The Victorian Managed Insurance Authority (VMIA) is investing in a new system for purchasing Domestic Building Insurance (DBI), to give builders a better deal, more choice and reduce red tape.
The move will also improve certainty for regulators and consumers alike.
The new service model is designed to reduce duplication under the current paper-based model. It is expected that in time, the new model will help keep DBI premiums down.
Under the new approach, builders will be able to purchase and manage DBI online, directly from a panel of DBI Distributors.
VMIA has opened the Expressions of Interest process to determine those companies interested in becoming a DBI Distributor.
Builders will still have the option to receive assistance from their insurance brokers.
Until the system goes live in the second half of 2017, builders should continue to use the current process for purchasing and managing their DBI.
Quotes attributable to the Minister for Finance Robin Scott
“These changes will deliver better domestic building insurance services for homeowners and builders in Victoria – making sure the process is clear and cuts red tape.”
Reviewed 19 August 2020