Resilience Insurance, Australia’s leading Latent Defects Insurance (LDI) provider, welcomes the passage of the Building Legislation and Treasury Legislation (Tax Relief) Amendment Bill 2026 through the Victorian Legislative Assembly, describing it as a significant milestone for apartment buyers, developers and communities across Victoria.

The LDI elements of the Bill passed with bipartisan support and now moves to the Legislative Council where debate and passage are expected later this month. It represents a significant milestone in the national shift toward stronger, longer-term protection for apartment buyers.

The reform would deliver practical benefits across the housing system. Apartment owners will have stronger protection if major defects emerge, developers and builders will have a clearer quality framework to work within, and the State will reduce the risk of serious building failures becoming a long-term financial and social burden for households, communities and government.

LDI helps support apartment delivery while providing stronger protection for buyers and encouraging better construction outcomes.

Resilience LDI provides apartment owners with 10 years of insurance-backed cover for major structural defects from completion, with direct claim access to the insurer. This means owners are not required to first pursue developers or builders through costly legal action before accessing protection.

Resilience Insurance has been operating in Australia since 2022 and has already insured hundreds of development projects covering many thousands of apartments across Australia.

At approximately 1.8% of build cost, it is a cost-competitive alternative to the traditional bond while delivering significantly broader and longer protection.

“The Victorian Lower House vote shows that reforms like this succeed when they are practical, evidence-based and supported by industry. Victoria is moving quickly on a reform that will make a real difference for apartment buyers, while supporting better building outcomes and greater confidence in apartment delivery,” said Corey Nugent, CEO of Resilience Insurance.

“This is step one. We look forward to the Bill completing its passage through the Legislative Council and to working with government and industry to implement the framework effectively.”

Fast Facts: What is Resilience LDI?

• Resilience Latent Defects Insurance (LDI): Covers major structural defects for 10 years from completion.

• Consumer-first: Direct claim access, no need for lengthy legal action.

• Cost advantage: At approximately 1.8% of build cost, LDI is typically priced below the traditional 2% Strata Bond while offering broader protection.

• Market leader: Resilience Insurance is the first approved LDI provider in NSW. About Resilience Insurance

Resilience Insurance is Australia's market leader in Latent Defects Insurance (LDI), delivering 10-year structural defect protection for apartment buyers, developers, builders, and financiers. Approved by the NSW Government as the first Latent Defects Insurance provider under the Strata Schemes Management Act 2015, Resilience Insurance has already insured thousands of dwellings since 2022.

At approximately 1.8% of build cost, Resilience LDI offers a cost-effective alternative to the traditional 2% Strata Bond, while providing direct recourse to owners and body corporates, removing the need for costly legal action. Resilience Insurance combines international expertise with deep local knowledge to lift building standards and support confidence in Australia’s apartment sector. Resilience Insurance is the first approved LDI provider in NSW and continues to set the standard for quality and integrity in residential property development.