Great question for one of those late-night Big Question discussions!
Reality exists independently of anyone's and everyone's constructs. Someone dies, but life, the world, the universe go on, even though that person is no longer around.
However, individual and social constructs of reality do exist and do affect Reality. Belief is a powerful thing; so is the social contract. As an example, there is no such thing as money. Paper dollars have no inherent value. We (society) have decided that dollars have value; we have constructed the reality of money.
To take another example, when a person gets a shot, the syringe causes pain. That's a subjective reality, as the person giving the shot can't feel the pain. but it's not a constructed reality. However, some people have been trained to feel no pain when getting a shot. Whether through hypnosis, biofeedback or personal "power of thought," the reality is that the events that would normally cause pain are still happening, but the brain is able to not register the pain. Is that independent reality or constructed reality? Maybe it's right on the boundary line between the two?
Oliver Sacks wrote a fascinating book, Hallucinations, that covers several phenomena involving perceptions that aren't reality. Even though a hallucination seems completely real to someone having one, it's not. Slimy worms aren't crawling on you even though you can see and feel them. So even though your mind has constructed that hallucination, true reality (no worms on you) exists independently.