Why Surety Bonds Should Be Asked About When Doing Home Repairs
- By Gemma-Leigh Garner
- Published Thursday 2nd 2009
- Insurance
- Unrated
Gemma-Leigh Garner
Gemma-Leigh Garner is a freelance copywriter that writes on many different consumer protection topics such as surety bonds & helping consumers find service providers who are bonded.
View all articles by Gemma-Leigh Garner
Choosing a contractor with a surety bond is a great way to guarantee that you, as a customer, will not be subjected to fraud, failure to perform or business failure when it comes to your project. A surety bond is an insurance policy granted by a third party that states the work will be performed as described in the contract or the insuring company will pay the customer up to the amount of the bond to cover damages. Since many of us are not do-it-yourself people we will look for contractors to do all types of home repairs.
Something as simple as a leaky roof to something as drastic as re-plumbing your entire house, it is highly recommended that when you interview the prospective contractor that you find out if they carry a surety bond. A simple copy of their insurance and bond will give you peace of mind that the work will be completed and if for unforeseen reasons it is not, you have the ability to file a claim and protect your assets.
Landscaping can be another profession that you consider checking if they carry a surety bond. While simple grass cutting may not be something to fret
about, major landscape work can. Tree trimming or removal, major land moving projects, sprinkler systems and other projects that include digging or cutting may give you reason to consider checking if they have a surety bond. The more complicated the endeavor the more reason to protect yourself with a company that has a surety bond. You can imagine what would happen if right in the middle of a major renovation of your homes landscaping the company goes out of business - you are stuck with an eyesore, your property values decrease and you have paid for work that is now abandoned.
Surety bonds do not cost the customer anything. Choosing a contractor that has gone the extra step to provide you with a surety bond is a wise choice. Surety bonds are not required in many professions and utilizing a company that has one when not required, is a step in the right direction. There are many types of surety bonds and each will come with a different dollar value. Make sure as you verify what your contractor presents to you as a bond that it is pertinent to your particular project. A contractor carrying a bond for an amount that is half the worth of your project may not be the right choice for you.
Something as simple as a leaky roof to something as drastic as re-plumbing your entire house, it is highly recommended that when you interview the prospective contractor that you find out if they carry a surety bond. A simple copy of their insurance and bond will give you peace of mind that the work will be completed and if for unforeseen reasons it is not, you have the ability to file a claim and protect your assets.
Landscaping can be another profession that you consider checking if they carry a surety bond. While simple grass cutting may not be something to fret
Surety bonds do not cost the customer anything. Choosing a contractor that has gone the extra step to provide you with a surety bond is a wise choice. Surety bonds are not required in many professions and utilizing a company that has one when not required, is a step in the right direction. There are many types of surety bonds and each will come with a different dollar value. Make sure as you verify what your contractor presents to you as a bond that it is pertinent to your particular project. A contractor carrying a bond for an amount that is half the worth of your project may not be the right choice for you.