If you've decided to make some much-needed changes to your house, you know that you're going to need a contractor. A good contractor can come in and do quality work in a timely manner so you'll have as little disruption to your household as possible. However, although it is very easy to simply go online and find a contractor who is advertising their services, it's important for you to only work with contractors who have surety bonds. Learning more about the benefits of surety bonds will help you see why the contractor you select must have one.
A Surety Bond Is Designed To Protect You
The main reason why surety bonds are so valuable is because they act as a protective measure for you. You wouldn't want to be forced to deal with the aftermath that can occur when a contractor doesn't live up to their promises.
Understand that a surety bond is basically a form of insurance. It is paid for by the contractor and is issued by a lending agency. Essentially, the surety bond guarantees that whatever work you pay the contractor to do is going to get done. Even if the initial contractor doesn't finish the job, the issuer will step in to make sure it's handled.
For example, you may call upon a contractor to come in and install a deck for you. You give the contractor money to buy all of the materials and pay for the labor. Half way through the process, you never hear from the contractor again. Ordinarily, this would have to lead to an all out manhunt as you search for the contractor, often in vain. If they've already skipped town it's highly unlikely that you'll find them. Your hard earned money is lost and your only option is to pay another individual to do the job.
That's the beauty of a surety bond. If a bonded contractor doesn't complete the task you can file a claim with the lending agency. The issuing agency will then find another contractor to pick up where the first contractor left off. You don't lose any money and aren't left with a half finished renovation project!
Surety Bonds Bring Peace Of Mind
Don't miss out on the incredible peace of mind that can come when you realize that the work you paid for will get done. The next time you're doing home renovations, choose a contractor with a surety bond so you can rest assured that your money won't be wasted. For more information on supply contractor bond services, contact a company like Service Insurance Company.