ACT Residential Building Insurance changes coming into effect from 1 January 2025

Members are reminded that from 1 January 2025, the minimum insurance amount under the Building Act 2006 (ACT) will increase from $85,000 to $200,000.

Master Builders Fidelity Fund has written to its clients advising of these changes.  Members are advised that there will be an estimated increase of approximately 35% (to be confirmed) to certificate costs and it is prudent that if you are undertaking pricing for new jobs to commence in the new year, that you are factoring in the increased certificate prices as well.

If you have any queries in relation to your cover or the increase to certificate costs, please contact Marcia on 6175 5900 or mdouch@mba.org.au.