Tip 3: When is it “Too Late” to claim Home Warranty Insurance?
Home Warranty Insurance begins counting down from the date your documents relating to the purchase of your new home says so. It applies to any construction defects within a particular time period; each and every new home will have its own documentation on the subject.
Knowing your unique home warranty insurance expiry dates are critical to determining when coverage will disappear forever. Warranty companies backing up this coverage are very strict about these deadlines. However, home-owners and strata administrations should be aware that if the Warranty inspection process is started and even one (1) issue is filed before the actual expiry date and paperwork is filed with the proper authorities, then more defect items can still be added to the list. However if the process is not started before that expiry date,
you’re out of luck.
Many newer strata corporations in the lower mainland are nearing their 15-month (common area) deadline and /or their 5-year (building envelope) deadline and don’t even realize it. They will need to take immediate action to ensure all required repairs are adequately documented, to report it to the proper authorities before the builder’s obligation expires for good. If they delay, they will have to pay to repair construction defects out of their own pockets.
Duxbury & Associates are the Only Strata Specialists in the Lower Mainland. We are
the go-to company for the inspection of condos, townhouses and low rise wood-frame buildings. We ensure that our clients are made aware of their home warranty expiry dates. You
deserve financial security, peace of mind and no surprises.
until your Home Warranty Insurance Expires and is gone forever!