Are you gearing up for a roof replacement? If so, you're probably loading an internal arsenal of questions. It's understandable; the last thing any homeowner wants is to spend a lot of money on a roofing project only for it not to work out the way it's supposed to in the end.
But where do you begin? Though there are hundreds of potential questions you could ask, it's important to keep the most important ones in mind. Almost everyone is concerned with cost when it comes to buying anything, and you may find yourself wondering HOW you can pay for your roofing project.
Here at RoofCrafters, we've replaced and installed roofs for three decades. In our nearly thirty years of providing roofing services, we've learned how vital it is to keep homeowners up-to-date on information regarding roof replacements.
This article will discuss the three main ways you can pay for your roofing project. By the time you're finished reading, you'll know which payment method you'll potentially choose, helping simplify the process for you.
Your Insurance Pays
Insurance claims can feel daunting, but they're one of three ways you can pay for your roof replacement. The catch for this one, though, is that the roof has to be storm damaged and proven to be so. Let's go over the steps you can take to help you file an insurance claim for your roof.
Create a Photo Album
You should always maintain a photo album and have it handy to get the most out of your insurance claim. To do that, take pictures of your roof regularly as documentation of its condition, and remember to present the record in case you ever have to make an insurance claim.
Don’t forget to take photos of the roof from the outside and the ceiling on the inside of your home. There are cases where the problem is only visible on one of the surfaces. In the event that you need to show proof, you want to make sure you have as many photos documenting the damage as possible.
Keep a Maintenance Record
To make a successful insurance claim, you may need to prove that you have taken care of and adequately maintained your roofing system. Write down every time you call a roofer to perform maintenance on your home.
Document Any Damages
Regardless of what caused the damage, take plenty of photos to strengthen the positive outcome of your case. After a damaging storm or high winds, check your roof for broken, loose, or missing shingles, and check for any impact damage due to objects that may have flown into your roof.
Call Your Roofing Contractor
As soon as you notice any damage, ensure that everyone on your property is safe, move your belongings to a different location, and evacuate if needed. After you've followed those steps, give your professional roofing contractor a call to have them come inspect the potential damages and make a temporary repair to help prevent any further damage.
You also want to make sure that the damage or the necessary repair will exceed your deductible before making an unwarranted claim. While talking to your insurance provider, tell them exactly what happened (be precise) and schedule an appointment for them to come over and perform an inspection.
Contact Your Insurance Company
After a professional roofer informs you that the storm damage will exceed your deductible, feel free to call your insurance company to begin the claim process.
Usually, insurance covers roof damage caused by:
- Vandalism
- Falling Objects (Hail, Tree Limbs)
- Fire
- Natural Disasters
- Strong Winds
- Heavy Rain
You Pay Out of Pocket
We know that spending a great deal of money can be challenging for absolutely anyone. However, we have to mention it when discussing ways to pay for a roof replacement because it's the easiest by far.
Think about it like this- your roof is not JUST a roof; it's a system made up of complex and perfectly designed elements that allow it to function to its fullest capacity. By function, we mean to protect you and your home from the outside elements! While that may not sound like a huge deal, keeping an old roof that needs replacing can be very dangerous to your health and the structural foundation of your home.
Mold, rodents, and even a complete decline in your home's overall structure can all be prevented by a solid, well-established roof. So while spending money on one may not feel pleasant, it's entirely worth it. You have the option to pay out of pocket by cash, check, or credit card when it comes to having a new roof installed.
Finance Your Roof
Many homeowners use financing options for various types of expensive purchases, and a roof replacement isn't any different. Even though the roof is one of the most vital parts of a home, homeowners tend to forget about or ignore it. Much too often, they put off essential maintenance, repairs, and replacement until severe signs of damage appear that they can't turn a blind eye to any longer.
The average homeowner likely has many more options for financing a roof replacement than they may assume. Government programs, home equity loans, and private financing are just a few of the choices you can pick from. But before you make any commitments, it’s vital to do your research to make a responsible financial decision for your roof replacement.
Get Quotes from Different Roofing Companies
When you're looking to finance your roof replacement, you should gather at least three different quotes from local roofers with impressive credentials. If you notice a huge gap between the quotes you received, find out the reasons behind these differences. It'll narrow down your search for the right roofer even more.
It's essential to do the appropriate research because some roofers may use different materials than others. While they may be more costly, they would present a higher quality roof that can sustain its lifespan.
Determine the Available Financing Options for You
After you get a few quotes from local roofing companies and have a better idea of what your roof replacement may cost, the next step is to take a look at your available financing options!
Usually, the options with lower interest will be the go-to, similar to any other type of financing. Those options will lower monthly payments, making it easier for you to afford the payments over time.
With financing options, it is also important to consider prepayment penalties. Paying off your loan too early may result in penalties with certain financing agreements, which you need to look out for. The early payoff can throw off the interest the lender could have otherwise earned from your loan. If you think you may be able to pay off your loan faster than the loan’s term, choosing a financing option that does not have any prepayment penalties might be the better option for you.
Am I Ready for A Roof Replacement?
You may be! Searching for a new roof is a fun and thought-provoking process, and knowing the ways you can cover the costs is helpful for any homeowner who's looking for answers. Now, what's next?
If you're ready to talk to an expert, RoofCrafters is more than happy to lend a hand. Feel free also to check out our comprehensive roofer checklist to help you in your search of finding the perfect contractor for your project.
At RoofCrafters, we want you to know that there are expert roofers who can help make your project so much simpler! If you want to get in touch with one of our friendly representatives, make your way over to our contact page.
