Our “Good to Know” Homeowners’ Association Tip
You’ve interviewed a number of home exteriors contractors for a major multi-unit home project (maybe new siding, re-roofing or both). You’ve narrowed it down to one company and as property manager, you’re looking forward to presenting your choice of home exteriors contractor to the homeowner’s association.
BUT WAIT — have you done your due diligence? Before signing a contract with a home exteriors contractor, you’ll ask about their insurance coverage and any legitimate contractor will carry a General Liability Policy.
However, MOST if not ALL home exteriors contractors’ General Liability Policies contain “endorsements” (otherwise known as exclusions). These endorsements exclude a home exteriors contractor coverage from work conducted on multi-unit residential homes. A home exteriors contractor MUST extend his General Liability premium to include work projects involving multi-unit residential homes.
What Does This Mean to You?
If a home exteriors contractor is forthcoming and has the additional coverage allowing their company to perform project work on multi-unit residential homes, wonderful! You’ve just made sure the work on your multi-unit homes are protected for bodily injury and property damage. But if not, you’re putting your homes at risk should the work be sub-par or if anything else goes wrong during and after the project has been completed.
At Xtreme Exteriors, we have experience with property managers and HOA boards “getting burned” by not knowing or not insisting their home exteriors contractor have the the proper level of General Liability Insurance to protect their properties. It’s always the best policy to ask and verify before awarding your home exteriors project to a contractor.
Xtreme Exteriors regularly reviews and ensures their General Liability Policy is up-to-date and has the proper inclusions required to perform project work on any property type, from single family home to multi-unit housing.