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Rick Persad
Rick Persad Add me on FacebookFollow me on TwitterView my LinkedIn profile Keller Williams Black Diamond Realty rick@rickpersad.ca Burnaby, BC Cell: 604-889-9421
Web: www.rickpersad.ca

What is 2-5-10 Year Home Warranty Insurance?

When you buy a home, it is important for you to know if that home has any kind of warranty insurance associated with it. It is mandatory for all builders in BC to have warranty insurance on new buildings as a protection to new home buyers. This is part of the Homeowners Protection Act. This insurance is called 2-5-10 Year Home Warranty Insurance. This warranty insurance is really simple to understand. Here are the details simply put.

- 2 means there is a 2 year warranty on the labour and materials. There may be some limits to this. Get specifics from the developer.

- 5 means there is a 5 year warranty on the building envelope. That is the part of the building that prevents the penetration of water.

- 10 means there is a 10 year warranty on the structure of the building.

Please note the 2-5-10 year home warranty insurance goes with the building and not the owner, so if a building is sold during the period of warranty, it goes with the home.

In a strata development, the warranty on the common property starts from the sale of the first unit and will most likely have been partially expired by the time you buy a unit, unless of course you buy the first unit, or all the units are sold at the same time.

For more details see: BC Housing Web Site for Homeowner Protection Office.

Rick Persad Keller Williams Black Diamond Realty 252 - 5489 Byrne Rd Burnaby BC V5J 3J1
Phone: 604-889-9421 Cell: 604-889-9421 Fax: 1-888-885-8971 Email: rick@rickpersad.ca Web: www.rickpersad.ca The above information is deemed reliable, but is not guaranteed. All dollar amounts in CDN unless otherwise specified.