Lakes Entrance is one of East Gippsland's most recognisable coastal towns — a popular holiday destination and permanent home to thousands of Victorians. Sitting on the Gippsland Lakes system, the area offers a lifestyle that's hard to beat, but its coastal and lakeside geography does bring some unique considerations for homeowners when it comes to insurance. This article breaks down a real home and contents insurance quote for a 3-bedroom, 2-bathroom free standing home in Lakes Entrance (VIC 3909), and puts the numbers in context so you can make a more informed decision about your own cover.
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Is This Quote Fair?
The quote in question comes in at $2,447 per year (or about $234 per month) for combined home and contents cover, with a $547,000 building sum insured and $50,000 in contents cover. Both the building and contents excess are set at $1,000.
Our price rating for this quote is FAIR — Around Average, and the data backs that up.
Within the Lakes Entrance suburb (postcode 3909), the median premium sits at $2,362 per year, which means this quote is only marginally above the midpoint — by roughly $85. The suburb's average premium is $2,867, so relative to what many locals are actually paying, this quote looks quite competitive. In fact, it falls comfortably within the interquartile range: the 25th percentile is $1,994 and the 75th percentile is $3,064, placing this quote solidly in the middle band of the market.
In short, you're not getting a bargain, but you're also well clear of the more expensive end of the market. For a property of this size and type in a coastal Victorian town, $2,447 is a reasonable outcome.
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How Lakes Entrance Compares
To really understand whether this quote is competitive, it helps to zoom out and look at the broader picture. You can explore the full data on the Lakes Entrance insurance stats page, but here's a quick summary:
| Benchmark | Annual Premium |
|---|---|
| This quote | $2,447 |
| Lakes Entrance suburb median | $2,362 |
| Lakes Entrance suburb average | $2,867 |
| LGA (East Gippsland) average | $3,003 |
| VIC state average | $3,000 |
| VIC state median | $2,718 |
| National average | $5,347 |
| National median | $2,764 |
A few things stand out here. First, this quote is well below both the Victorian state average ($3,000) and the East Gippsland LGA average ($3,003) — saving the homeowner over $550 per year compared to what a typical Victorian pays. You can compare how Victoria stacks up against other states on the VIC insurance stats page.
Second, the national average of $5,347 is strikingly high — more than double this quote. That figure is heavily influenced by premiums in Queensland and Northern Australia, where cyclone risk drives costs through the roof. Lakes Entrance is not a designated cyclone risk area, which is a significant advantage. For a fuller national picture, visit the national home insurance stats page.
The sample for this suburb is based on 41 quotes, which provides a reasonable dataset for comparison, though it's worth noting that individual premiums can vary considerably depending on the insurer, the level of cover, and specific property features.
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Property Features That Affect Your Premium
Several characteristics of this particular property influence how insurers price the risk — and in this case, most of them work in the homeowner's favour.
Brick veneer construction is generally viewed favourably by insurers. It offers solid fire resistance and structural durability compared to weatherboard or lightweight cladding, which can translate into lower premiums or broader cover eligibility.
Tiled roofing is similarly well-regarded. Tiles are durable, fire-resistant, and have a long lifespan, making them a lower-risk roofing material compared to Colorbond or older materials like asbestos sheeting.
Concrete slab foundation provides good structural stability and is less susceptible to subsidence or pest damage than timber stumps — another tick in the risk assessment column.
Tile flooring throughout the home is also a practical advantage. It's resistant to water damage and easier to remediate after a flood or leak event, which can reduce the cost of claims.
The property was built in 1990, which puts it in a mid-range age bracket. It's old enough that some systems (plumbing, electrical) may be approaching the end of their serviceable life, but not so old that it would attract significant age-related loadings from most insurers.
Ducted climate control is present, which is worth noting — this system adds to the replacement value of the home and is a potential source of claims if it fails or is damaged. It's important to ensure it's captured in your building sum insured.
The absence of a pool and solar panels simplifies the risk profile and removes two common sources of additional premium loading.
Contents cover of $50,000 is on the modest side for a 3-bedroom, 2-bathroom home. It's worth doing a proper audit of your belongings — furniture, appliances, clothing, electronics, and valuables — to make sure you're not underinsured.
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Tips for Homeowners in Lakes Entrance
1. Check your sum insured reflects current building costs Construction costs have risen sharply in recent years. A 169 sqm brick veneer home in regional Victoria could cost significantly more to rebuild today than it did even three years ago. Use a building cost calculator or speak with a local builder to validate your $547,000 sum insured. Being underinsured at claim time can be a costly mistake.
2. Consider flood and storm surge cover carefully Lakes Entrance sits adjacent to the Gippsland Lakes and is exposed to coastal weather events. Review your policy's definition of "flood" versus "storm" — these are treated differently by most insurers. Some policies exclude flood or charge an additional premium for it. Given the town's geography, this is not a clause to overlook.
3. Review your contents sum insured $50,000 in contents cover may not be sufficient for a fully furnished 3-bedroom home. A general rule of thumb is to mentally walk through every room and estimate replacement costs at today's retail prices. Don't forget items in the garage, outdoor furniture, and any valuables or jewellery that may need to be listed separately.
4. Compare quotes annually — don't auto-renew without checking The insurance market in Lakes Entrance shows a meaningful spread between the 25th percentile ($1,994) and the 75th percentile ($3,064) — a difference of over $1,000 per year for comparable cover. Shopping around at renewal time is one of the simplest ways to ensure you're not drifting into the expensive end of that range without realising it.
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Ready to Compare?
Whether you're reviewing an existing policy or shopping for cover for the first time, comparing quotes is the best way to make sure you're getting value. CoverClub makes it easy to see how your premium stacks up against real data from your suburb and beyond.