What’s Covered in Your New Home Warranty?
21 Oct 2020
If you’re a new home buyer in Ontario, you’ll want to learn more about the Ontario New Home Warranty Program, which is designed to protect you on one of the biggest investments you’ll ever make. Luckily, we’ve got the scoop on everything you need to know!
Does the Ontario Home Warranty Cover Any Home I Buy?
To put it simply: no.
The Ontario New Home Warranty, which is administered through Tarion, does not cover houses, townhouses or condominiums that have been renovated or previously occupied. As the name suggests, this program is designed to cover all new construction homes that have just been built.
At Bradley Homes, we are proud new home builders and community developers. Since our founding in 2014, we’ve been committed to the highest standards of business excellence, integrity, innovation and customer experience.
How Long Does the New Home Warranty Last?
The legislation may entitle a home buyer to one, two and seven-year limited warranties, plus deposit protection and delayed closing compensation.
The One Year Warranty addresses construction practices and defects, unauthorized substitutions and the fitness of a home for habitation, among other points.
The Two Year Warranty addresses topics such as defects and violations of the Ontario Building Code to do with health and safety.
The Seven Year Warranty concerns major structural defects.
What Does the New Home Warranty Cover?
This home warranty program covers the following items:
Protection for deposits;
Protection against financial loss for contract homes
Compensation for delays in closing or occupancy
Protection against unauthorized substitutions
What Are The New Home Warranty Coverage Limits?
The upper limit of protection is $300,000, and common elements of a condominium have a separate coverage of up to $2.5 million.
How Much Does This New Home Warranty Cost?
The warranty fee can range anywhere from $385 to $1,500, depending on the size of the home you purchase. However, when you buy a Bradley Homes New Build, we cover this cost of a Tarion seven year warranty for you, free of charge!
After you take possession of the house, you will receive warranty information, which will be available to you should you have any questions about the coverage or need to file a claim.
Bradley Home’s New Home Warranty Guarantee
When you buy a house from Bradley Homes, you get a lot more than just the property and building. With our new home warranty included in your home purchase, you can rest easy knowing your home will be protected.
The Tarion seven year coverage, which begins on the date you took possession of your home, covers all major structural defects (MSD) of the home. These can include any defect in materials or work, including cracks, distortion, or displace of structural elements of the building.
The seven year MSD warranty also covers damages due to soil movement, major cracks in basement walls, collapse or serious distortion of joints or roof structure and chemical failure of materials.
In addition, the warranty specifically excludes dampness issues in the home not a result of structural load-bearing issues, damage to drains and damage to finishes. For more details, be sure to check out Tarion’s guidelines.
Start Shopping For Your New Home Today!
Are you ready to start shopping for a new build knowing your investment is protected?