If you own a free standing home in Redland Bay, QLD 4165, you've probably wondered whether you're paying a fair price for your home and contents insurance — or whether you're leaving money on the table. This article breaks down a real insurance quote for a three-bedroom, two-bathroom brick veneer home in the suburb, and puts that number in context against local, state, and national benchmarks.
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Is This Quote Fair?
The short answer: yes — and then some.
This particular quote came in at $1,784 per year (or around $180 per month) for combined home and contents cover, with a building sum insured of $605,000 and contents valued at $50,000. Our pricing analysis rates this as CHEAP — meaning it sits well below average for the area.
To put that in perspective, the average home and contents premium across Redland Bay sits at $3,184 per year, with a median of $3,132. That means this quote is roughly 44% below the suburb average — a significant saving of around $1,400 annually. Even when compared to the cheapest quarter of quotes in the area (the 25th percentile sits at $2,378/yr), this premium still comes in considerably lower.
For a homeowner budgeting carefully, that kind of difference is meaningful. It's worth noting, however, that the building excess on this policy is $3,000 — higher than many standard policies — which partly explains the lower premium. A higher excess means you're absorbing more of the cost in the event of a claim, so it's important to factor that into your overall risk assessment.
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How Redland Bay Compares
Understanding how your suburb stacks up against broader benchmarks can help you gauge whether your insurer is pricing your risk fairly. Here's how Redland Bay sits in the bigger picture, based on 89 quotes collected for the area:
| Benchmark | Premium |
|---|---|
| This quote | $1,784/yr |
| Redland Bay suburb average | $3,184/yr |
| Redland Bay suburb median | $3,132/yr |
| Redland LGA average | $3,178/yr |
| QLD state median | $3,903/yr |
| National median | $2,764/yr |
What stands out here is that Queensland premiums are noticeably elevated compared to the national picture. The QLD state average of $9,129 per year is heavily skewed by high-risk cyclone and flood zones in northern and western parts of the state — so the median of $3,903 is a more useful yardstick for a suburb like Redland Bay, which sits in the south-east corner of the state.
Redland Bay's suburb average of $3,184 is actually below the Queensland median, which suggests the area is considered relatively lower risk by insurers compared to many other parts of the state. The national median of $2,764 is a useful reference point too — and even against that figure, this quote at $1,784 represents excellent value.
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Property Features That Affect Your Premium
Several characteristics of this property would influence how insurers price the risk. Here's what's most relevant:
Brick veneer construction with a tiled roof Brick veneer walls paired with a tiled roof is one of the most common and well-regarded construction combinations in Australian suburbia. Insurers generally view this favourably — brick is fire-resistant and durable, while tiles offer solid weather protection. Compared to properties with timber cladding or Colorbond roofing, this combination tends to attract more competitive premiums.
Slab foundation A concrete slab foundation is standard for Queensland homes of this era and is generally considered low-risk from an insurer's perspective. It doesn't carry the same subsidence or moisture concerns that can affect older stumped or pier-and-beam homes.
Built in 1985 At around 40 years old, this home sits in an age bracket where insurers start to pay closer attention to the condition of plumbing, electrical systems, and roofing. It's not old enough to be considered high-risk, but it's worth ensuring these systems have been updated or are well-maintained — both for your own peace of mind and to avoid complications at claim time.
Solar panels The presence of solar panels adds a modest layer of complexity to the insurance picture. Panels need to be included in your building sum insured, and some policies have specific conditions around damage to solar systems. It's worth confirming your policy explicitly covers the panels — both for physical damage and any liability associated with the system.
Timber and laminate flooring While attractive and popular, timber and laminate floors can be more susceptible to water damage than tiled floors. In the event of a burst pipe or storm water ingress, these materials can warp or buckle quickly. This is worth keeping in mind when assessing your contents and building cover limits.
139 sqm building size At 139 square metres, this is a modest-sized home. The building sum insured of $605,000 works out to roughly $4,350 per square metre — broadly in line with current Queensland construction costs, which have risen sharply in recent years. It's a good idea to revisit your sum insured annually to ensure it reflects current rebuild costs.
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Tips for Homeowners in Redland Bay
1. Review your excess settings carefully This policy carries a $3,000 building excess — higher than many standard policies. While this brings the premium down, it means you'll need to cover the first $3,000 of any building claim yourself. If you'd prefer a lower out-of-pocket cost in an emergency, it may be worth comparing policies with a lower excess, even if the annual premium is slightly higher.
2. Confirm your solar panels are covered Don't assume your solar system is automatically included in your building cover. Check your Product Disclosure Statement (PDS) to confirm the panels, inverter, and associated wiring are covered — and that the sum insured accounts for their replacement value.
3. Reassess your building sum insured regularly Construction costs in Queensland have increased significantly over the past few years. A sum insured that was accurate two or three years ago may now fall short of what it would actually cost to rebuild your home. Use a building cost calculator or speak with a builder to get an updated estimate.
4. Shop around at renewal time This quote demonstrates that there's a wide range of premiums available in Redland Bay — from under $2,000 to well over $3,500 per year. Insurers don't reward loyalty, so it pays to compare your options each year rather than simply accepting your renewal notice.
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Compare Your Own Quote
Whether you're buying a new policy or reviewing your existing one, it's always worth seeing what's available in the market. CoverClub makes it easy to compare home and contents insurance quotes for properties across Australia. Enter your address to get started and see how your premium stacks up against others in your area.