Victorian home buyers are paying the price for Labor’s financial mismanagement as more than 700 Victorians wait more than a year for their Domestic Building Insurance (DBI) claims to be resolved.
Furthermore, the total number of outstanding DBI claims has increased again – with the Victorian Managed Insurance Authority (VMIA) confirming the unresolved caseload has increased from 1,359 in January to 2,158 currently.
This further increase in outstanding DBI claims comes amidst concerning reports of the VMIA underquoting building costs and failing to provide proper transparency to home builder collapse victims about the status of their insurance claims.
Under Labor, the VMIA reported a $115 million operating loss in 2023-24, with the agency now more than $378 million in negative equity.
Shadow Minister for ³Ô¹ÏÍøÕ¾ Ownership and Housing Affordability, Evan Mulholland, said: “Because Labor cannot manage money, over 700 families are paying the price, stuck with a protracted process that has turned the great Australian dream into the great Labor nightmare.
“This week, the Liberals and ³Ô¹ÏÍøÕ¾s will move a motion in the Legislative Council to refer to the Ombudsman the VMIA’s management and handling of Domestic Building Insurance claims.”
“Families are describing this as a double catastrophe. Firstly, by the collapse of their builder and then again by the struggle to access compensation from the government.
“These families simply want the insurance protection they are entitled to, and to get on with making their dreams of home ownership come true. They don’t deserve to be hit with expensive taxpayer funded lawyers stifling them from receiving the just compensation they deserve.”
