Figtree is a well-established suburb in the Wollongong local government area, nestled in the Illawarra region of New South Wales. Known for its leafy streets and family-friendly appeal, it's home to a mix of older brick homes and more contemporary builds. This article takes a close look at a recent home and contents insurance quote for a four-bedroom, three-bathroom free-standing home in Figtree — breaking down whether the price stacks up, how local risk factors influence the premium, and what homeowners in the area can do to get better value from their cover.
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Is This Quote Fair?
The quote in question sits at $2,879 per year (or $276/month) for combined home and contents insurance, covering a building sum insured of $600,000 and contents valued at $104,000. Both the building and contents excesses are set at $1,000.
Our pricing engine rates this quote as Fair — Around Average, which is an accurate reflection when you look at the numbers in context. The Figtree suburb median premium sits at $2,474 per year, meaning this quote is roughly $405 above the local median — not dramatically so, but worth noting. It falls comfortably within the suburb's interquartile range of $1,773 (25th percentile) to $3,281 (75th percentile), which confirms it's neither a standout bargain nor an outlier on the expensive end.
For a property of this size (235 sqm), age (built 1982), and construction type, a premium in this range is broadly reasonable. The "fair" rating suggests there's likely room to improve with a bit of shopping around, but the quote isn't wildly out of step with the market.
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How Figtree Compares
One of the more striking figures in the data is the suburb average premium of $35,657 per year — a number that looks alarming at first glance. However, with a sample size of just 40 quotes, this average is almost certainly being pulled upward by a small number of very high-value properties or unusual risk profiles. The median of $2,474 is a far more reliable indicator of what most Figtree homeowners are actually paying, and it's the figure worth anchoring to.
Zooming out to the state level, the NSW average premium is $9,528 per year, with a median of $3,770. The Figtree median sits well below both of those figures, suggesting the suburb is relatively affordable to insure compared to many parts of New South Wales — a reflection of its lower exposure to extreme weather events like flooding or cyclones.
At the national level, the average premium across Australia is $5,347 per year, with a national median of $2,764. The Figtree median of $2,474 is actually below the national median, reinforcing that this is a reasonably insurable area. The quote of $2,879 sits just above the national median, which is consistent with the "fair" rating.
For additional local context, the Wollongong LGA average premium is $2,751 — and this quote of $2,879 is only marginally above that, suggesting the property's specific characteristics are not creating any significant pricing penalties at the local government level.
| Benchmark | Premium |
|---|---|
| This Quote | $2,879/yr |
| Figtree Median | $2,474/yr |
| Wollongong LGA Average | $2,751/yr |
| NSW Median | $3,770/yr |
| National Median | $2,764/yr |
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Property Features That Affect Your Premium
Several characteristics of this property will be influencing the premium, both positively and negatively.
Brick veneer construction is generally viewed favourably by insurers. It offers solid fire resistance and durability compared to weatherboard or fibre cement, which can translate to lower rebuild costs and reduced risk of total loss. Combined with a Colorbond steel roof, the property has a modern, low-maintenance roofing system that is resistant to corrosion and performs well in storms — another tick for insurers.
The stump foundation is worth paying attention to. Homes on stumps (also called raised or pier foundations) can be more susceptible to subfloor damage, pest ingress, and movement over time — particularly in older homes. Built in 1982, this property is now over 40 years old, and insurers will factor in the age of the structure when calculating rebuild costs and risk. Older homes can carry higher premiums due to the potential for outdated wiring, plumbing, and materials that are more costly to replace or repair to current building codes.
The timber and laminate flooring throughout the home is a moderate risk factor — timber floors can be damaged by water ingress or humidity, and laminate can swell and warp. Given the home is slightly elevated (less than 1 metre), there is some natural protection against surface water, but it's not significant enough to dramatically reduce risk.
On the positive side, the absence of a pool or solar panels simplifies the risk profile. Both of those features can add complexity and cost to a policy. The presence of ducted climate control does add some value to the contents/fittings calculation, but at standard fittings quality, this isn't likely to push the premium significantly higher.
The building sum insured of $600,000 for a 235 sqm home works out to approximately $2,553 per sqm — a reasonable figure for the Illawarra region, where construction costs have risen sharply in recent years.
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Tips for Homeowners in Figtree
1. Review your sum insured regularly Construction costs in NSW have increased significantly over the past few years. Make sure your building sum insured reflects current rebuild costs — not the purchase price of the property or an outdated estimate. Underinsurance is one of the most common and costly mistakes homeowners make.
2. Consider increasing your excess to reduce your premium Both the building and contents excesses on this policy are set at $1,000. If you have the financial buffer to absorb a higher out-of-pocket cost in the event of a claim, increasing your excess to $2,000 or more can meaningfully reduce your annual premium.
3. Bundle your building and contents cover This quote already combines home and contents insurance, which typically attracts a discount compared to holding two separate policies. If you haven't already bundled, it's worth doing — and worth confirming with your insurer that the discount has been applied.
4. Compare at renewal time Insurers often reserve their best pricing for new customers. If your premium has crept up over consecutive renewals without a corresponding change in your risk profile, it's worth getting fresh quotes. Use CoverClub's free comparison tool to benchmark your renewal offer against the broader market before you commit.
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Get a Better Deal on Your Home Insurance
Whether you're a long-time Figtree resident or new to the area, it pays to know what others are paying for similar cover. CoverClub makes it easy to compare home insurance quotes across multiple providers in minutes — so you can see at a glance whether your current policy is genuinely competitive. Start comparing quotes today and make sure you're not leaving money on the table at renewal time.