Artisan Contractors Reaping the Benefits of Rise in Home Renovations
According to the Wall Street Journal, the shortage of new single-family homes in the U.S. is pushing some would-be home buyers out of the market. This is good news for artisan contractors because that means a boom in the renovation of existing homes. It’s projected that over $300 billion will be poured into home remodeling this year alone, and this is expected to continue through 2025.
Our Artisan/Trade Contractors product grew about 75 percent in the last three years. We expect, and have prepared for, continued growth in a marketplace that is just now gearing up for the increase in demand for specialty contractors.
With 40 classifications included within our product, USLI is able to consider not only the top contractor classifications in the U.S. such as plumbers, electricians and HVAC contractors, but also a variety of other specialty contractors. Contractors performing carpentry work, drywall installation, painting, paper-hanging, tile, stone, marble work and landscape gardening are a few of the eligible classifications we see on a frequent basis.
Some of the many reasons to consider USLI for your next Artisan/Trade Contractor
submission include the following:
|Admitted in most states||Blanket additional insured available|
|No general liability deductible||Additional insured (completed operations wording) available|
|New ventures are acceptable||Waiver of subrogation available|
|Risks without prior liability coverage are eligible||Primary non-contributory wording available|
|Up to 50 percent subcontracted work acceptable*||Full contractual liability option available for eligible risks|
*Up to 100 percent subcontracted work acceptable for our General Contractors product
We offer a number of valuable and necessary coverages for specialty trade contractors, and our ability to consider new ventures or contractors with no prior coverage will help you focus on this growing industry.
The demand for artisan/trade contractors has been on the rise in 2017. Make sure you’re ready to meet their needs with USLI’s Artisan/Trade Contractor product!
Beyond coverage, USLI offers policyholders centralized access to business solution vendors through our Business Resource Center.
- Background checks
- Identity theft protection
- Marketing and social media best practices
- Web site design and search engine optimization
Contact your Commercial Lines underwriter today for more information or for a quote.
As always, thank you for your support and business.
Product Leader | 888-523-5545 Ext. 2585
Written by David Ford
December 7, 2017