Molesworth is a quiet rural locality in Tasmania's postcode 7140, nestled in a region known for its scenic landscapes and cooler climate. For owners of free standing homes in this area, understanding what drives home insurance costs — and whether a given quote represents fair value — can make a real difference to the household budget. This article breaks down a recent home and contents insurance quote for a three-bedroom property in Molesworth, compares it against local, state, and national benchmarks, and offers practical tips to help you get a better deal.
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Is This Quote Fair?
The quote in question comes in at $5,211 per year (or $521/month) for combined home and contents cover, with a building sum insured of $900,000 and contents valued at $79,000. The building excess is $2,000 and the contents excess is $1,000.
Our price rating for this quote is EXPENSIVE — above average. That's not a label we apply lightly. Compared to what other homeowners in Molesworth are paying, this premium sits well above the local range. The suburb's average premium is $3,299/yr and the median sits at $3,431/yr, meaning this quote is roughly 58% higher than the local average and about 52% above the median.
Even against the 75th percentile — meaning the top quarter of premiums in the suburb — this quote still exceeds the $3,545/yr mark by a significant margin. In short, if you've received a quote in this range, it's well worth shopping around before accepting it.
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How Molesworth Compares
To put this quote into broader context, here's how Molesworth stacks up against Tasmanian and national averages:
| Benchmark | Average Premium | Median Premium |
|---|---|---|
| Molesworth (7140) | $3,299/yr | $3,431/yr |
| Tasmania (TAS) | $2,458/yr | $2,272/yr |
| National | $2,965/yr | $2,716/yr |
| LGA (West Coast) | $3,729/yr | — |
A few things stand out here. First, Molesworth premiums are already elevated compared to the broader Tasmanian average — local homeowners are paying roughly 34% more than the state average. This likely reflects the specific risk profile of the region, including factors like bushfire exposure, remoteness, and limited access to emergency services, all of which insurers weigh heavily when pricing policies.
Second, even the LGA average for the West Coast region ($3,729/yr) is notably lower than the quote being analysed. This reinforces that while Molesworth is an above-average cost area to insure, the specific quote here is on the higher end even by local standards.
It's worth noting that the suburb sample size used in our comparison is five quotes, so the local data should be treated as indicative rather than definitive. That said, the gap between this quote and every available benchmark is substantial enough to warrant closer scrutiny.
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Property Features That Affect Your Premium
Several characteristics of this property are likely contributing to the elevated premium. Understanding these factors can help you have a more informed conversation with your insurer.
High building sum insured ($900,000) This is one of the most significant drivers of the premium. A $900,000 building sum insured is substantial for a 130 sqm, three-bedroom home built in 1989. It's worth reviewing whether this figure accurately reflects the rebuilding cost (not market value) of the home. Overcalculating the sum insured is a common and costly mistake — if your rebuild cost is genuinely lower, adjusting this figure could meaningfully reduce your premium.
Construction year (1989) Homes built in the late 1980s fall into an age bracket that some insurers view with caution. Older properties may have ageing electrical wiring, plumbing, or structural elements that increase the likelihood of a claim. That said, a well-maintained 1989 home shouldn't be penalised excessively.
Steel/Colorbond roof This is generally a positive for insurance purposes. Colorbond roofing is durable, fire-resistant, and low-maintenance, which typically attracts more favourable pricing compared to older roofing materials like terracotta tiles or asbestos sheeting.
Solar panels The presence of solar panels adds a modest layer of complexity to the policy. Insurers need to account for the panels as part of the building's insured value, and some may charge a small loading. It's worth confirming with your insurer exactly how solar panels are covered under your policy — whether they're included in the building sum insured or require a separate listing.
Slab foundation with carpet flooring A concrete slab foundation is generally considered low-risk. Carpet flooring, while standard, can be more susceptible to water damage than hard flooring alternatives — something to keep in mind if you're in an area with any flood or storm water risk.
"Other" external walls The wall construction type listed as "Other" may be a factor in how insurers assess risk. Non-standard materials can sometimes attract higher premiums due to uncertainty around repair costs or fire resistance. If you know the specific wall material (e.g., weatherboard, fibre cement, or similar), providing that detail to your insurer could help clarify the rating.
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Tips for Homeowners in Molesworth
1. Review your building sum insured carefully As noted above, the $900,000 sum insured is the single biggest lever on this premium. Use a building cost calculator — many insurers provide one — to estimate the true rebuild cost of your home based on its size, construction type, and location. Adjusting an inflated sum insured is one of the fastest ways to reduce your annual premium without sacrificing meaningful cover.
2. Compare multiple quotes before renewing Tasmania's insurance market can vary significantly between providers. Platforms like CoverClub make it straightforward to compare quotes side by side, so you're not just accepting the first number that lands in your inbox. Given that this quote is well above the local average, comparison shopping is especially worthwhile here.
3. Consider your excess settings This policy carries a $2,000 building excess and a $1,000 contents excess. Opting for a higher voluntary excess is a common strategy to lower the annual premium — just make sure the excess amount is something you could comfortably cover in the event of a claim.
4. Ask about discounts for home security and maintenance Some insurers offer discounts for properties with monitored alarms, deadbolts, or smoke detectors. Given the rural nature of Molesworth and the distance from emergency services, demonstrating that your property is well-secured and maintained may help your case when negotiating a renewal price.
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Ready to Find a Better Deal?
If your current home insurance quote feels out of step with what your property and circumstances warrant, it's time to compare. CoverClub helps Australian homeowners cut through the noise and find competitive cover — in Molesworth, across Tasmania, and nationwide. Get a quote today and see how much you could save.