Insurance for Residential Remodelers

Customers hire remodeling contractors to complete various home improvement projects including renovations, additions, and other handyman projects. They trust you to treat their home repair project with integrity and create a result they are proud to show their family and friends. As a home improvement contractor, you need remodeling insurance to protect from lawsuits that can cause financial hardship.

Businesses that fall under this industry include remodeling construction, for-sale remodelers, remodeling design-build, and remodeling project management firms. Their services include additions, alterations, reconstruction, maintenance, and repair of residential buildings.

Going into customer homes increases the number and severity of the risks you face daily. A few of these risks include:

• Property Damage: Residential remodelers use a lot of materials, tools, and equipment for home repair projects. Sometimes it requires the art of balancing on ladders to get the job done. It is easy in the moment to take a wrong step and have a piece of wood or drywall fall and damage the customer's artwork or furniture below.
• Faulty Materials: To successfully complete a home repair project, you need the best materials. You don’t control the quality of those materials though. Even if you use the same materials for every job, and on one occasion they cause damage to a home, you can be held responsible.
• Injury: Whether it is employees, customers, or visitors to the home, accidents can easily happen on home repair construction sites. When they occur, you are financially responsible for the individual’s medical expenses and any lost wages for time off of work.
• Employee Theft: Just like homeowners trust you; you trust employees. Occasionally employees are tempted to take items that aren’t their own. When a homeowner identifies the theft, they will contact you looking for answers and replacement of their property.
• Auto Accident: Auto accidents occur on the road and at the job location. If you are trying to back your truck into the driveway and back into the owner’s car instead, you will need to pay to replace or repair it.

Insurance companies look at home improvement contractors differently. The majority will want to know your history in the field, previous claims history, safety precautions, and hiring procedures before quoting your remodeling contractor insurance. You can receive a quote online by completing the insurance quote form below. The following numbers give you a first average:

• Low-risk business: minimum $42/month
• Average size business: median $55/month
• Average size business: average $76/month

Communicate with your client as often as possible. Without proper communication, you'll face being sued for not doing the job as requested. Make sure that your employees have adequate protection as one accident could result in thousands of dollars in medical fees. Also, make sure to have an insurance that covers all the liability risks that your remodeling project could encounter.

General liability cover for a construction company covers:

• Cover for products-completed operations: This protects you if you damage rented commercial space or if an employee causes bodily harm or property damage. It protects you against reputation-related lawsuits that involve libel or slander. It also protects you if you’re slammed with an advertising injury lawsuit. Those involve either copyright infringement or false advertising.

• Product liability: This ensures that your general liability protections against injury and property damage claims continue after you've complete the job.

Residential remodelers can defend themselves against charges of poor craftsmanship. When you add Poor Workmanship coverage to your CGL insurance, you may protect yourself and your clients from claims originating from faulty workmanship, materials, and products that would otherwise be excluded. The endorsement provides a high level of coverage at a very low price.