![]() ![]() Sometimes when the coverage of a new strata-titled home starts, the coverage on the related common property has already started - or expired. Strata-titled homes have two policies of home warranty insurance: one on the home and the other on the common property. The warranty is attached to the home, not to the owner of the home, and remains in effect upon the re-sale of the home until the coverage expires. You should carefully review your home warranty insurance policy documents which will provide specific details on the home warranty insurance coverage on your home. Some new homes have warranty insurance coverage that exceeds the minimum requirement. As a minimum, homes built by Licensed Residential Builders must have 2-5-10 Year Home Warranty Insurance. Minimum coverage for third-party home warranty insurance is set by legislation. 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. ![]()
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