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).