Cell 778-285-1555 | FelixAndrei@REMAX.net
Many time we hear: "this complex is almost new". It's still covered under the 2-5-10, or at least the 5-10 home warranty insurance. So what? What does that mean?
Well, as of 1999, all residential builders in British Columbia are required to be licensed by the Homeowner Protection Office and arrange for third-party home warranty insurance on proposed new homes before they obtain a building permit.
If you're thinking of buying a lot and building your own home, then your construction project falls under a different category. You are then called "an owner builder".
Owner builders are exempt from the licensing and warranty insurance requirements.
Home warranty insurance can only be provided by insurance companies approved by the provincial Financial Institutions Commission. Minimum coverage and allowable exclusions for third-party home warranty insurance are set by legislation. As a minimum, homes built by Licensed Residential Builders must have 2-5-10 year home warranty insurance - the strongest construction defect insurance in Canada.
Coverage includes 2 years on labour and materials (some limits apply), 5 years on the building envelope and 10 years on the structure of the home.
There, this is rougly what the 2-5-10 means. More to come.
What an amazing time of the year! If only we kept true to the spirit of Christmas and not let the hustle and bustle of the commercialization of this time of the year take over our lives. I feel a bit sorry that the "Christmas shopping" season is kicked off with what they almost officially call "door crashing sales". Why crash the doors? Let's be civil use the doors the way they were intended, open and enter. We also had to invent the cyber Mondays, black Friday, purple Tuesday, what else is there? And it is all supposedly directed towards a gift for "our neighbour", our loved one, or friend, when many times in fact it appeals to the inner side of us that wants more stuff, the one that makes us think that life will be easier, or better, or nicer if we add one more thing to our arsenal of short term (maybe) useful things and long term useless things. Not to get too negative here, I'm just sayin'... Merry Christmas!