New Jersey Home Elevation Contractor Bonds
New Jersey Home Elevation Contractor Bonds
Our price starts at $75
Click for a No Obligation Quote
Quick and Reliable Bond Solutions for New Jersey Contractors
To comply with the latest New Jersey contractor licensing laws, Bondability offers a fast and easy way to secure your compliance bond, ensuring your business meets the state’s updated requirements. With Bondability, you get:
- Simple Online Application: Apply for your bond with ease—no lengthy forms, no hassle.
- Competitive Rates: Affordable options for $10,000, $25,000, and $50,000 compliance bonds based on your contract values.
- Instant Approval & Fast Delivery: Get approved quickly, and receive your bond via email within 1 business hour.
Pricing
| Bond Amount | Price with Application* | Price without Application** |
|---|---|---|
| $10,000 | $75 - $100 | $100 - Buy Now |
| $25,000 | $188 - $250 | $250 - Buy Now |
| $50,000 | $375 - $500+ | Apply Now |
Flexible Underwriting Options
We are pleased to offer you flexible options for the $10,000 and $25,000 bond amounts to suit your needs.
- *Price with Application: Complete our quick, online application to determine eligibility for the Price with Application listed above. Upon receipt of your application, we will respond with your exact quote within 1 business hour!
- **Price without Application: Skip the application and credit check by purchasing your $10,000 or $25,000 bond now. Your bond will be issued and emailed to you within 1 business hour!
Why Contractors Choose Bondability
Starting January 8, 2024, all Home Improvement and Home Elevation Contractor Businesses (HICBs/HECBs) in New Jersey are required by law to maintain a compliance bond or other security to keep their licenses valid. With Bondability, you can ensure that your business remains compliant with the new requirements, so you stay focused on what matters—your business.
What You Need to Know About New Jersey’s New Contractor Requirements
In response to P.L. 2023, c. 237 signed by Governor Murphy, the Contractors’ Business Registration Act was amended to enforce new insurance and bonding standards. To operate legally in New Jersey, all HICBs and HECBs must have:
- Workers’ Compensation Insurance (unless legally exempt)
- Commercial General Liability Insurance:
- Minimum of $500,000 per occurrence for HICBs
- Minimum of $1,000,000 per occurrence for HECBs
- Additional Security Requirement (compliance bond, irrevocable letter of credit, or other security)
Compliance Bond Requirements
To meet the state’s bonding requirements under N.J.S.A. 56:8-142, you’ll need a bond in one of these amounts:
- $50,000: For contracts over $120,000 or yearly contracts totaling at least $750,000
- $25,000: For contracts between $10,000 and $120,000 or yearly contracts totaling $150,000–$750,000
- $10,000: For contracts under $10,000 or yearly contracts totaling less than $150,000
Existing registrations expire on March 31, 2025. Renewal applications will be available in January 2025, so now is the time to ensure you have the required coverage and security. Visit the New Jersey Licensing Portal to submit your renewal.
Start Your Bond Application Today with Bondability
Don’t risk delays or denial of your registration renewal. Choose Bondability for your compliance bond needs and experience the ease and reliability our clients count on.
Additional information about this corporate surety bond requirement is as follows:Obligee - New Jersey Division of Consumer Affairs
Bond Amount - $10,000, $25,000 or $50,000
Bond Premium - Starts at $75
Renewal Document - Renewal/Continuation Certificate required.
Click on the No Obligation Quote button to complete our simple, one-page online bonding application. Completing the following application allows the underwriters at BondAbility to provide you with a specific quote for the exact bond you need. After you submit our online application, we will respond with your personalized quote within the hour!