Important update for builders in Victoria - VMIA DBI premium increase.
Victorian Managed Insurance Authority (VMIA) has advised that Domestic Building Insurance (DBI) premiums for all construction categories in Victoria will increase by 3% effective 4th August 2022.
The new premiums will apply to all domestic building insurance(DBI) policies paid and issued on or after 4th August 2022. The new rates will be available on the Build Vic portal from 4th August 2022, or by contacting us.
Any certificates in your Build Vic cart that are not purchased before 5.00pm on 3rd August will be withdrawn. As a result, the DBI application will need to be resubmitted under the new rates.
To have your COI application processed before 4th August 2022, please lodge it by 5pm on 29th July 2022. Applications submitted after this time may not be processed before 4th August 2022, and the increased rates will apply.
For more information, please contact our specialist DBI team on 1800 077 933.
We are here to help you with all your DBI needs.
BRIC, as a company of Honan Insurance Group Pty Ltd is now fully owned by Marsh Pty Ltd. To find out more, speak to your broker or read the announcement