Helpful Home Improvement Tips: Insurance
Find out why every contractor you work with should have insurance and what is covered.
Hello everyone! My name is Tyler Bohlman and I’m here to answer some of the most common questions that everyone has about financing, dealing with contractors, general home improvement advice; also any other questions that you in the audience might have; and today I’ll outline three major kinds of insurance that your contractor should have.
Aside from licensing, your contractor’s insurance coverage is the most important things that they can have. There are a lot of different types of insurance that they can have, but I want to highlight three of the most important ones that are wrapped up in your contractors liability insurance coverage.
The first one is injury coverage. This isn’t injury coverage against the contractor, but rather if something the contractor does results in YOU getting injured. This instance happens very rarely because the contractor doesn’t want you right next to him while he’s working anyway, but sometimes things like this do happen, and it’s important to have the insurance for it.
The second one is insurance against structural damage. This not only includes the skeleton of your house that your contractor may be working on, but also in case any errant swings of the hammer result in one of your prized Ming vases being broken, the insurance company would pay for it.
The last one is liability against causal damage. This means that something in your home gets damaged because of the contractor, but not necessarily him directly. If a contractor is digging for your new underground pool, busts a water mane that then floods your basement it was his fault, but not directly. This is a separate category of insurance but, depending on the work, could be an important one to have
There are other insurances that your contractor should have, and no insurance is a bad insurance, but liability coverage is the most important to have. In another video I’ll talk about the other big insurance coverage that is a must have for your contractor: Worker’s Compensation Coverage
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