10 year new home warranty

A 10-year new home warranty is a type of insurance policy that covers defects and deficiencies in a newly built home for a period of 10 years from the date of possession. This type of warranty is typically provided by the builder or developer of the home and is designed to protect the homeowner from costly repairs and replacements.

Here are some key features and benefits of a 10-year new home warranty:

What is covered:

• Defects in workmanship and materials
• Structural defects
• Defects in electrical, plumbing, and HVAC systems
• Defects in appliances and fixtures
• Defects in roofing, siding, and exterior finishes

What is not covered:

• Normal wear and tear
• Damage caused by neglect or misuse
• Damage caused by natural disasters or acts of God
• Cosmetic defects or minor imperfections

How to make a claim:

• Homeowners should contact the warranty provider or builder to report any defects or issues
• The warranty provider will send a representative to inspect the issue and determine if it is covered under the warranty
• If the issue is covered, the warranty provider will repair or replace the defective item

Benefits:

• Provides peace of mind for homeowners, knowing that they are protected from costly repairs and replacements
• Can help to resolve disputes between homeowners and builders
• Can help to maintain the value of the home by ensuring that defects are addressed promptly
• Can provide a sense of security for homeowners, knowing that they have a safety net in case something goes wrong

Types of 10-year new home warranties:

• Builder's warranty: Provided by the builder or developer of the home
• Manufacturer's warranty: Provided by the manufacturer of specific components or systems in the home
• Home warranty: Provided by a third-party warranty company

Cost:

• The cost of a 10-year new home warranty can vary depending on the type of warranty, the location, and the size and complexity of the home
• On average, the cost of a 10-year new home warranty can range from 1% to 3% of the purchase price of the home

Examples of 10-year new home warranties:

• Tarion Warranty Corporation (Ontario, Canada)
• National Home Warranty (Canada)
• American Home Shield (USA)
• First American Home Warranty (USA)

It's important to note that not all new homes come with a 10-year warranty, and the terms and conditions of the warranty can vary depending on the provider and the location. Homebuyers should carefully review the warranty terms and conditions before purchasing a new home.