Protecting your condo investment starts with understanding your warranty.
In reality, not everything during the construction of your home will be perfect, no matter how seasoned or professional the builder. And because your new condo is likely one of the biggest investments of your life, protecting your investment is vital.
So protecting your home starts with understanding your warranty.
You play an equal role in communicating freely with your builder throughout every step of the construction process. So take the time to talk to your builder about your warranty and what it entails.
Glencoe Developments Inc. (Glencoe) is a member of National Home Warranty; they are backed by one of Canada’s largest insurance companies who serve close to 3 million customers.
Since 2004 and over 718,600 square feet of developed space, Glencoe remains free of any material or structural claims with National Home Warranty. And by the end of 2013, Glencoe will have sold over 645 units without a single warranty claim – now that’s a record proving peace of mind is possible.
With National Home Warranty, your home warranty is a broad coverage plan passed on to you by your builder (like Glencoe). It protects you against defects for your individual unit and common areas. It starts the moment you move in.
Here’s how it works:
What’s covered for the 1st year?
Limited Construction Warranty: You’re covered for defects in materials and labour of your home for the first year.
What’s covered for 5 years?
Structural Defect Warranty: You’re covered for structural defects for up to 5 years, including defects in material and labour. Your warranty also covers structural damage that makes your new home unfit to live in.
Limited Construction Warranty: You’re covered for defects in the load bearing structures for up to 5 years.
The combined 1-year and 5-year limited construction warranties provide coverage to a maximum of $50,000 per unit, and include overall condo protection (common property) to a maximum of $2.5 million.
In Alberta and Saskatchewan, builders can customize the warranties they purchase for their projects. Always refer to your warranty document for actual policy terms and coverages arranged by your builder.
One of the most important things you can do to keep your new home in top shape is perform regular maintenance. Refer to 12 Tips to Season-Ready Your Condo for helpful reminders that will help you prevent problems yourself.
For more information about National Home Warranty, visit their website here.
For information about your Glencoe Development Inc., contact us here.