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Domestic Building Insurance (DBI) premiums increases for Victoria
The Victorian Managed Insurance Authority (VMIA) has advised that Domestic Building Insurance (DBI) premiums will increase by 43% from 1 September 2023.
The new premiums will apply to all DBI policies paid and issued on or after 1 September 2023. The new rates will be available on the BuildVic portal from 1 September 2023, or by contacting us.
This change is being introduced following significant increases in costs arising from VMIA’s growing claims exposure to large builder insolvencies in the past year, as well as the impact of recent high inflation rates and expectations of continuing inflationary pressure. This change is necessary to ensure the stability of the DBI portfolio
To have your application processed before 1 September 2023, please lodge it before 5pm on 24 August 2023. Applications submitted after this time may not be processed before 1 September 2023, and new rates will apply.
If you would like further information and support, please contact us via our website or the phone number below.
Premiums for all domestic building insurance (DBI) policies in Victoria will increase by 43% from 1 September 2023.
The new premium rate will apply from 1 September 2023.
There has been a significant increase in costs arising from VMIA’s growing claims exposure to large builder insolvencies in the past year, as well as the impact of recent high inflation rates and expectations of continuing inflationary pressure. The increase is necessary to ensure the stability of the DBI portfolio. According to VMIA, VMIA’s DBI premiums continue to represent a relatively small proportion of overall building contract values and compare favourably to New South Wales.
No, the new rates will apply for policies paid for and issued on or after 1 September 2023.
Certificates in a BuildVic cart that are not purchased before 5pm on 31 August 2023 will be withdrawn. Complete referrals will need to be lodged to the Builder Assessment Team by Thursday, 24 August 2023, and approved and paid for by 5pm 31 August 2023 in order for the old rates to be applied.
VMIA may apply the new premium rate to any request for an amendment on or after 1 September 2023.
VMIA continually monitors market circumstances and emerging trends, and reviews premiums annually.
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