Every business needs insurance to ensure it is sufficiently protected against accidents and incidents that may result in costly lawsuits and damages.

This is particularly true for residential remodelers who face a number of risks, including property damage, theft, injury, faulty materials, and many more.

Residential remodelers insurance offers the comprehensive coverage home improvement contractors need so that they are protected from significant income loss in case any of these incidents occur.

Read on to learn more about the cost of residential remodelers insurance, what it is, and how you can find the right policy for your business.

We Cover in This Guide

• How much does residential remodelers insurance cost?
• What is Residential Remodeler Insurance?
• What does it cover?
• Benefits
• Tips for buying
• FAQ
• Summary
• All types of insurance remodelers may need

How Much Does Residential Remodelers Insurance Cost?

To determine the cost of residential remodelers insurance, insurance companies will take several factors into account, including your previous claim history, history in the home improvement field, hiring procedures, safety precautions, the size of your business, etc.

What is Residential Remodeler Insurance?

Residential remodelers insurance includes a variety of coverage types, including general liability, pollution liability, workers’ compensation, commercial property, and more.

When packaged together, these policies will make sure you and your business are covered in case your work results in any damages to your employees, customers, or your customers’ property.

What Does it Cover?

Depending on the specific nature of your business, the size of your business, the types of policies you take out, and other factors, your coverage will vary.

A comprehensive residential remodelers insurance policy package will typically cover:

• Property damage
• Faulty materials
• Personal or bodily injury
• Theft
• Auto accidents
• Commercial property damage
• Pollution

It’s important to evaluate your business’ needs based on the risks you typically face to determine what types of coverage you may need.

Benefits

Residential remodelers insurance offers several advantages, including:

1. Coverage: Residential remodelers insurance can protect you and your company from significant financial loss if an employee or customer makes a claim against you.

2. Professionalism: Having sufficient insurance coverage can make your customers feel more confident in your services, making it easier to secure new customers and projects.

3. Compliance: Some states require certain insurance policies, such as workers’ compensation.

Tips for Buying

Keep these tips in mind to help you find the right residential remodelers insurance policy:

Compare quotes: To make sure you find the best residential remodelers insurance available, be sure to compare at least three to five quotes from different insurance companies.

Review coverage: To understand how your business is protected and which additional policies you may need, be sure to carefully review your policy for coverage and exclusions.

Know your local & state laws: Review your local and state laws to understand which, if any, insurance policies are required. Many require home improvement contractors to have workers’ compensation coverage before performing services.

FAQ

What risks do residential remodelers face?
Residential remodelers face a variety of unique risks, including property damage, faulty tools and equipment, injury, theft, vandalism, and more. Without coverage, any of these risks can result in significant financial loss.

How can I reduce my risk?
To reduce their risk, home improvement contractors should be sure to communicate effectively with their clients to ensure they are performing their services to the customer’s expectations.

Additionally, they should make sure to provide employees with the right tools and protection they need to complete their jobs safely.

What is umbrella insurance and what does it cover?
Umbrella insurance is insurance that covers gaps in coverage left by your existing policies. As such, you should consider getting umbrella insurance if your current coverage is not sufficient.

Summary

Residential remodelers insurance helps protect home improvement contractors from the many risks they face while providing their services. Without this coverage, remodelers face significant financial loss if a client makes a claim against them.

By understanding the cost of residential remodelers insurance and what it covers, you can find the coverage you need to protect you and your business.

All Types of Insurance Remodelers May Need

Home improvement contractors should consider taking out the following insurance policies to make sure they are completely covered:

General Liability: Pays for costs resulting from property damage, personal injury, or third-party injury when working on a site. Includes defense costs.

Workers’ Compensation Insurance: Pays for missed wages, medical costs, and rehabilitation expenses when an employee becomes sick or injured while on the job.

Commercial Property Insurance: Covers costs when business property is stolen or damaged. This includes commercial and business property.

Business Auto: Offers coverage when a business vehicle is involved in an auto accident. Pays to repair your business vehicle or the other party’s vehicle if you are held liable.

Surety Bond: A surety bond protects your business in the event that third-party contractors don’t fulfill their part of a project. Pays costs that arise from this, including finding a new sub-contractor.

Pollution Liability: Provides coverage for bodily injury, property damage, legal fees, clean up costs, and other costs that arise from pollution caused by your remodeling services.