|1 Year Materials and Labor
||1 Year Materials and Labor
||There is little change here as builders will still be responsible for the first year Materials and Labor Warranty that was previously offered
|2 Years Mechanical Systems
||2 Years Mechanical Systems
||For PHW Member Builders there will be little change here as this coverage was previously part of our warranty. There was previously a limit on this coverage of $5,000 which is now removed, so there is no limit.
|5 Years Foundation and Water Ingress
||5 Years Full Building Envelope
|| This is the most significant coverage change (particularly for multi-family) as the warranty policy must now provide coverage for failure of any component of the building envelope. lEaking windows, roofs, or any water ingress is now warranted for 5 years.
||Required to Offer 2 year Envelope Extension
||The legislation requires that we must offer 2 year extension of the building envelope coverage.
|10 Years Structural
||10 Years Structural
|| There is little change as PHW has always had a 10 year structural coverage.
|Living Out Allowance
||Living Out Allowance
|| While the terms for this component of the warranty have not changed significantly, the limits have increased from $100 per day to $150 per dat and from a total of $6,000 to $15,000.
|Policy Limit Single Family - $60,000
||Policy Limit Single Family - $265,000
|| This is the biggest single area of change with an increase in the warranty policy limit from $60,000 per unit to $130,000 per unit.
|Unit Policy Limit Multi-Family $60,000
||Unit Policy Limit Multi-Family - $130,000
||Another major area of change with an increase of limit for Unit Coverage from $60,000 per unit of $130,000 per unit.
|Common Property Policy Limit Multi Family - $500,000
||Common Property Policy Limit Multi Family - $3,300,000
|| The most significant area of the increase with Common Property limits increasing from $500,000 per building to $3,300,000 per building.
| Deposit Warranty
|| Now a Separate Type of Insurance
|| Deposit Warranty is now defined by the Alberta Government as a separate and distinct type of insurance