If you own a free standing home in Chain of Lagoons, TAS 7215, you're in one of Tasmania's more scenic and secluded coastal stretches — and that unique setting can have a real impact on what you pay for home insurance. Whether you're reviewing an existing policy or shopping around for the first time, understanding how your premium stacks up against local and national benchmarks is a smart first step.
This article breaks down a recent building insurance quote for a 3-bedroom, 2-bathroom weatherboard home in Chain of Lagoons, examining what's driving the price and what homeowners in the area can do to make the most of their cover.
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Is This Quote Fair?
The quote in question comes in at $1,866 per year (or $187/month) for building-only cover on a home insured for $668,000, with a $5,000 building excess. Our independent price rating classifies this as CHEAP — below average — which is genuinely good news for the homeowner.
To put that in perspective: the Tasmanian state average premium sits at $2,814/yr, with a state median of $2,326/yr. That means this quote is approximately 34% below the state average and about 20% below the state median. Against the national average of $5,347/yr — which is heavily skewed by high-risk regions in Queensland and Northern Australia — this quote looks even more competitive, coming in at roughly 65% below the national average.
By any measure, this is a well-priced policy. That said, "cheap" doesn't always mean "right" — it's worth ensuring the sum insured of $668,000 accurately reflects the full cost of rebuilding the property before assuming the lower premium is a straight win.
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How Chain of Lagoons Compares
Suburb-level pricing data for Chain of Lagoons isn't yet available in sufficient volume to draw firm local comparisons, but we can look at nearby benchmarks. The LGA covering this area — Northern Midlands — has an average premium of $2,528/yr, which still sits well above the $1,866 quoted here.
You can explore more localised data as it becomes available on the Chain of Lagoons insurance stats page.
| Benchmark | Annual Premium |
|---|---|
| This Quote | $1,866 |
| LGA (Northern Midlands) Average | $2,528 |
| TAS State Median | $2,326 |
| TAS State Average | $2,814 |
| National Median | $2,764 |
| National Average | $5,347 |
The gap between this quote and the broader averages is notable. Chain of Lagoons is a small, low-density coastal community with relatively modest traffic and population pressure, which may contribute to lower claims frequency in the area — a factor insurers often reward with lower premiums.
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Property Features That Affect Your Premium
Several characteristics of this particular property influence what an insurer is likely to charge. Here's how the key features come into play:
Weatherboard Timber Walls
Weatherboard homes are among the most common dwelling types in Tasmania, and insurers are well-acquainted with them. However, timber-clad homes can carry a slightly higher fire risk than brick veneer or full brick construction, which some insurers factor into their pricing. The flip side is that weatherboard is relatively straightforward and cost-effective to repair, which can work in a homeowner's favour at claims time.
Steel / Colorbond Roof
A Colorbond steel roof is generally viewed favourably by insurers. It's durable, low-maintenance, resistant to ember attack, and holds up well in high-wind conditions. This is a positive factor for this property's risk profile.
Slab Foundation
A concrete slab foundation is considered a stable and low-risk base by most insurers. It eliminates the underfloor space that can be vulnerable to moisture, pests, and storm water — all common claims drivers in older homes.
Solar Panels
The property has solar panels installed, which adds a small amount of replacement value to the building. It's important to confirm with your insurer that solar panels are explicitly included in your building cover — most modern policies do include them, but it's worth verifying given the $668,000 sum insured.
Timber / Laminate Flooring
Timber and laminate floors are a feature in many Tasmanian homes and can be costly to replace if damaged by water or fire. While this is primarily a contents and internal finishes consideration, it's relevant when assessing whether the building sum insured is set at an appropriate level.
Construction Year: 1995
At roughly 30 years old, this home is well past the period where new-build premiums apply, but it's not so old that it falls into the high-risk bracket associated with pre-1970s construction. Homes from this era are generally well-regarded by insurers, provided they've been maintained.
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Tips for Homeowners in Chain of Lagoons
1. Review Your Sum Insured Regularly
With a building sum insured of $668,000 on a 139 sqm home, it's worth using a building cost calculator to verify this figure reflects current construction costs in Tasmania. Building costs have risen significantly in recent years, and being underinsured — even slightly — can leave you exposed at claims time.
2. Confirm Solar Panels Are Covered
As noted above, solar panels represent a meaningful investment. Contact your insurer directly to confirm they're included under your building policy and ask what the per-panel replacement value is. If there's any ambiguity, request written confirmation.
3. Consider Your Excess Carefully
This policy carries a $5,000 building excess. While a higher excess typically reduces your premium, it also means you'd be out of pocket for $5,000 before your insurer contributes to a claim. Make sure you have that amount readily accessible, or consider whether a lower excess might be worth the additional premium cost.
4. Shop Around at Renewal
Even if this quote is competitively priced today, insurance premiums can shift significantly at renewal. Insurers regularly reprice their books, and loyalty doesn't always pay. Set a reminder to compare quotes on CoverClub at least 30 days before your renewal date so you have time to switch if a better deal emerges.
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Compare Your Home Insurance Today
Whether you're a Chain of Lagoons local or you own an investment property in the area, it pays to know what you're getting for your premium dollar. CoverClub makes it easy to compare building and contents insurance quotes from a range of Australian insurers — all in one place. Get a quote today at CoverClub and see how your current policy stacks up.