What do you need to apply for Domestic Building Insurance?

What is Domestic building insurance (DBI)?

DBI provides cover for homeowners who are building or renovating in Victoria. HIA Insurance Services is a nominated Victorian Managed Insurance Authority (VMIA) DBI distributor. This means that we have direct access to the VMIA system to process and administer DBI on your behalf. Builders are required to purchase DBI for the benefit of the homeowner for all building projects $16,000 and over¹. DBI provides protection homeowners in Victoria from financial loss as a result of incomplete or unsatisfactory work carried out by a builder or tradesperson who:

• Has died, disappeared, or becomes insolvent; or
• for policies issued on or after 1 July 2015, the builder has failed to comply with a Tribunal or Court Order.

VMIA’s assessment for eligibility for DBI will include a review of the following:

• Builder's, directors of building companies or partners' past building performance, their abilities with respect to the quantity and type of projects they propose to undertake, and their management and technical skills.
• - The assessment will also involve a review of the builder’s business history, recent financial reports, and key financial indicators associated with the business to demonstrate its solvency and ongoing financial viability.

What is the process to apply for DBI in Victoria

The eligibility application process requires an assessment of financials and supporting documentation. We suggest you call 1800 762 878 or click here to discuss your application as soon as you can.

Complete the documentation provided by your broker, including supply of your most recent financial reports.

The assessment of the business’ ongoing solvency and financial viability is a critical component of the assessment process. It is important that HIA Insurance Services understand your business structure and how you intend to support your solvency and financial viability on an ongoing basis.

HIA Insurance Services will review your documentation and discuss any questions. Upon receipt of the complete documentation, your application will be submitted to VMIA.

The Application will be reviewed by the VMIA, if the application is successful insurance terms will be provided by the VMIA to HIA Insurance Services and the client.

Terms are agreed by you, and payment of the policy premium for DBI is made prior to your projects to commencement.

As a nominated VMIA DBI Distributor, HIA Insurance Services can support you and your business through the application process. Not only do we have direct access to the VMIA system to process and administer the application, but HIA Insurance Services will also help you to get the information right the first time. To learn more, visit our DBI page, call 1800 762 878 or request more information.

Domestic Building Insurance for the Building and Construction Industry in Victoria is issued by the VMIA, on behalf of the Government of Victoria. If you purchase this insurance through HIAIS, HIAIS will receive a commission that is a percentage of the premium. Further information can be found in HIAIS’ FSG or provided upon request.