Texas’ HB 2024 Law Makes Significant Changes
Are you aware that Texas’ HB 2024 Law made significant changes on how your builder warranty responsibilities are handled? The Texas Legislature enacted HB 2024 in June which significantly impacts the statute of repose, reducing the builder’s responsibilities from 10 years to 6 years!
Under the old statute of repose, builders could be held liable for certain construction defects for 10 years.
Under the new law, “if” builders comply with certain specific guidelines, then they can shorten their term of responsibility to just 6 years.
What are those guidelines? Three fairly simple things. A builder must provide a warranty to the buyer which includes:
- One year of coverage on workmanship and materials,
- Two years of coverage on mechanical systems, and
- Six years of coverage on major structural components.
If you go about your business the same old way, either no warranty or trying to self-insure, you will not get the protections afforded builders under this law. But… if you put a 6-year HOME of Texas warranty in place, you will.
Bottom line… We gotcha covered! HOME of Texas has a 6-year warranty for Texas builders that is compliant with HB 2024.
Contact us today for more information. Let us help you get compliant with HB 2024.
Diana Gomez
512-585-1909
800-445-8173, Ext 2188
