Routine maintenance is a well-known side effect of homeownership, but some costs can still come as a surprise. For many homeowners, a roof replacement is one of the costs that sneak up unexpectedly and wreak havoc on their budget.
Whether your roof was damaged by a storm or needs to be replaced due to natural aging, the cost of a replacement can be daunting. If you find yourself in this situation, consider these nifty options for funding a roof replacement.
You Could Pay for A New Roof with Cash or Home Equity
Starting off with the least attractive option for most people, you could fund your roof replacement with cash. If you start saving as soon as you buy your home or replace your roof, you can build a safety net to cover the cost of your next replacement. However, this option often doesn’t work when roofing needs arise suddenly.
In that case, you could consider personal loans or borrowing from the equity of your home. These options can come with high interest payments, so most homeowners want to avoid them when possible. Fortunately, there are other ways to pay for your new roof.
Insurance May Cover a Roof Replacement
In the case of wind damage, insurance may be a great option for covering the cost of a new roof. Most home insurance policies cover the cost of roof repairs or replacement if the damage is due to a covered event – like a storm. However, there are a few caveats you should understand.
Some policies only have coverage for named peril, meaning they only cover damage caused by an event specified in the policy. Others can be noted as open peril, and they cover most types of damage that aren’t specifically excluded in the policy. This distinction can be confusing, so be sure to read your policy carefully to determine if the event that damaged your roof is covered.
Additionally, most policies only cover roofs less than 20 years old. Coverage for roofs under this age can be limited as well if the damage is caused by natural aging rather than a covered event. Further, insurance typically won’t cover damage caused by improper installation or foregone maintenance.
Homeowners insurance policies can be overwhelming to review on your own, so it is often wise to check with an expert. You may be surprised to learn that your roofer can be a valuable resource in helping you to understand your insurance coverage. Before you call your insurance company, be sure to check with your local roofing experts and enlist their help in understanding your claim.
Roofs Often Have Multiple Warranties
The cost of your new roof could be covered by a warranty. There are two main types of warranties that could apply in your situation. The first is from the manufacturer of the shingles and generally covers defects in the roofing material. The second is from the company that installed your roof, and it covers improper installation.
To determine if your roof is covered by a warranty, review the paperwork the installer provided and contact an experienced roofer to inspect the damage. If your original roofer denies your warranty claim, get a second opinion. Keep in mind that there are many simple mistakes that you can make to void your warranty, so be sure to avoid them.
Some Lucky Homeowners Could Qualify for A Roofing Grant
Some governments, insurance companies, and other groups offer grants to replace or upgrade roofs – particularly in certain storm prone areas. For example, the Strengthen Alabama Homes grant program offers up to $10,000 toward the cost of a new storm-resistant FORTIFIED roof.
Grants can be an excellent way to fund your roof replacement, but these programs are popular and generally have a lot of interest. For that reason, it is important to apply on time and make sure your application is done correctly the first time.
If you live in Coastal Alabama, review these resources to give you the best chance at getting the Strengthen Alabama Homes grant. If you live in another area, search the internet and contact a trusted roofer in your area to learn about grants that may be available to you.
The Best Roofers Offer Low-Cost Financing Programs
Experienced roofers know that the cost of a roof replacement can be financially troublesome or even unattainable. That’s why they offer low-cost financing programs to help you get the roofing services you need without a large upfront payment.
Unlike personal loans or credit cards, roofer financing programs are usually available with low interest rates and affordable monthly payments. For this reason, the availability of financing is one of the main factors you should consider when choosing a roofer. Just be sure that your chosen roofer also has a stellar reputation, proven results, and high-quality roofing products – in addition to a robust financing program.
Discuss Your New Roof with The Experts at Complete Roofing
At Complete Roofing, we have your roof replacement covered from start to finish. Our team can help you review your warranties, file an insurance claim, apply for the Strengthen Alabama Homes grant, or apply for our low-cost financing program.
With a roof replacement from Complete Roofing, you can rest assured that you receive high-quality roofing materials, industry-leading warranties, and expert installation. These factors give you peace of mind that your new roof will keep your family dry for years to come.
To contact a roofing specialist in your area, use the following links for our 3 general areas or click your city for express service:
Installation and Repair Services for Roofs and Gutters are available in the following locations:
- Coastal Alabama Main Office with local agents in:
- Coastal Mississippi Main Office with local agents in:
- Greater New Orleans Main Office with a local agent in: