Parramatta Park is a well-established residential suburb sitting just west of Cairns CBD in Far North Queensland. It's home to a mix of classic Queenslander-style homes and post-war dwellings — many of which, like the property we're analysing today, carry the character and quirks of mid-century construction. This particular property is a 4-bedroom, 2-bathroom free standing home built in 1953, sitting on a slab foundation and elevated by at least one metre — a common and sensible design feature in this part of the country.
With a building sum insured of $793,000 and an annual premium of $9,266 (or $888/month), this quote covers building only — no contents. So, is that a fair price? Let's dig into the numbers.
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Is This Quote Fair?
The short answer: yes, broadly speaking. This quote has been rated Fair (Around Average), and the data backs that up.
At $9,266 per year, the premium sits comfortably above the national average of $5,347/yr and above the Queensland state average of $9,129/yr — but only marginally so. When you factor in the specific risk profile of Cairns and surrounds (more on that shortly), a premium in this range is not surprising.
Compared to the Parramatta Park suburb median of $8,275/yr, this quote is slightly above the midpoint but well within the suburb's interquartile range of $5,860 to $13,101. That means roughly half of comparable properties in the area are paying less, and a quarter are paying significantly more. This quote lands squarely in the middle ground — not a bargain, but not an outlier either.
It's worth noting that the suburb's average premium of $84,185/yr is dramatically skewed — likely by one or two very high-value or high-risk properties in the sample of just 12 quotes. The median is a far more reliable benchmark here, and against that figure, this quote looks reasonable.
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How Parramatta Park Compares
To put this premium in context, here's how the numbers stack up across different levels:
| Benchmark | Average | Median |
|---|---|---|
| Parramatta Park (4870) | $84,185/yr* | $8,275/yr |
| Queensland | $9,129/yr | $3,903/yr |
| National | $5,347/yr | $2,764/yr |
| Cairns LGA | $12,404/yr | — |
\Heavily skewed by outliers in a small sample of 12 quotes.*
What stands out immediately is just how elevated Queensland premiums are compared to the national median. The state median of $3,903/yr is already 41% higher than the national median — and Cairns LGA pushes even further above that at $12,404/yr on average. This reflects the very real and well-documented insurance pressures facing Far North Queensland, where cyclone exposure, flooding risk, and building age all drive costs upward.
This property's premium of $9,266/yr is actually below the Cairns LGA average, which is a positive sign. It suggests the quote is competitive for the region, even if it looks steep compared to southern states.
You can explore more local data on the Parramatta Park insurance stats page or compare against the broader Queensland insurance landscape.
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Property Features That Affect Your Premium
Several characteristics of this home have a meaningful impact on what insurers charge. Here's what's likely influencing the premium:
🌀 Cyclone Risk Area
This is the single biggest factor. Parramatta Park falls within a designated cyclone risk zone, and insurers price this in heavily. Far North Queensland is one of the most cyclone-exposed regions in Australia, and premiums here reflect the genuine likelihood of a significant weather event causing structural damage. This alone can push premiums two to three times higher than equivalent homes in southern states.
🏚️ Age and Construction (1953, Weatherboard Wood)
A home built in 1953 with weatherboard timber external walls presents a higher replacement risk than modern brick or concrete construction. Timber is more susceptible to termite damage, rot, and fire — and older homes may not meet current building codes, making repairs more expensive. Insurers factor in both the age and the material when assessing risk.
🏠 Elevated Foundation
Being elevated by at least one metre is actually a positive for insurers in flood-prone areas. It reduces the likelihood of inundation damage reaching the living areas of the home, which can soften the premium compared to ground-level properties in the same suburb. It's a classic Queenslander design feature that serves a practical purpose.
☀️ Solar Panels
Solar panels add to the replacement cost of the building and are typically included in the building sum insured. They also introduce some risk (fire, hail damage) that insurers account for. Ensuring your sum insured accurately reflects the value of installed panels is important.
🏊 Swimming Pool
Pools increase the insured value of the property and can also introduce liability considerations. They're a common feature in Far North Queensland homes and are generally straightforward to insure, but they do contribute to a higher sum insured figure.
❄️ Ducted Climate Control
Ducted air conditioning systems are expensive to repair or replace and are typically covered under building insurance. In the Cairns climate, these systems are often running hard year-round, which can affect wear and longevity.
📐 Building Size and Sum Insured
At 214 sqm and a sum insured of $793,000, this is a well-sized home with a substantial replacement value. The sum insured is the primary driver of your base premium — getting this figure right is critical. Underinsuring to save on premiums can leave you significantly out of pocket after a major claim.
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Tips for Homeowners in Parramatta Park
1. Review Your Sum Insured Annually
Construction costs in Queensland have risen sharply in recent years. A sum insured that was accurate two years ago may now be insufficient. Use a building cost calculator or speak with a quantity surveyor to ensure your $793,000 figure still reflects genuine replacement costs — especially for a weatherboard home with features like solar and ducted air conditioning.
2. Ask About Cyclone Mitigation Discounts
Some insurers offer premium reductions for homes that have been upgraded to better withstand cyclone conditions — things like cyclone-rated roofing, shutters, or tie-down systems. Given this home's steel/Colorbond roof, it may already qualify for some consideration. It's worth asking your insurer directly.
3. Compare Quotes Before Renewal
Loyalty doesn't always pay in insurance. With a premium of this size, even a 10–15% saving would put hundreds of dollars back in your pocket each year. Get a comparison quote through CoverClub to see what other insurers are offering for the same level of cover.
4. Consider Your Excess Strategically
This policy carries a $5,000 building excess — which is on the higher end. A higher excess generally lowers your premium, but it also means you'll pay more out of pocket before cover kicks in. Make sure this figure is genuinely affordable in the event of a claim, particularly given the cyclone risk in the area.
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Ready to Compare?
Whether you're reviewing an existing policy or shopping for cover on a new purchase, it pays to see what's available in the market. CoverClub makes it easy to compare home insurance quotes tailored to your property and location. Start your comparison today and find out if you're getting the best deal for your home in Parramatta Park.