If you own a free standing home in Redland Bay, QLD 4165, you're probably curious about whether what you're paying for home insurance is reasonable — or whether you're leaving money on the table. This article breaks down a real home and contents insurance quote for a four-bedroom brick veneer home in the suburb, compares it against local, state, and national benchmarks, and offers practical advice for homeowners in the area.
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Is This Quote Fair?
The quote in question comes in at $1,398 per year (or roughly $136/month) for combined home and contents cover, with a building sum insured of $550,000 and contents valued at $50,000. The building excess sits at $3,000 and the contents excess at $1,000.
Our price rating for this quote is FAIR — Around Average.
To put that in context: the 25th percentile of quotes we've seen for Redland Bay sits at $1,282/yr, and the 75th percentile reaches $3,267/yr. At $1,398, this quote lands just above the cheapest quarter of the market — meaning it's competitive without being the absolute lowest available. For a property of this size and specification, that's a reasonable outcome.
It's worth noting that "fair" doesn't necessarily mean you can't do better. It simply means this premium is broadly in line with what others are paying for comparable cover in the area. Shopping around could still yield savings, particularly if you're willing to adjust your excess levels or fine-tune your sum insured.
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How Redland Bay Compares
The numbers tell an interesting story when you zoom out. Redland Bay's suburb average premium is $2,324/yr, with a median of $2,662/yr across 91 quotes in our dataset. This quote at $1,398 sits well below both figures — a positive sign for the homeowner.
Zooming out further, the QLD state average premium is $4,547/yr, with a median of $3,931/yr. Queensland's elevated premiums are largely driven by cyclone-prone regions in the north of the state, which push the statewide figures up considerably. Redland Bay, located in South East Queensland, benefits from a lower-risk profile compared to those areas.
At the national level, the average premium across Australia is $2,965/yr, with a median of $2,716/yr. Again, this quote comfortably undercuts both figures.
Even when compared to the broader Redland LGA average of $3,312/yr, this quote looks attractive. Here's a quick summary:
| Benchmark | Premium |
|---|---|
| This Quote | $1,398/yr |
| Redland Bay Suburb Average | $2,324/yr |
| Redland Bay Suburb Median | $2,662/yr |
| Redland LGA Average | $3,312/yr |
| QLD State Average | $4,547/yr |
| National Average | $2,965/yr |
The takeaway: this homeowner is paying significantly less than most comparable benchmarks, which is a good result — though it's always worth verifying that the level of cover is appropriate for the property's actual replacement value.
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Property Features That Affect Your Premium
Several characteristics of this property work in the homeowner's favour when it comes to pricing:
Brick Veneer Construction Brick veneer is generally viewed favourably by insurers. It offers solid fire resistance and structural durability, which can translate to lower premiums compared to weatherboard or other timber-framed cladding options.
Tile Roof A tiled roof is another tick in the right column. Tiles are durable and perform well in storms, though they can be more expensive to repair than Colorbond if damaged. Overall, insurers tend to rate tile roofs similarly to metal roofing — both are considered low-risk materials.
Concrete Slab Foundation Slab foundations are common in Queensland and are generally considered stable. They carry less risk of subsidence or termite ingress compared to raised timber stumped foundations, which can be a factor in premium calculations.
No Cyclone Risk Redland Bay is not classified as a cyclone risk area, which is a meaningful premium advantage for Queensland homeowners. Properties in cyclone-affected regions — particularly Far North Queensland — can pay dramatically higher premiums due to the elevated risk of severe wind damage.
Solar Panels The presence of solar panels adds a modest amount to the insured value of the property and may slightly increase the premium. It's important to ensure your building sum insured accounts for the replacement cost of the solar system, as panels can be expensive to replace after storm or hail damage.
Ducted Climate Control Ducted air conditioning is a higher-value fixed installation and is typically covered under building insurance. As with solar, it's worth confirming your sum insured reflects the cost of replacing this system if needed.
Building Size: 244 sqm At 244 square metres, this is a generously sized home. A larger floor area generally means a higher rebuild cost, so the $550,000 building sum insured should be regularly reviewed to ensure it keeps pace with rising construction costs in South East Queensland.
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Tips for Homeowners in Redland Bay
1. Review Your Sum Insured Annually Construction costs in South East Queensland have risen sharply in recent years. A sum insured that was adequate in 2022 may no longer cover full rebuilding costs today. Use a building cost calculator or speak with a quantity surveyor to ensure your $550,000 figure still reflects current rebuild costs for a 244 sqm home in the area.
2. Consider Your Excess Carefully This policy carries a $3,000 building excess, which is on the higher side. A higher excess typically reduces your annual premium, but it also means more out-of-pocket costs if you need to make a claim. Think about whether you'd comfortably cover that amount in an emergency before locking in a high excess purely to save on premiums.
3. Protect Your Solar Investment With solar panels installed, make sure your policy explicitly covers them — both for storm and hail damage, and for accidental damage during maintenance. Not all policies include solar panels automatically under standard building cover, so it's worth checking the Product Disclosure Statement (PDS) carefully.
4. Compare Quotes at Renewal Time Even if your current premium feels fair, the insurance market changes constantly. Insurers re-price risk regularly, and the best deal today may not be the best deal next year. Set a reminder to compare quotes at CoverClub a few weeks before your renewal date so you have time to switch if a better option emerges.
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Ready to Compare?
Whether you're renewing your existing policy or shopping for cover on a new property, CoverClub makes it easy to see how your quote stacks up. Get a home insurance quote today and compare it against real data from homeowners in Redland Bay and across Australia. You can also explore detailed suburb-level insurance statistics for Redland Bay or browse QLD-wide premium data to better understand what your neighbours are paying.