Florida Surety Bonds

Most Popular Surety Bonds in Florida

How to Get a Surety Bond in Florida

1. Determine The Surety Bond You Need

You should be able to obtain this information directly from the entity requiring the surety bond. It might be a federal agency like the Federal Motor Carrier Safety Administration (FMCSA), a state department such as the Florida Department of Highway Safety and Motor Vehicles, or a local government body, for example, the city of Kissimmee.

It's common for our first-time clients to have questions about this process. We encourage you to contact us with any queries you might have. Our experienced and friendly customer service team is always available to provide you with assistance.

2. Submit Your Application Form

Fill out our online application form in under 5 minutes, and you will quickly receive a free, no-commitment quote for your surety bond premium. This simple and efficient method is exactly what our client Keith used to smoothly go through the bonding process.

3. Accept Your Quote

The only steps left are for you to pay the quoted premium and sign the contract. Once these are done, we will immediately send out your surety bond. After you receive it, you may be required to sign it before submitting it to the obligee.

Types of Surety Bonds in Florida

In Florida, surety bonds are categorized into three main types, each designed for specific purposes. Here's a brief overview:

• License Bonds: These are required for various professionals and businesses to operate legally. They ensure compliance with state laws and regulations. For instance, contractors, motor vehicle dealers, and mortgage brokers often need these bonds.
• Contractor Bonds: Common in the construction industry, these bonds are necessary for bidding on public projects, ensuring project completion, and adherence to contractual terms. They include performance bonds, bid bonds, and payment bonds.
• Court Bonds: Required in certain judicial proceedings, these bonds play a crucial role in specific legal situations. They are often used in cases of guardianship, probate, and appealing court judgments.

Ready to start your bonding process? Find your Florida surety bond in the table below or give our bonding experts a call at (877)-514-5146.

Florida Surety Bond Costs

The cost of a surety bond in Florida is primarily influenced by two main factors:

• The type of surety bond needed: This factor establishes the overall value of the bond. Different bonds have different total values based on their purpose and requirements.
• Your personal risk profile: This is a crucial determinant in calculating the percentage of the bond's total value that you will need to pay. This profile typically includes considerations like your credit history, financial stability, and any previous bonding history.

The premium for a surety bond is determined as a percentage of the bond's total amount, and this percentage usually falls between 1% and 10%. The specific rate within this range is influenced by various factors, such as:

• Credit score
• Business financials
• Assets and liquidity
• Professional experience

For example, if you're in the market for a $25,000 Florida Auto Dealer Bond and you have excellent credit, robust financials, and a substantial professional track record, you could be eligible for a premium as low as $250. On the other hand, securing a bond is still feasible even if your credit is less than ideal. In scenarios where your credit is poor, the premium for the identical surety bond might be closer to $2,500. This variation reflects the increased risk perceived by the surety company based on the credit profile.
 

Surety Bond Requirements in Florida

City-Level Bonding Requirements