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Angie’s List: What does bonded and insured really mean?

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Angie’s List: What does bonded and insured really mean?

Angie’s List: What does bonded and insured really mean?

Many contractors will promote that they’re bonded and insured.

But what does that really mean for you as a consumer?

In this week’s Angie’s List Report, we learn from Angie Hicks, the importance of asking about bonds and insurance.


Angie’s List: What does bonded and insured really mean?

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The roofer or builder you might hire... is 'bonded and insured.'

Although contractors promote this status... few consumers truly know what it means.

((((take package)))) angie hicks, co-founder of angie's list a bonded contractor has purchased a surety bond, and that's basically like an insurance policy against acts from the contractor.

So, for example, if the contractor leaves the job unfinished or fails to pay for supplies, these types of things will protect the consumer because they can put a claim in against that bond.

Voiceover (:15) consumer protections like a surety or fidelity bond... are especially important ... for those high-dollar home improvement projects ... that could really cost ... you if they go wrong.

In addition to bonding... be sure to ask... about the types of insurance your contractor has.

Angie hicks, co-founder of angie's list general liability insurance is going to cover you if there's damage done your property outside the project.

So a great example would be if they're there to mow your lawn but they run into your mailbox while mowing your lawn, their insurance would potentially cover that mailbox.

The other type of insurance that's important is workers comp insurance.

And that's going to cover the contractor's employees if someone is hurt on your property.

So, if they're redoing your roof, someone falls off the roof, that workers comp insurance is going to cover their injuries instead of it actually coming back and hitting your homeowner's insurance.

Voiceover (:10) it may be extra work... to find the right professional ... with both bonding and insurance.

But it will be worth it to you --- as the homeowner --- in the event that things don't go exactly as planned.

Angie hicks, co-founder of angie's list hiring a contractor that's bonded and insured is a protection to the consumer.

It's going to financially protect you if things go wrong.

And it'll also keep things from hitting your homeowner's

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