Saving a down payment on your new home is hard! At Lincolnberg we get this, that\u2019s why we still take deposit protection seriously even though we are well capitalized and prepared for economic downturns.\u00a0 \u00a0You didn\u2019t sacrifice and save only to lose your money to events beyond your control.<\/p>\n
Even though it is the law to have deposits protected in Alberta there is no enforcement agency making sure this is the case.\u00a0 This protection, called Pre-Possession Insurance, has a cost and because of this, some builders choose not to protect their purchasers.<\/p>\n
As part of our efforts to make home ownership easy we have undertaken to outline how we are protecting your deposits so you can rest easy and start dreaming about the memories, you will make in your new home.<\/p>\n
Pre-possession Insurance is a combination of Deposit Insurance and Home Completion Insurance. This means that in the event of default by a Builder, the purchaser\u2019s investment is covered from the time a deposit is made and ends on the mandatory warranty commencement date. Purchaser deposits are insured for 20% of the total home price, excluding land, to a maximum of $100,000 on Single Family Homes and 20% of the total home price excluding land to a maximum of $50,000 on Multi Family Homes.<\/p>\n