VMIA insurance claim

Has anyone had a recent experience with making a VMIA claim for Builders Warranty Insurance?

I have had a horrible experience with my old builder who is now in liquidation and there are huge defects on the works. I might need to pull down and start again.

I am so sorry to hear that. What have you ended up doing?

We have pulled down and started the frame again with support from Insurance.

Hi,

how much does insurance pay-out? I read its up to $340000 and then states 20% of the contact price which is confusing? if you could shed some light would be really helpful.

I only know for Victoria, but it is what ever is the lowest amount out of the two options is what insurance usually does

Thanks, I guess we'll just have to wait and see. In the mean time, I'll be contacting HSC and fair trading, because these builders are not being transparent, they have two business one in liquidation and other still running which we're under, but worried that will go into liquidation too. I have no faith in the builders because they didn't inform us about the first business going under, we found out by the private assessors. Its so devastating that this happens to people, we've put 10 years of savings, and now interest rates are at 7% in NSW. I don't know if our builder will finish our home or if we have to get another builder which I heard is difficult. We've been waiting for house to complete 12 months now and they only at frame stage. Its so depressive.

I am sorry to hear of your situation, I can suggest to engage your Federal MP? ACCC should be looking to contract parts and ASIC to the building company's behaviour.