Tip 4: What are the Limits on Home Warranty Coverage?
For single-family homes, coverage is the lesser of
$200,000 or the first owner’s purchase price.
For strata homes it’s the lesser of
$100,000 or the first owner’s purchase price.
For common strata property, coverage is limited to the lesser of
$100,000 times the number of units, or
$2.5 million per building.
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 all 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 financial surprises.
until your Home Warranty Insurance Expires and is gone forever!