The Maryland Home Improvement Contractor’s Bond is required by the State of Maryland. The bond is for the benefit of the Maryland Home Improvement Guaranty Fund. There are two bond amounts. $20,000 and $100,000.
What is the purpose of the bond?
The Home Improvement Contractor’s bond is there for the benefit of the Guaranty Fund. The Fund helps compensate monetary losses that homeowners may experience. These losses are the result of poor workmanship or a failure to adhere to the home improvement contract.
Licensed companies in the State of Maryland are the only ones who can issue this bond. Surety1 is licensed in all 50 states. We have also partnered with over a dozen A-rated surety markets in order to offer the lowest rates.
Who needs a Maryland Home Improvement Contractor’s Bond?
The Maryland Home Improvement Commission requires each licensed contractor to show financial solvency. If an applicant does not meet the financial guidelines they can purchase a surety bond. The Fund only applies to work done by a licensed contractor.
What are the requirements for Home Improvement Licensing?
Those wishing to become a licensed Home Improvement Contractor must take and Pass the Licensing Examination. After that, they need to complete and submit the application form.
Home Improvement work includes alteration, remodeling, repair or replacement of a building or part of a building used as a residence. In also includes work done on individual condominium units.
Where can I get a Maryland Home Improvement Contractor’s Bond?
Surety1 can take care of all your bonding needs. Start by completing our free online application form. After that, one of our surety experts will contact you with a no-obligation quote on the bond premium. Then pay the premium and sign some paperwork. Lastly, your Maryland Home Improvement Contractor’s bond will be mailed to you using USPS Priority Mail. Overnight shipping is available, for an additional fee.
Surety1 has been issuing surety bonds in Maryland since 2003. We are rated A+ by the Better Business Bureau for our fast and reliable service.