They say life is one big gamble, and that outlook is especially relevant when you decide to undergo a home remodeling project. The key to minimizing the risk that is inherent in a home remodeling project involves hiring the right team of home remodeling contractors.
Hiring the right team of home remodeling contractors requires you to consider several factors. You want to hire a team of home remodeling contractors that demonstrate the appropriate level of proven experience in successfully managing the type of project that you want done to your home. Homeowner reviews on sites such as Yelp and Google help, as does the feedback accumulated by the Better Business Bureau. One of the most important factors to consider is to confirm every general contractor on your shortlist carries the right amount of liability insurance coverage. Let’s review the four reasons why home remodeling contractors need to carry liability insurance. Minimize Your Damage Exposure The most important reason why a team of home remodeling contractors must carry liability insurance is to reduce the financial risk you face that is caused by property damage. From a new roof that collapses to a foundation that sinks into the ground, you face many possible types of property damage that result from the work done by home remodeling contractors. Damage coverage also covers the costs associated with an onsite accident, which even the most accomplished home remodeling contractors can experience. Establish Trust Building trust between you and a team of home remodeling contractors represents the first building block of developing a healthy professional relationship. To build trust, the general contractor overseeing your project must demonstrate credibility, which can be established right at the start of your project by verifying liability insurance coverage. This type of insurance coverage shows the general contractor managing your project has confidence in the abilities of the crew. Liability insurance also demonstrates the team of general contractors working on your home remodeling project places an emphasis on delivering high-quality services. Protection for Your Property If you do not vet a team of home remodeling contractors for possessing enough liability coverage, you might find yourself on the financial hook for any type of property damage because your insurance company has the legal right to refuse paying out a claim. This means you must pay for any property damages out of your pocket. Damaged property also negatively impacts the property’s value. Repair and Maintenance Savings Hiring an uninsured or underinsured team of home remodeling contractors can be expensive in many ways. One way a team of home remodeling contractors without liability insurance or with not enough liability insurance can cost you money concerns the costs of repairing damages and then maintaining the new and improved property. Uninsured and insufficiently insured home remodeling contractors tend to make more mistakes that result in property damages that require repairs and maintenance. Perhaps the greatest benefit of hiring a fully insured general contractor is it gives you peace of mind. At Mares & Dow, we give our clients immediate peace of mind by presenting our liability insurance coverage early on during the discussions concerning remodeling their properties.
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