65% increase in building insurance for new home builds in Victoria due to record payments from VMIA after construction company collapses.
Victoria is set to experience a 65% increase in building insurance for new home builds, with domestic building insurance premiums raising by an average of 53% from August. This follows a 43% premium increase in 2021. The surge in claims comes after the collapse of several construction companies, which has led to record payments from the Victorian Managed Insurance Authority (VMIA).
June 13, 2024
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