The Florida Construction Industry Licensing Board (CILB) requires all construction contractors to obtain a surety bond in order to be licensed. The amount of the bond required depends on the type of construction work the contractor will be performing. If an applicant does not have a 660 credit score at the time they apply, they will be required to obtain a Florida Construction License Bond. Those applicants who do not have 660 credit and have not completed the 14-hour financial responsibility course must submit a bond in the amount of:
- Division I contractors must obtain a $20,000 bond.
- Division II contractors must obtain a $10,000 bond.
- Division II contractors who complete a board-approved financial responsibility course can obtain a $5,000 bond (increasing to $10,000 effective January 1, 2024).
The contractor’s license bond protects consumers from financial losses if the contractor fails to comply with state law or regulations, or if they engage in fraudulent or deceptive practices. For example, if a contractor abandons a project or fails to complete the work according to the contract, the consumer can file a claim against the bond to recover their losses. The cost of the surety bond is usually between 1% and 5% of the bond amount, subject to a minimum premium and fees of $150 to$250. Surety1 will shop its many markets to procure the right price at the right terms.
How to Get a Florida Construction License Bond
At Surety1.com we make it easy to obtain this surety bond. Our simple, three step process is:
- Complete the easy to navigate and secure online application. 1
- Review the free, no obligation quote from one of Surety1’s professional surety bond agents, usually within one business day.
- Sign some paperwork and pay the bond premium
Once these steps have been completed, the Florida Construction License Bond will be shipped to the bond applicant.
1 -The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license.
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier online provider of surety bonds nationwide since 2003.