In Victoria Domestic Building Insurance (DBI) is mandatory cover for all domestic building projects, where the contract price is over $16,000.
DBI protects homeowners in the event that their building project cannot be completed or has defective works which cannot be rectified as their builder has:
- died, disappeared or become insolvent; or
- or failed to comply with a Tribunal or Court Order where DBI was issued by VMIA on or after 1 July 2015.
In Victoria it is the builders’ responsibility to purchase DBI for the building project on behalf of the homeowner. This also applies to Owner Builders.
Before a builder can purchase DBI for any particular building project they must first be given approval by Victorian Managed Insurance Authority (VMIA). This is referred to as the builders ‘eligibility’ to purchase domestic building insurance.
As of 1/7/2017 there are changes being made to DBI and how it is purchased and processed.
A panel of six distributors has been introduced and builders need to nominate a distributor to handle their warranty covers.
As a broker we can handle DBI on behalf of our clients via our chosen distributor Bovill Risk & Insurance Consultants (BRIC). All that is required is a nomination form to be completed.
If you would like further information or to learn more about the changes, please visit www.dbi.vmia.vic.gov.au
Please contact Roderick Insurance Brokers in Geelong to find out more about our builders insurance service, including specialised cover for owner builders. We also provide advice in relation to public liability, tools cover, construction insurance, workers compensation, income protection or insurance for your tradesman vehicle or trailer – we can advise on what cover you should have to best protect yourself, your workers and your business.
- A tailored policy to suit your requirements
- Professional advice on which covers you should consider
- Flexible payment options including monthly payments
- Dedicated account manager
- Specialised claims service
If you would like a quotation for Domestic Builders / Home Warranty Insurance or would like advice as to whether you need this policy, please contact Roderick Insurance Brokers.
- Geelong(03) 5226 5999 or email@example.com
- Werribee(03) 9974 9000 or firstname.lastname@example.org
- Request Quote