Victorian Managed Insurance Authority (VMIA) has advised that Domestic Building Insurance (DBI) premiums for multi-unit policies of 3 or more dwellings* will increase by 75% on 1 March 2021. All other premiums remain unchanged.
The new premiums will apply to all multi-unit policies paid and issued on or after 1 March 2021. The new rates will be available on the BuildVic portal from 1 March 2021, or by contacting us.
The change is being introduced following VMIA’s annual review of premiums, and takes into account the increase in multi-unit construction claims.
Multi-unit policies comprised 12% of total DBI policies purchased through VMIA by approximately 900 of the 16,000 registered domestic builders in Victoria in the last financial year. Multi-unit policies accounted for more than half of claims lodged over the same period.
To have your application processed before 1 March 2021, please lodge it before 5pm on 22 February 2021. Applications submitted after this time may not be processed before 1 March 2021, and new rates will apply. For more information, please contact our specialist DBI team on 1800 150 888. We’re here to help with your DBI needs.
* A multi-unit policy is one where 3 or more dwellings are being built or renovated for an owner on any one building site, or more than one building site under one domestic building contract.
For more information, please our dedicated DBI team.