Get Application - Central Ohio Group Insurance

The maximum statutory warranty coverage available for freehold homes and condominium units is $300,000. The maximum coverage for condominium common elements is $50,000 times the number of units, up to a maximum of $2.5 million.

One-Year Warranty One Year Warranty Coverage begins on the date of possession. The One Year Warranty requires that the home be free of: Defects in workmanship and materials. Defects that cause the building to be unfit for habitation.

Two-Year Tarion Warranty It includes coverage for: Water penetration through basement or foundation walls. Defects in materials and work that would result in the detachment, displacement or deterioration of exterior cladding, leading to detachment or serious deterioration.

Warranty coverage includes financial protection before yo take possession. There are four main types of warranty coverage during this period including deposit protection, delayed closing/occupancy coverage, condominium cancellations and financial loss coverage for contract homes.

A Tarion warranty may be voided if the homeowner fails to properly maintain the home, performs unauthorized alterations, or causes damage due to negligence.

Two-Year Warranty Coverage would apply to both the new construction and the pre-existing elements. These include: the two-year warranty for water penetration and defects in work and materials in the electrical, plumbing and heating delivery and distribution systems.

By law, all new homes built in Ontario are provided with a warranty by the builder, this law is called the Ontario New Home Warranties Act & Regulations. Tarion's role is to ensure that purchasers of new homes receive the coverage they are entitled to under their builder's warranty.

The builder pays for the fee for Tarion warranty protection for a home—and may pass this along to the buyer. The fee amount, which ranges from $385 to $1500, reflects the price of the home. A buyer receives warranty information when taking possession of a new home.