What are your views on the new Alberta Renovation Warranty Program?
The new program offers $100,000 in deposit insurance and $100,000 on materials and labour. Contractors are, allegedly, rigorously screened.
May 20, 2015 by Steve Payne
The Alberta Renovation Warranty Program bills itself as first renovation warranty program of its type in Canada. Read about it here. There’s a link on that page for builders, and a link for homeowners.
$100,000 in homeowner deposit insurance?
$100,000 in materials and labour insurance on renovations?
If this works, it will be proof positive that the public – at least in Wild Rose Country – has become so bat-sh*t scared about hiring contractors that they will buy specific renovation-performance insurance products to protect themselves.
In commercial construction, like public works and roadbuilding, of course, contractors have to post Performance Bonds in the tens of millions of dollars if they submit a bid on a project. Maybe it IS time for this in our industry. Let us know what you think…