Victorians building homes will be slugged with even higher costs after builders were hit with a 43 per cent increase in insurance premiums to protect their customers from insolvency, adding hundreds of dollars to construction costs that the housing sector expects will be passed on.
The Victorian Managed Insurance Authority on Monday announced domestic building insurance (DBI) premiums would increase from September 1 as the government agency weathers a crisis in residential construction.
Porter Davis left hundreds of homes unfinished when it collapsed in March.Credit: Eamon Gallagher
The average premium is about $1200 to $1300, meaning the price rise would…
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