A builder warranty is a guarantee provided by the developer or building contractor covering the quality and integrity of the construction. It assures homebuyers that the property will be free from significant structural defects within a specified period.
Homeowner Warranty Insurance, also known as a Homeowners' Warranty Program, provides protection against repair costs for certain elements of a home. This type of insurance typically covers structural defects and malfunctioning systems and appliances, ensuring peace of mind for homeowners.
Incurable depreciation or obsolescence refers to a defect in a property that cannot be rectified or is not financially feasible to rectify, often due to fundamental structural issues.
