As a homeowner, it`s important to hire a contractor who is bonded. Bonding is a form of insurance that protects you as the homeowner if the contractor fails to complete the agreed-upon work or causes damage to your property. But what does it mean if a contractor is not bonded?

First of all, it`s important to understand what bonding is. When a contractor becomes bonded, they purchase a surety bond from a bonding company. This bond is essentially a promise from the bonding company that they will pay you, the homeowner, if the contractor fails to complete the work or causes damage to your property.

So, if a contractor is not bonded, it means that they have not gone through the process of purchasing a surety bond from a bonding company. This could be because they are new to the industry, or they may not have the financial resources to purchase a bond.

If a contractor is not bonded, it does not necessarily mean that they are untrustworthy or that they will not do a good job. However, it does mean that you as the homeowner are taking on more risk by hiring them. If something goes wrong, you will not be able to rely on the bond to protect you.

So, what can you do if you want to hire a contractor who is not bonded? One option is to require that they purchase a bond before starting the work. This may be a good idea if you are working with a contractor who you trust but who simply hasn`t gone through the bonding process yet.

Another option is to look for other forms of protection. For example, you could ask the contractor to provide references from previous clients, or you could ask for proof of insurance. If the contractor is insured, this can provide some protection in case of damage to your property or injuries on the job site.

In the end, the decision to hire a bonded vs. non-bonded contractor will depend on your specific situation and the level of risk you are willing to take on. However, it`s always a good idea to do your research and make an informed decision to protect your home and your finances.