2-5-10 Home Warranty
Updated: Feb 18, 2020
Did you know all new homes in B.C. are required to come with a third-party warranty—including suites at The Station on Tranquille.
According to the Canadian Home Builder’s Association (CHBA) website, at a minimum a “new home warranty generally includes deposit insurance and protection against defects in work and materials as well as major structural defects.”
The minimum the home warranty insurance coverage includes:
· 2 years on labour and materials (some limits apply)
· 5 years on the building envelope, including water penetration
· 10 years on the structure of the home
That’s why this warranty coverage is often referred to as the 2-5-10 home warranty.
The two-year labour and materials portion covers any defect in labour and materials for:
12 months on detached homes and on non-common property in strata units (including fee simple homes)
15 months on the common property of strata buildings
24 months on all new buildings for defects when related to delivery and distribution systems; defects related to the exterior cladding, caulking, windows or doors that may lead to detachment or material damage to the new home; coverage for violations of the Building Code that constitute a health or safety risk or is likely to result in damage to the new home; and defects which render the home unfit to live in.
The CHBA suggests verifying coverage with the builder before purchase and then walking through the development upon completion and before moving in as there may be additional coverage options included.
“Additional coverage may include defects in your home's mechanical systems or building envelope. Some warranties include living expenses to offset the cost of temporary accommodations, moving, and storage if you can’t occupy your home due to builder failure or warranty repairs,” states CHBA.
Developers generally pay for the cost of coverage during construction and include the warranty cost in the purchase price.
We encourage you to reach out to us with any questions regarding coverage included in the warranty at The Station on Tranquille at info@suitelifestyle.ca