If you own a free standing home in Franklin, ACT 2913, you might be wondering whether your building insurance premium is competitive — or whether you're quietly overpaying year after year. This article breaks down a real building-only insurance quote for a five-bedroom, three-bathroom home in Franklin, comparing it against local, state, and national benchmarks to help you understand what's fair, what's cheap, and what's worth questioning.
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Is This Quote Fair?
The quote in focus sits at $1,035 per year (or roughly $106 per month) for building-only cover on a 214 sqm free standing home, with a building excess of $2,000. Our price rating for this quote is CHEAP — below average — and the numbers back that up convincingly.
To put it in perspective:
- The suburb average for Franklin (based on 45 quotes) is $2,443/yr
- The suburb median is $1,854/yr
- Even the 25th percentile — meaning 75% of quotes are more expensive — sits at $1,523/yr
This quote comes in at less than half the suburb average and nearly $500 below the cheapest quartile of local quotes. That's a meaningful saving, not a marginal one. For a homeowner paying monthly, that's the difference of over $100 per month compared to what many Franklin neighbours are paying.
So yes — by any reasonable measure, this is a genuinely competitive quote. Whether that reflects smart shopping, a particularly low-risk property profile, or a specific insurer's pricing model is worth understanding in more detail.
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How Franklin Compares
Franklin is a relatively new suburb in the Gungahlin region of the ACT, and its insurance pricing reflects a market that's broadly more affordable than the national picture — though not dramatically so.
Here's how the numbers stack up across different levels:
| Benchmark | Average Premium | Median Premium |
|---|---|---|
| Franklin (suburb) | $2,443/yr | $1,854/yr |
| Unincorporated ACT (LGA) | $2,352/yr | — |
| ACT (state) | $2,203/yr | $2,112/yr |
| National | $2,965/yr | $2,716/yr |
You can explore the full Franklin suburb insurance stats, ACT state-wide data, and national home insurance benchmarks on CoverClub.
What stands out here is that Franklin's average premium ($2,443) actually sits slightly above the ACT state average ($2,203), which may surprise some residents who associate newer suburbs with lower risk. This could be partly driven by higher rebuild costs for larger, more modern homes in the area — Franklin has seen significant residential development since the mid-2010s, with many properties featuring contemporary finishes and larger floor plans.
Nationally, the ACT remains one of the more affordable states for home insurance, with premiums well below the $2,965 national average. Homeowners in cyclone-prone regions of Queensland and the Northern Territory, or flood-affected areas of NSW and Victoria, typically face significantly higher premiums. Franklin's position in a low-risk, landlocked territory is a genuine advantage.
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Property Features That Affect Your Premium
Several characteristics of this particular property work in favour of a lower premium:
Brick veneer construction is generally viewed favourably by insurers. While not as robust as full double brick, brick veneer offers solid fire resistance and structural integrity compared to weatherboard or lightweight cladding. It's a common choice in ACT new builds and tends to attract standard or below-average risk ratings.
Tiled roof is another positive factor. Terracotta or concrete tiles are durable, fire-resistant, and widely accepted by insurers as a lower-risk roofing material compared to Colorbond or, at the higher-risk end, older materials like asbestos sheeting.
Slab foundation is standard for homes of this era in the ACT and generally presents no elevated risk concerns. Combined with a 2016 construction year, the property benefits from being built to modern Australian Standards, including updated bushfire and energy efficiency requirements.
Timber and laminate flooring doesn't significantly impact building premiums but is worth noting for anyone considering adding contents cover later — timber floors can be more costly to replace than carpet.
Ducted climate control is a feature that can modestly increase rebuild costs, as the ductwork and system components are factored into the sum insured. At $435,000 building cover for a 214 sqm home, the sum insured appears reasonable for a well-appointed modern home in the ACT.
No pool and no solar panels simplify the risk profile. Both features, while common in newer ACT builds, can add complexity to claims and slightly lift premiums. Their absence here contributes to a cleaner, lower-risk assessment.
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Tips for Homeowners in Franklin
1. Review your sum insured regularly Construction costs in the ACT have risen sharply over the past few years. A sum insured set at purchase may no longer reflect the true cost to rebuild your home. Use a building calculator or ask your insurer to reassess annually — being underinsured at claim time can be a costly mistake.
2. Consider combining building and contents cover This quote covers building only. If your contents aren't separately insured, you could be exposed in the event of theft, fire, or storm damage to your belongings. Many insurers offer discounts when you bundle both policies, and it's worth comparing combined quotes alongside standalone options.
3. Understand your excess before you need it The $2,000 building excess on this policy is on the higher side. A higher excess typically lowers your premium, but make sure you're comfortable covering that amount out of pocket if a claim arises. If cash flow is a concern, it may be worth comparing quotes with a $1,000 or $1,500 excess to find the right balance.
4. Don't assume your cheapest quote is always the best value While this quote is priced well below the suburb average, it's worth checking what's actually included. Some budget-friendly policies exclude flood cover, limit accidental damage, or cap temporary accommodation benefits. Always read the Product Disclosure Statement (PDS) and compare policy features — not just price.
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Compare Home Insurance Quotes in Franklin
Whether you're renewing your policy or shopping for the first time, it pays to see what's available in the market before committing. CoverClub makes it easy to compare building and contents insurance quotes from multiple providers in one place.
Get a home insurance quote for your Franklin property and see how your premium stacks up against your neighbours — you might be surprised by how much room there is to save.