211
The Study Area’s building insurance profile can be built by analysing dwelling types in the area and
adopting non-insurance rates for each dwelling type that were ascertained by Tooth and Barker (2007) for
the Insurance Industry Council. Refer to
Table 13.3
below.
Based on the non-insurance rates for each dwelling type (contained in
Table 13.1
) the Study Area has a
marginally lower rate of insurance than Greater Adelaide. These rates are consistent with the level of
home insurance nationally. West Torrens Council area has the lowest rate of home insurance, due in
part to the higher proportion of flats and units.
Table 13.3: Dwellings Insured by dwelling type
1
Dwelling Type
Rate of Non-
insurance (%)
Charles
Sturt
Port Adelaide
Enfield
West
Torrens
Western
Adelaide
Greater
Adelaide
Separate House
3.9
1,195
1,273
587
3,054
14,310
Semi Detached
5.0
334
344
147
826
2,885
Flat, Unit
17.9
904
890
895
2,689
8,845
Total Dwellings
uninsured
-
2,433
2,507
1,629
6,569
26,040
Total Dwellings
-
42,447
44,633
23,008
110,088
474,020
Dwellings insured (%)
-
94.3
94.4
92.9
94.0
94.5
1
Figures have been calculated using ABS data (dwelling types) 2011.
In 2011, the Insurance Council of Australia’s members accounted for 216,086
36
private building insurance
policies (or dwellings) in the Adelaide metropolitan area
37
, which represented approximately 47.28%
38
of
the market in that area. The market excludes Government and related dwellings due to government
insurance arrangements. On this basis, there are an estimated 457,084 potential building policies (or
dwellings) in the Adelaide metropolitan area. The remaining 52.73% of the market was either insured by
non-ICA members or was not insured at all.
Of the policies held by ICA members, the Average Insured Building Value (AIBV) in Greater Adelaide was
$306,342 and the average policy premium paid was $386.
The median property values across the Study Area are shown in
Table 13.4
. These are taken as the
average of all median house prices for each suburb for Quarter July-September 2012. Source:
Table 13.4: Comparison of median dwelling prices in Study Area and wider region
Charles
Sturt
Port Adelaide
Enfield
West
Torrens
Western
Adelaide
Greater
Adelaide
1
Average of Median
Dwelling prices
$469,216
$377,785
$459,022
$427,798
$385,000
1
Data sourced from
for Metropolitan Adelaide.
36
Excludes government owned buildings. Does not differentiate between dwellings and outbuildings.
37
Adelaide metropolitan area broadly correlates with the Greater Adelaide Greater Capital City Statistical Area as per ABS.
38
Based on advice from ICA.
