Domestic Building Insurance (DBI) is a legal requirement in Victoria for any residential work over $16,000. It protects you if your builder dies, disappears or becomes insolvent and can't finish the job or fix defects.
What most people don't know is that every builder has a facility limit — the maximum value of work the insurer will back them for at any one time. It's set by the insurer after examining the builder's finances. A small limit means a builder can only carry a few jobs at once, and yours might be the one over the line.
Lambert York's facility is $20 million. It was assessed and approved in 2023 and is reviewed annually.