One of the great advantages of building a new home is getting a warranty. Building a home is a significant investment, and you'll want to make sure it is well protected.
Is a new home warranty mandatory? In British Columbia, Ontario and Quebec, builders have to provide homebuyers with a third-party warranty. In the rest of Canada, the decision is left up to the individual builder. With Brentview Developments, the choice is easy, you'll have a professional builder with a solid reputation, excellent after-sales service and a third-party warranty.
New homes built in British Columbia are covered by the strongest home warranty insurance protection in the country.
Private sector home warranty insurance companies offer these warranties based on the requirements and conditions established by the government and coordinated through the Homeowner's Protection Office (HPO).
The Homeowner Protection Act requires all home warranty insurance companies to be authorized under the Financial Institutions Act to carry out home warranty insurance business, as such home warranty insurance companies fall under the jurisdiction of the Financial Institutions Commission (FICom).
Pre-qualifying for home warranty insurance is required as a condition of the HPO Residential Builder Licence and renewal. This helps to ensure that the builder has met certain business and financial tests that satisfy the risk management requirements of the insurance industry.
Standards of Coverage - The 2 - 5 - 10 New Home Warranty
The regulations set out the minimum standards of home warranty insurance coverage as follows:
2 years for labour and materials
For other than common property, in the first 12 months any defect or violation of the building code
For strata common property, in the first 15 months any defects or violation of the building code
For the remainder of the first 24 months, major systems, detachment of or material damage to exterior materials or violation of the building code
NB: Violation of the building code must constitute an unreasonable health risk or material damage.
5 years for the building envelope
Defects in the building envelope including those that allow unintended water penetration such that it causes or is likely to cause material damage
10 years for structural defects
Material and labour defects that result in the failure of a load bearing part of the home or any defects materially that adversely affecting use.
Connect with us today about your 2-5-10 year new home warranty.