New home warranty

A new home warranty is a type of insurance policy that protects homeowners from defects and deficiencies in the construction of their new home. Here are some key things to know about new home warranties:

What is covered:

• Defects in workmanship and materials
• Structural defects
• Defects in systems and appliances, such as plumbing, electrical, and HVAC
• Defects in finishes, such as flooring, cabinets, and countertops

What is not covered:

• Normal wear and tear
• Cosmetic defects that do not affect the functionality of the home
• Damage caused by natural disasters, such as floods and earthquakes
• Damage caused by homeowner neglect or misuse

Types of new home warranties:

• Builder's warranty: This is the most common type of new home warranty, offered by the builder or developer of the home.
• Manufacturer's warranty: This type of warranty is offered by the manufacturer of specific components or systems in the home, such as appliances or roofing materials.
• Homeowners association (HOA) warranty: Some HOAs offer warranties on common areas and amenities, such as pools and clubhouses.

Duration of coverage:

• Typically 1-10 years, depending on the type of warranty and the state or province in which the home is located.
• Some warranties may have a longer or shorter duration, depending on the specific terms of the policy.

How to file a claim:

• Contact the warranty provider or builder to report the issue and request a repair or replacement.
• Provide documentation, such as photos and receipts, to support the claim.
• Follow the process outlined in the warranty policy to resolve the issue.

Benefits of a new home warranty:

• Peace of mind: Knowing that your home is protected against defects and deficiencies can give you peace of mind.
• Financial protection: A new home warranty can help protect your financial investment in your home.
• Improved quality: Builders and developers may be more likely to use high-quality materials and construction methods to avoid defects and deficiencies.

Things to consider when purchasing a new home:

• Review the warranty policy: Make sure you understand what is covered and what is not.
• Check the duration of coverage: Ensure that the warranty covers the home for a sufficient period of time.
• Research the warranty provider: Check the reputation of the warranty provider and the builder or developer.
• Ask questions: Don't hesitate to ask questions about the warranty policy and the process for filing claims.

State-specific requirements:

• Some states, such as California and Florida, have specific laws and regulations regarding new home warranties.
• Check with your state or local government to determine if there are any specific requirements or regulations that apply to new home warranties in your area.