Lakes Entrance is one of East Gippsland's most picturesque coastal towns — and for homeowners here, finding the right home insurance at a fair price is just as important as the view. This article takes a close look at a real home and contents insurance quote for a four-bedroom, two-bathroom free standing home in Lakes Entrance (postcode 3909), built in 1990 with brick veneer walls and a steel Colorbond roof. We'll unpack whether the quoted premium represents good value, how it stacks up against local and national benchmarks, and what steps you can take to make sure you're not overpaying.
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Is This Quote Fair?
The annual premium for this property came in at $2,676 per year (or $256/month), covering both building (insured to $500,000) and contents ($40,000), each with a $1,000 excess. CoverClub's pricing engine rates this quote as FAIR — Around Average.
That rating holds up under scrutiny. Sitting above the suburb median of $2,243/yr but well below the suburb average of $2,841/yr, this quote lands comfortably in the middle of the pack for Lakes Entrance. It's also meaningfully cheaper than both the Victorian state average ($2,921/yr) and the national average ($2,965/yr), which suggests the insurer has priced this property without applying excessive loading for the coastal location.
For a home of this size — 214 sqm — and age (built in 1990), a "fair" rating is a reasonable outcome. Older homes sometimes attract higher premiums due to the cost of sourcing period-appropriate materials or meeting updated building codes after a claim. The fact that this quote comes in under the state and national averages indicates the property's solid construction profile is working in the owner's favour.
That said, "fair" doesn't mean "the best available." There's a meaningful spread in the Lakes Entrance market, with the 25th percentile sitting at $1,712/yr and the 75th percentile at $3,139/yr — a range of over $1,400. With 80 quotes sampled in the suburb, there's genuine competition among insurers, which means comparison shopping could yield a noticeably lower premium.
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How Lakes Entrance Compares
Understanding where Lakes Entrance sits relative to broader benchmarks helps put this quote in context.
| Benchmark | Annual Premium |
|---|---|
| This Quote | $2,676 |
| Lakes Entrance Suburb Average | $2,841 |
| Lakes Entrance Suburb Median | $2,243 |
| East Gippsland LGA Average | $3,076 |
| VIC State Average | $2,921 |
| National Average | $2,965 |
A few things stand out here. First, the East Gippsland LGA average of $3,076/yr is notably higher than the Lakes Entrance suburb average of $2,841/yr, suggesting that some surrounding areas in the LGA carry heavier risk profiles — likely due to bushfire exposure in more inland or forested parts of the region. Lakes Entrance itself, being coastal and lower-lying, may attract different risk considerations compared to hinterland East Gippsland.
Second, both the Victorian state average and the national average sit above this quote, which is a positive sign. You can explore Lakes Entrance-specific insurance data to see how premiums in the suburb trend over time and across different property types.
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Property Features That Affect Your Premium
Every property is different, and insurers weigh up a range of physical characteristics when calculating your premium. Here's how the features of this particular home come into play:
Brick Veneer Walls Brick veneer is one of the most common external wall types in Australia and is generally viewed favourably by insurers. It offers solid fire resistance and durability, which can help keep premiums in check compared to timber-clad or weatherboard homes.
Steel Colorbond Roof Colorbond roofing is another premium-friendly feature. It's lightweight, resistant to corrosion, and holds up well in coastal environments where salt air can accelerate the deterioration of other materials. For a property near the water in Lakes Entrance, this is a meaningful advantage.
Stump Foundation Homes on stumps (also called timber or concrete pier foundations) are common in older Victorian builds. While they allow for good ventilation underneath, they can also be more susceptible to movement, pest damage, or flooding in low-lying coastal areas. Insurers may factor this into their risk assessment, particularly given Lakes Entrance's proximity to the Gippsland Lakes and the coast.
Built in 1990 At around 35 years old, this home sits in a middle-age bracket — past the higher-risk early years, but old enough that some systems (plumbing, electrical, roofing) may be approaching the end of their serviceable life. Keeping these maintained can help avoid claims that push your premium up at renewal.
214 sqm Building Size A larger floor area generally means a higher rebuild cost, which is reflected in the $500,000 sum insured. It's worth periodically reviewing your building sum insured to ensure it reflects current construction costs, which have risen sharply in recent years.
Standard Fittings, No Pool or Solar Standard-grade fittings keep replacement costs predictable. The absence of a pool and solar panels also removes two common sources of additional premium loading, simplifying the risk profile for insurers.
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Tips for Homeowners in Lakes Entrance
1. Review your sum insured annually Building costs in regional Victoria have increased significantly since 2020. If your $500,000 sum insured hasn't been revisited recently, it may no longer reflect the true cost of rebuilding your home. Underinsurance is one of the most common — and costly — mistakes Australian homeowners make.
2. Consider flood and storm cover carefully Lakes Entrance sits on the edge of the Gippsland Lakes system, and parts of the area can be susceptible to storm surge, flooding, and heavy rainfall events. Check whether your policy includes flood cover as standard or as an optional add-on, and make sure you understand exactly what's covered before a weather event hits.
3. Get multiple quotes before renewing With a 25th-to-75th percentile spread of over $1,400 in this suburb, there's clearly significant variation between insurers. Loyalty doesn't always pay — comparing quotes at renewal could save you hundreds of dollars without reducing your level of cover.
4. Maintain your home's structure proactively Older homes on stump foundations benefit from regular inspections for timber pest activity, subfloor moisture, and footing movement. Keeping on top of maintenance not only protects your home but can also support your claim if something does go wrong — insurers may reduce or deny payouts if damage is attributed to lack of upkeep.
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Compare Your Home Insurance with CoverClub
Whether you're a long-time Lakes Entrance local or new to the area, it pays to know what the market looks like before committing to a policy. CoverClub makes it easy to compare home and contents insurance quotes from a range of insurers, so you can see exactly where your premium sits relative to the suburb and state benchmarks.
Get a quote today at CoverClub and find out if you're getting a fair deal — or if there's a better option waiting for you.