest quarter of quotes in the suburb (the 25th percentile) comes in at $1,380 per year — still significantly more than this quote. In other words, this premium is beating the most competitive end of the local market by a wide margin.
It's worth noting that the building excess is set at $4,000 and the contents excess at $2,000, which are on the higher side. Higher excesses are one of the most common ways insurers reduce your upfront premium, so it's important to weigh whether those out-of-pocket costs in the event of a claim feel manageable for your situation.
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How Bayswater North Compares
Bayswater North sits within the City of Maroondah local government area in Melbourne's outer east — and insurance pricing in this pocket of Victoria reflects a relatively moderate risk profile compared to some other parts of the country.
Here's how the numbers stack up across different benchmarks (based on quotes collected for Bayswater North):
| Benchmark | Annual Premium |
|---|---|
| This Quote | $887 |
| Suburb Average (Bayswater North) | $2,185 |
| Suburb Median | $1,897 |
| Suburb 25th Percentile | $1,380 |
| Suburb 75th Percentile | $3,315 |
| LGA Average (Maroondah) | $2,133 |
| VIC State Average | $2,921 |
| VIC State Median | $2,694 |
| National Average | $2,965 |
| National Median | $2,716 |
What stands out here is just how far below every single benchmark this quote sits. The national average of $2,965 is more than three times the premium on this policy. Even accounting for the higher excesses, the annual saving compared to the suburb average alone is nearly $1,300.
Victoria's state average of $2,921 is also notably higher than Bayswater North's suburb average of $2,185 — suggesting that homes in this part of Melbourne's east tend to attract lower premiums than many other Victorian postcodes. This is likely due to a combination of lower natural disaster risk, established infrastructure, and the predominantly brick construction common in the area.
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Property Features That Affect Your Premium
Several characteristics of this property are worth understanding in the context of insurance pricing.
Brick veneer construction is generally viewed favourably by insurers. It offers good structural integrity and fire resistance compared to weatherboard or lightweight cladding, which can translate into lower premiums. Combined with a tiled roof, this home presents a relatively low-risk profile from a building materials standpoint.
The property was built in 1964, which means it's over 60 years old. Older homes can sometimes attract higher premiums due to ageing plumbing, wiring, or structural elements — but this appears to have been priced competitively here, possibly because the brick veneer construction has aged well and the risk profile remains manageable.
The stump foundation is a common feature in homes of this era across Melbourne's eastern suburbs. While stumps can require periodic maintenance (and re-stumping can be a significant expense), they don't typically push premiums up dramatically when the home is otherwise well-maintained.
A swimming pool is present on the property. Pools can add a modest premium loading due to liability considerations and the potential for water-related damage, but this doesn't appear to have significantly impacted the quote here.
Ducted climate control adds to the replacement value of the home and its contents, and is factored into the building sum insured. At $495,000, the building cover appears well-calibrated for a 139 sqm home in this suburb.
Timber and laminate flooring can be more susceptible to water damage than tiles, which is worth keeping in mind when assessing your contents and building cover limits — particularly in the event of a burst pipe or storm event.
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Tips for Homeowners in Bayswater North
1. Review your excess settings carefully. This quote achieves its low premium partly through a $4,000 building excess. Before locking in, consider whether you'd be comfortable covering that amount out of pocket if you needed to make a claim. If not, requesting a lower excess (and accepting a slightly higher premium) may be the smarter trade-off.
2. Make sure your building sum insured reflects true rebuild costs. At $495,000 for a 139 sqm brick veneer home, the per-square-metre rebuild cost works out to around $3,560/sqm — a reasonable figure for Victoria, but worth revisiting annually as construction costs continue to rise. Underinsurance is one of the most common and costly mistakes Australian homeowners make.
3. Don't overlook your pool in your liability cover. If you have a pool, confirm that your policy includes adequate public liability coverage. Accidents involving pools can result in significant legal and medical costs, and it's important your policy has your back.
4. Compare quotes at renewal — every year. Insurance markets shift constantly. Even if this quote is excellent today, your insurer may apply significant increases at renewal. Set a reminder to compare home insurance quotes before your policy renews each year, rather than simply accepting the renewal offer.
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Get a Quote for Your Home
Whether you're in Bayswater North or anywhere else in Australia, CoverClub makes it easy to compare home and contents insurance quotes from multiple insurers in one place. See how your current premium stacks up — and find out if there's a better deal waiting for you. Start comparing quotes today at CoverClub.