* subject to credit approval. Rates and payments may vary.
PAY AS LOW AS $205 PER MONTH!*
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0% promotional financing to qualified customers
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Plans up to 5 years to spread out the cost
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Soft pulls that won't affect your credit
The good news: you have options! Let's explore 7 smart ways to finance your new roof:
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1. Cash or Check: The simplest and most cost-effective method, but not for everyone. Paying upfront eliminates interest and fees, and often earns you a discount from the roofer.
2. Credit Card: Great for rewards points and introductory 0% interest offers, but beware of high APRs after the grace period. Transaction fees are another potential drawback.
3. Personal Loan: Flexible terms and potentially lower interest rates than credit cards, but still unsecured and can affect your credit score. Shop around for the best rates and terms.
4. Home Equity Loan: Leverage your home's equity for low interest rates and predictable payments. Be aware of the risk of foreclosure if you default. Calculate your potential borrowing power with the 85% rule of thumb.
5. Insurance Coverage: If storm damage or a covered event caused the roof damage, insurance might cover replacement. But be prepared for a potentially lengthy process and possible claim denial for wear and tear.
6. Roof Company Financing: Many reputable roofers offer in-house financing or partnerships with third-party lenders. Convenient and potentially less stringent than bank loans, but compare terms and costs carefully.
7. Government-Funded Loan: The FHA Title I Property Improvement Loan program offers low-interest financing for eligible homeowners. This option has specific qualifying requirements and property limitations.
So, which method is right for you?
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Budget-conscious: Prioritize cash or a home equity loan.
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Rewards seeker: Consider a credit card with excellent terms, but pay it off quickly.
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Credit challenged: Explore personal loans or roof company financing options.
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Storm victim: Pursue insurance coverage if eligibl
HOW TO PAY
Will Insurance Cover Your Roof?
Many homeowners or dwelling insurance will cover roof repairs and replacements, but there are numerous caveats that may affect your coverage. Top Shield Roofing will fight for you and take the pain out of dealing with the insurance company to ensure you get the most coverage possible.
Claims Process
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Find a Local, Licensed Contractor: Choose a reputable, software-enabled contractor to inspect and document the damage with photos. We recommend Top Shield Roofing but we may be biased.
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Inspect & Temporarily Repair: Get your roof inspected and request temporary repairs as needed for further protection. Save receipts for reimbursement.
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Contact Insurance Company: File a claim and schedule an adjuster visit. Inform your contractor of the date and encourage their presence.
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Take Notes & Ask Questions: During the adjuster visit, note key details and clarify any doubts about coverage, timelines, and estimates.
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Review Estimate & Scope of Work: Understand the approved repairs and ensure contractor and insurance company are aligned.
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Receive Repair Estimate & Funds: The insurance company provides funds to cover repairs or replacement. You may receive ACV (actual cash value) or Replacement Cost depending on your policy.
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Project Start & Materials: Contractor sets the schedule, orders materials, and begins work according to the agreed-upon plan.
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Payment Structure: Contractor is typically paid upon completion. With a mortgage, the check is made out to you and the lender, who releases funds for repairs as they progress.
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Supplemental Costs: The contractor invoices the insurance company for any additional work, and you receive those funds to pay the contractor.
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Post-Project Inspection: Your mortgage company may inspect the completed work.
Remember: Contractors influence damage assessment and estimates, but coverage concerns are handled by you and the adjuster. Both parties aim for a high-quality roof to avoid future claims.
Bonus: If you lack homeowners' insurance but suffered roof damage in a disaster, consider registering for Federal Disaster Relief assistance.
Your home's roof safeguards everything within, and keeping it protected falls under your homeowner's insurance policy's dwelling coverage. This coverage shields your home's structure, including the roof, from specific perils, or types of damage.
What does this mean? If your roof suffers damage from hail, a fallen tree during a storm, or even a fire, your dwelling coverage may step in to help cover the repair costs. Additionally, if the contents inside your home suffer collateral damage from a covered roof claim, your personal property coverage may assist in repairing or replacing those belongings.
But what about structures besides your main house? For detached buildings like sheds or garages, other structures protection within your policy may provide coverage against covered perils, just like your dwelling coverage does for the main house.
Remember, before your insurance kicks in, you'll typically need to pay a deductible, a specific amount you cover out-of-pocket. It's crucial to understand your coverage and the maximum amount your insurance will pay for covered claims. To do this, read your policy carefully or reach out to your insurance provider for clarification or adjustments to match your needs.limit,
One important caveat: some policies may have windstorm and hail exclusions, meaning those specific perils wouldn't be covered. Always review your policy thoroughly to understand any exclusions that might apply.
By understanding these essential elements of your homeowners insurance, you can rest assured that your roof, and the rest of your property, are protected against covered perils. Remember, proactive awareness of your policy details can save you stress and ensure smooth sailing in case of unexpected damage.