Latest changes to DBI | Domestic Building Insurance | Master Builders Insurance Brokers (MBIB)
Latest changes to DBI.
VMIA have advised that there will be a new distributor panel.
The VMIA has announced premium changes effective August 6, 2024
Following a review of the sufficiency of DBI premiums, the VMIA has decided to increase premiums across all DBI policy types by 53% on average.
What is changing?
Premiums for all domestic building insurance (DBI) policies will increase by 53% on average from 6 August 2024. Specifically:
- Premiums will increase by 65% for new single dwellings and new multi-unit dwellings
- Premiums will increase by 20% for structural renovations, non-structural renovations, and swimming pools
- Premiums will increase by 65% for Owner-Builders
Why are premiums increasing?
Domestic Building Insurance plays a critical role on bringing peace of mind to customers of builders at a time of industry uncertainty. A record number of Victorians have received DBI settlements over the past 12 months to finish their new homes. Since July 1, 2023, VMIA has resolved over 4,000 DBI claims. VMIA has made record claims payments due to the compounding factors of builder insolvencies, high inflation, and skilled worker shortages, all of which impact build costs.
