If you own a free standing home in Raymond Terrace, NSW 2324, you're probably curious about whether you're paying a fair price for home insurance — or leaving money on the table. This article breaks down a real home and contents insurance quote for a five-bedroom brick veneer home in the suburb, compares it against local, state, and national benchmarks, and offers practical tips to help you get better value on your cover.
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Is This Quote Fair?
The quote in question comes in at $1,892 per year (or $186/month) for combined home and contents insurance, covering a building sum insured of $563,000 and $90,000 worth of contents. The building excess sits at $3,000 and the contents excess at $1,000.
Our price rating for this quote is FAIR — Around Average.
That assessment holds up well when you look at the numbers in context. The suburb average premium for Raymond Terrace is $2,377/yr, and the median sits at $2,032/yr. This quote comes in below both figures, which is a positive sign. It also falls comfortably within the middle range of the market — the 25th percentile for the suburb is $1,329/yr and the 75th percentile is $2,853/yr — meaning this premium is neither suspiciously cheap nor unnecessarily expensive.
In short, this is a reasonable quote for the property type and location, though there's always room to explore whether a better deal exists elsewhere.
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How Raymond Terrace Compares
One of the more striking takeaways from this data is just how affordable Raymond Terrace is relative to broader benchmarks. Here's a quick snapshot:
| Benchmark | Average Premium | Median Premium |
|---|---|---|
| Raymond Terrace (suburb) | $2,377/yr | $2,032/yr |
| NSW (state) | $3,801/yr | $3,410/yr |
| National | $2,965/yr | $2,716/yr |
| Maitland LGA | $4,198/yr | — |
Raymond Terrace sits well below the NSW state average of $3,801/yr — that's a difference of roughly $1,400 per year at the average level. It also undercuts the national average of $2,965/yr by a meaningful margin. Even within the Maitland LGA, Raymond Terrace appears to be a relatively affordable pocket, with the LGA average reaching $4,198/yr.
This suggests that, from a risk-pricing perspective, insurers view Raymond Terrace relatively favourably compared to much of NSW. For homeowners in the area, that's good news — it means competitive premiums are genuinely achievable.
You can explore the full data for the suburb at our Raymond Terrace insurance stats page, compare it against the NSW state overview, or see where it sits against national home insurance benchmarks.
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Property Features That Affect Your Premium
Every home is different, and insurers weigh up a range of property characteristics when calculating your premium. Here's how the key features of this particular property are likely influencing the quote:
Brick Veneer Walls & Tiled Roof
Brick veneer construction is generally viewed positively by insurers — it's durable, fire-resistant, and widely used across Australian suburbs. Combined with a tiled roof, this home presents a relatively low-risk profile from a structural standpoint. Both materials are less susceptible to storm damage than, say, weatherboard or corrugated iron, which can help keep premiums in check.
Construction Year: 1978
Older homes can sometimes attract higher premiums due to aging infrastructure — think older electrical wiring, plumbing, and roofing. A home built in 1978 is now approaching 50 years old, so insurers may factor in a modest uplift to account for wear and potential replacement costs. That said, brick veneer homes from this era tend to age reasonably well structurally.
Elevated Foundation (At Least 1 Metre)
The property is elevated by at least one metre, which is a meaningful flood-risk mitigant. In many parts of NSW — particularly in the Hunter Valley and surrounding areas — flood exposure is a key driver of insurance costs. An elevated slab foundation reduces the likelihood of inundation, which insurers typically reward with lower premiums. This feature is likely one of the reasons this quote is sitting below the suburb average.
Solar Panels
The presence of solar panels adds some replacement value to the property that needs to be accounted for in the building sum insured. While solar panels themselves don't dramatically increase premiums, it's important to confirm with your insurer that they are explicitly covered under your policy — some policies treat them as a standard inclusion, while others may require a specific endorsement.
No Pool, Standard Fittings
The absence of a pool removes a common source of liability and maintenance-related claims. Standard fittings (rather than high-end or bespoke finishes) also mean the cost to rebuild or replace internal fixtures is more predictable and moderate, keeping the sum insured — and therefore the premium — at a reasonable level.
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Tips for Homeowners in Raymond Terrace
Whether you're reviewing an existing policy or shopping around for the first time, here are four practical steps worth considering:
- Review your building sum insured regularly. Construction costs have risen significantly in recent years across NSW. A sum insured of $563,000 for a 277 sqm home works out to roughly $2,033/sqm — which is in a reasonable range, but it's worth cross-checking against current local building costs annually to avoid being underinsured.
- Confirm your solar panels are covered. Ask your insurer directly whether your solar system is included in the building sum insured and what events are covered (storm, hail, fire, etc.). Don't assume — get it in writing.
- Consider your excess trade-off carefully. This quote carries a $3,000 building excess, which is on the higher side. A higher excess typically lowers your premium, but it also means a larger out-of-pocket cost if you need to make a claim. Make sure you could comfortably cover that amount if something went wrong.
- Shop around at renewal time. Even if your current quote is rated "Fair," the insurance market is competitive. Comparing quotes annually — particularly across a range of insurers — can surface meaningful savings. Raymond Terrace's relatively low-risk profile means you're in a good position to attract competitive offers.
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Compare Your Home Insurance Quote Today
Whether you're a long-time resident of Raymond Terrace or you've recently moved into the area, it pays to know what the market looks like. CoverClub makes it easy to compare home and contents insurance quotes from a range of Australian insurers, all in one place.
Get a home insurance quote now and see how your current premium stacks up — you might be surprised at what's available.