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Contractor Bonds

Virginia Contractor Bond

Many cities and contractor classifications in Virginia require contractors to post a surety bond before completing work or obtaining a license. These bonds protect consumers from any negligence or damages caused by the contractor. Affected contractors can file a claim up to the bond's full amount for any harm they experienced. The surety company that issued the bond will then pay out any funds to the consumer. The contractor is then required to pay the surety back for any money paid out.

Virginia Contractor Bond Requirements

The state of Virginia Department of Professional and Occupational Regulation Board for Contractors requires all contractors looking to be licensed to obtain a $50,000 surety bond. This bond requires underwriting consideration, meaning if an applicant qualifies for a bond, the price they pay will be determined by a review of the applicant's credit and/or application materials.

City-Specific Contractor Bond Requirements

Various cities within Virginia require contractors to post a surety bond. 

Richmond Contractor Bond Requirements

The city of Richmond requires contractors to post a $50,000 surety bond before becoming licensed. This bond can be purchased instantly online for $250. This bond also offers a 25% multi-year discount, so purchasing this bond for a two or more year term will save contractors money.

Portsmouth Contractor Bond Requirements

The city of Portsmouth Permits and Inspections Division requires contractors to obtain a $5,000 contractor bond. This bond can be purchased for $100 for a one-year term. Purchasing this bond for a two or more year term will save contractors 25%. 

Roanoke Contractor Bond Requirements

Roanoke excavation contractors are required to post a $5,000 contractor bond. Applicants can purchase this bond instantly online for a $100 premium. This bond can also be purchased for a two or more year term and will save contractors 25%.

These are not the only cities that have contractor bond requirements. Check with the local government entity to see if there are any applicable bond requirements.