BC Housing Homeowners and Homebuyers Flashcards
According to the Homeowner Protect Act what must all new homes in B.C. be covered by?
Third Party Homeowner Insurance
What is an example of a licensed home builder?
Cantera Management Group
What is an example of a third party home warranty company?
Travellers Insurance
Name the 3 things minimum coverage includes
2 years on labour + material
5 years on building envelope (including water penetration)
10 years on structure of home
Who is the minimum coverage for third party home warranty insurance set by?
Legislation
What must licensed builders in B.C. have
2-5-10 year home warranty insurance
What must new homeowners carefully review
their homeowner insurance policies
Do some homeowner insurance policies exceed the minimum requirement?
Yes
Is the warranty attached to the home or to the owner?
the home
How long does home warranty remain in effect?
until coverage expires
Does warranty restart when a home is sold prior to the coverage expiring?
No, it begins on the first day the home was sold or occupied
How many policies of home warranty insurance do strata covered homes have?
2 policies, one on the home and one on the common property
When does coverage on common property begin?
When the first unit in the building is occupied or sold.
What is an owner builder?
An individual who wants to build their own home and lead the project
Do owner builders need third party warranty?
No, they are exempt
