The 2-5-10 home warranty may be included in the purchase of your home, and it protects homeowners from a range of construction defects over a designated period of time. The cost of the warranty insurance is included in the purchase of your home.
There is a two-year coverage for materials and labour, meaning any fault in materials and labour or a violation of the Building Code. These materials and labour are for the supplied electrical, plumbing, heating, ventilation and air conditioning delivery systems’, as well as for exterior supplies and anything that may lead to detachment or material damage to the new home.
The five-year building envelope warranty cover everything that separate the indoors from the outdoors, such as exterior walls, roof, foundation, windows and doors. It also covers unintended water penetration which causes or is likely to cause damage to the home.
The ten-year building structural defects warranty covers defects in materials and labour that result in the failure of a load-bearing part of the new home, and anything that causes structural damage affecting the home’s residential occupancy.
Coverage excludes factors such as landscaping, non-residential detached structures, commercial use areas, roads, curbs and lanes, septic tanks and their water quality, normal wear and tear, damage caused by anyone other than the residential builder, failure to carry out proper maintenance and damage caused by insects or rodents.
For single detached dwellings which are non-strata, the coverage of contract or custom homes begins on the date of first occupancy, date of occupancy permit or date the home was completed and ready for occupancy. For spec homes, coverage begins on the date of first occupancy or date of first transfer of legal title to first owner.
For strata homes, coverage begins for strata units on the date of first occupancy or date of transfer of legal title to first owner, whichever comes first. For common property, coverage begins on the date of first unit occupancy in strata building or date of transfer of legal title to first owner in building
For more information about the 2-5-10 warranty and how it will cover your home, visit this link: https://www.hpo.bc.ca/files/download/Bulletins/GuideToHomeWarrantyInsurance.pdf
If you are interested in purchasing a home with a 2-5-10 new home warranty in Nanaimo, please email me at susan@nanaimorealestate4sale.com