A three-bedroom, free standing home in Lilydale, VIC 3140 recently received a home and contents insurance quote of $1,483 per year (or $154/month) — a result that sits well below what most homeowners in the area are paying. With a building sum insured of $644,000 and contents covered to $196,000, this quote offers a useful real-world benchmark for anyone shopping for cover in Melbourne's outer east.
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Is This Quote Fair?
In short: yes — and then some. This quote has been rated CHEAP (Below Average), meaning it comes in meaningfully under the typical price range for comparable properties in the suburb.
To put it in perspective, the suburb average premium in Lilydale is $2,470 per year, and the median sits at $2,201. This quote at $1,483 falls below even the 25th percentile of $1,585 — meaning fewer than one in four quotes in the area come in this low. That's a strong result by any measure.
For context, the building excess on this policy is $3,000, which is on the higher side and will contribute to keeping the premium down. The contents excess of $500 is more standard. It's worth keeping this trade-off in mind: a lower premium often means you'll pay more out of pocket if you do need to make a claim.
That said, for homeowners who are confident in their property's condition and unlikely to make frequent small claims, a higher excess in exchange for a lower ongoing premium can be a smart financial decision.
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How Lilydale Compares
Lilydale sits in an interesting position when you zoom out to state and national comparisons. Here's how the numbers stack up:
| Benchmark | Annual Premium |
|---|---|
| This quote | $1,483 |
| Lilydale suburb average | $2,470 |
| Lilydale suburb median | $2,201 |
| Victoria state average | $3,000 |
| Victoria state median | $2,718 |
| National average | $5,347 |
| National median | $2,764 |
| Yarra Ranges LGA average | $5,600 |
A few things stand out here. First, Lilydale's median premium of $2,201 is actually quite competitive compared to the Victorian state median of $2,718 — suggesting the suburb carries a relatively manageable risk profile for insurers. Second, the national average of $5,347 is dramatically higher, largely driven by high-risk areas in Queensland and Western Australia where cyclone and flood exposure pushes premiums sky-high.
Perhaps the most striking figure is the Yarra Ranges LGA average of $5,600 — nearly four times this quote. This reflects the fact that many properties within the broader Yarra Ranges council area face elevated bushfire risk, particularly in more elevated and heavily treed pockets. Lilydale itself, while part of Yarra Ranges, tends to sit in a lower-risk zone compared to townships further into the ranges.
You can explore more Lilydale-specific insurance data and suburb stats here.
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Property Features That Affect Your Premium
Several characteristics of this property work in its favour from an insurance pricing perspective:
Brick Veneer Construction Brick veneer external walls are generally viewed favourably by insurers. They offer solid fire resistance and structural durability compared to timber or cladding alternatives. In a region where bushfire risk is a background consideration, this construction type can meaningfully reduce premiums.
Tiled Roof Terracotta or concrete tile roofing is among the most insurer-friendly roof types available. Tiles are durable, relatively low-maintenance, and perform well in both fire and storm conditions — all of which contribute to lower risk assessments.
Slab Foundation A concrete slab foundation is a positive signal for insurers. It reduces the risk of subsidence and pest-related structural damage, and is standard for modern builds. Combined with the 2014 construction year, this property benefits from being built to contemporary Australian Standards.
Modern Build (2014) Homes built in the last decade or so typically comply with more rigorous building codes, including improved fire resistance ratings and structural standards. Newer properties tend to attract lower premiums than older homes that may have ageing wiring, plumbing, or roofing.
Ducted Climate Control The presence of ducted heating and cooling is factored into the building's replacement value and contents coverage. While it adds to the sum insured, it's a standard inclusion for a home of this type and doesn't significantly elevate risk.
No Pool or Solar Panels The absence of a swimming pool removes liability and equipment breakdown considerations. Similarly, no solar panels means no additional risk from inverter faults or rooftop electrical systems — both of which can complicate claims.
Standard Fittings With standard-quality fittings throughout, the contents and building valuations remain straightforward. High-end or bespoke fittings can push replacement costs — and therefore premiums — considerably higher.
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Tips for Homeowners in Lilydale
1. Review Your Building Sum Insured Annually Construction costs have risen sharply in recent years. A sum insured of $644,000 for a 116 sqm home works out to approximately $5,552 per square metre — which is reasonable, but worth revisiting each year to ensure it reflects current rebuild costs in your area. Being underinsured at claim time can be a costly mistake.
2. Understand Your Bushfire Risk While Lilydale's core areas carry lower bushfire risk than many surrounding townships, it's still worth checking your property's Bushfire Attack Level (BAL) rating. Properties on the fringe of bushland may face different risk assessments. Your local council or the CFA can help you understand your specific exposure.
3. Consider Your Excess Strategy This quote carries a $3,000 building excess, which is higher than average. If you're comfortable with that level of self-insurance for smaller incidents, it's a sensible way to reduce your annual premium. However, if you'd prefer peace of mind for smaller claims, it may be worth comparing quotes with a lower excess to find the right balance.
4. Don't Let Your Policy Auto-Renew Without Shopping Around Insurers often raise premiums at renewal without significant changes to your risk profile. Given that this quote came in well below the suburb average, it's clear that prices vary considerably between providers. Set a reminder to compare quotes each year — even if you're happy with your current insurer.
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Ready to Find Your Best Rate?
Whether you're a first-time buyer or a long-term Lilydale local, comparing quotes is the single most effective way to make sure you're not overpaying. CoverClub makes it easy to see real quotes side by side so you can make a confident, informed decision.