As a homeowner planning a renovation, it’s important to do your due diligence before hiring a contractor.
But thanks to a new initiative launched this week by the Alberta New Home Warranty Program, the selection process may have became a little bit easier.
The Alberta Renovation Warranty Program empowers renovators and renovation companies that are part of a carefully screened builder group with the ability to offer their customers comprehensive insurance protection. The coverage combines up to $100,000 of deposit protection insurance with warranty insurance that covers materials and labour of up to $100,000. And the coverage spans from the initial engagement to two years after completion of the project.
The program is certainly a game changer. A homeowner can now be assured that there is coverage in place if a renovator defaults, doesn’t meet the standards or goes bankrupt.
Not every renovation company is covered.
It is crucial that homeowners ask if their renovator is part of the Alberta Renovation Warranty Program.
The program vets renovators and renovation companies using rigorous screening methods and high standards, with a focus on several elements from quality workmanship to financial stability and a solid management team.
The program has begun reaching out to current builder members of the Alberta New Home Warranty Program that have renovation divisions, generating excitement and interest.
Albi Renova, the renovation arm of Albi Homes, a Calgary-based luxury home-builder, has recently earned a string of accolades and awards for its excellent business management and stunning home design, including being named as one of Canada’s Best Managed Companies.
The company has been renovating in Calgary for more than 27 years.
There is no doubt that home renovation and repair are big business. In Calgary alone, they accounted for $2.4 billion in investment value in 2013.
Albi Renova's goal was to bring a greater level of consumer protection to the market.