Bayswater, nestled in Melbourne's eastern suburbs within the City of Maroondah, is a well-established residential area known for its leafy streets and mix of older and contemporary housing stock. This analysis looks at a home and contents insurance quote for a four-bedroom, two-bathroom free standing home in Bayswater (postcode 3153) — a brick veneer property built in 1945, sitting on stumps with a tiled roof and timber/laminate flooring throughout. If you're a homeowner in the area wondering whether your premium stacks up, read on.
---
Is This Quote Fair?
The quote in question comes in at $2,185 per year (or around $203 per month), covering a building sum insured of $990,000 and contents valued at $300,000. The building excess is set at $4,000, with a separate $1,000 excess applying to contents claims.
Our price rating for this quote is Expensive — Above Average.
To put that in context: the suburb average for Bayswater sits at just $1,550 per year, with a median of $1,555. This quote lands $635 above the suburb average — a meaningful gap that's worth investigating before simply accepting the renewal or going ahead with this insurer.
That said, "expensive" is relative. The quote is still comfortably below the Victorian state average of $3,000 per year and well under the national average of $5,347. So while it's on the pricier end for Bayswater specifically, it's not out of step with broader market conditions across Australia.
The high building sum insured of $990,000 is likely a significant driver here. Older homes — particularly those built in 1945 — can carry elevated rebuild costs due to the use of materials and construction methods that are more expensive to replicate today. Insurers price this risk accordingly.
---
How Bayswater Compares
Here's a snapshot of how this quote sits relative to the broader market:
| Benchmark | Annual Premium |
|---|---|
| This Quote | $2,185 |
| Bayswater Suburb Average | $1,550 |
| Bayswater Suburb Median | $1,555 |
| Bayswater 25th Percentile | $1,165 |
| Bayswater 75th Percentile | $1,820 |
| Maroondah LGA Average | $2,133 |
| VIC State Average | $3,000 |
| National Average | $5,347 |
(Suburb data based on a sample of 70 quotes in postcode 3153.)
Interestingly, this quote is only slightly above the Maroondah LGA average of $2,133, which suggests the premium isn't wildly out of line when viewed at a local government area level. The gap is more pronounced when compared to the suburb median, which may reflect that many Bayswater homes in our dataset carry lower sums insured or have more modest contents cover.
The national average of $5,347 is a reminder of just how dramatically premiums can vary across Australia — driven largely by extreme weather risk in northern and coastal regions. Bayswater, sitting inland in metropolitan Melbourne, benefits from a relatively benign risk profile compared to cyclone-prone or flood-affected areas.
Explore the full Bayswater insurance stats or browse VIC-wide data to see how your own property compares.
---
Property Features That Affect Your Premium
Several characteristics of this property are worth unpacking from an insurance perspective:
Age of Construction (1945) Homes built in the 1940s present unique underwriting considerations. Older electrical wiring, plumbing, and roofing materials can increase the likelihood of certain claims. Insurers may apply age-related loadings, and the cost to rebuild using period-appropriate materials or to meet current building codes can push the sum insured — and therefore the premium — higher.
Brick Veneer Walls Brick veneer is one of the most common external wall types in Melbourne's eastern suburbs and is generally viewed favourably by insurers. It offers solid fire resistance and durability, which can help moderate premiums compared to weatherboard or fibre cement alternatives.
Tiled Roof Terracotta or concrete tiles are considered a low-to-moderate risk roofing material. They're durable and widely used across Victoria, and most insurers price them competitively. However, older tile roofs may require periodic maintenance — cracked or displaced tiles can allow water ingress, which is a common source of claims.
Stump Foundation Homes on stumps (also called pier or post foundations) are common in older Melbourne properties. While stumps offer good ventilation and can be practical in certain soil conditions, they do require periodic inspection and maintenance. Subsidence or movement in stumps can lead to structural issues over time, which may be relevant to your policy's building cover terms.
Timber/Laminate Flooring Timber floors are a desirable feature but can be costly to repair or replace following water damage or fire. This is reflected in the contents and building valuation, and it's worth ensuring your sum insured accounts for the full replacement cost of quality flooring throughout a 139 sqm home.
Ducted Climate Control The presence of ducted heating and cooling adds meaningful value to the property and increases the replacement cost of the building. This system alone can cost tens of thousands of dollars to reinstall, so it's important this is factored into your building sum insured.
---
Tips for Homeowners in Bayswater
1. Review your sum insured carefully At $990,000, this building sum insured is on the higher end for the suburb — but that doesn't mean it's wrong. Use a building cost calculator (many insurers provide one) to verify the rebuild cost of your home, especially given its age, size, and features like ducted climate control. Being underinsured is a far greater risk than paying a slightly higher premium.
2. Compare quotes before renewing Given this quote is rated above the suburb average, it's worth shopping around. Premiums for the same property can vary significantly between insurers. Get a comparison quote at CoverClub to see what else is available in your area.
3. Consider your excess settings The $4,000 building excess on this policy is relatively high. Opting for a higher excess is a common way to reduce premiums, but make sure the trade-off makes sense for your financial situation. If a $4,000 out-of-pocket cost in the event of a claim would be a stretch, it may be worth paying a little more for a lower excess.
4. Maintain your home proactively For a 1945 home on stumps, regular maintenance is both a practical and financial priority. Insurers can reduce or deny claims where damage is attributed to gradual deterioration or lack of upkeep. Keep records of any maintenance work done on your roof, stumps, plumbing, and electrical systems — this can also support your case if you ever need to negotiate with your insurer.
---
Find a Better Deal on Home Insurance in Bayswater
Whether you're reviewing an existing policy or shopping for the first time, comparing quotes is the single most effective way to make sure you're not overpaying. CoverClub makes it easy to see real quotes for your property type and location — so you can make an informed decision with confidence. Start your free comparison at CoverClub and see how much you could save.