Worried about your roof deductible? Relax! We have tips on how you can get help and

ensure you can afford the bill.

When it comes to unexpected roof repairs, the worst part can be coming up with the money

you need to get them done.

It's common for homeowners insurance policies to have high deductibles ranging anywhere

from $500-$1,500 or more.

And even though your insurance may cover the costs of the repairs, meeting this deductible is

not always an option.

But options are available to you if you find yourself in this situation. Here are some finance

options you can consider when the roof deductible is too high for your budget:

Many contractors offer payment plans allowing homeowners to spread out the cost of repairs

over an extended period. By spreading out your costs over time, you can save money in the

here and now, giving you more money to pay your initial deductible.

This can make the whole process more manageable financially, less stressful, and ensure the

essential repairs are done without breaking the bank. However, you'll need to talk to the

contractor you're working with to see their available options.

However, you must remember that it's illegal for your contractor or roofing company to pay

your deductible for you. Any company that offers this as a service is not operating within the

confines of the law and are probably best avoided.

If you have enough equity in your home, you may be able to tap into it with a HELOC to cover

the costs of roof repairs. A HELOC is a revolving line of credit that you can use to borrow

money as needed, making it perfect for homeowners who may need to make multiple repairs

over time.

These loans use the value of your home as equity, so you can afford to take out large sums of

credit. However, unlike traditional loans and more like credit cards, once you pay some of the

outstanding money off, the credit replenishes so you can use it again.

Generally, you can borrow up to 85% of the value of your property, which will be more than

enough to pay a roof deductible.

If you want to take the more traditional route, you can take out a personal loan from your bank

or other financial institution and use the funds to pay for roof repairs.

This is usually a good option if you know the exact amount you need to borrow and don't want

to have a revolving line of credit. However, you will have to pay interest on the money you take

out, so it may be more costly if you wait a long time to pay the money back.

The Federal Housing Administration (FHA) offers a loan program specifically for home

improvements like roof repairs that the federal government funds. With an FHA Title I loan,

homeowners can borrow up to $25,000 for repairs without putting any money down.

These loans are typically reserved for homeowners in low-to-moderate income ranges and

are suitable if you don't qualify for a HELOC loan. These loans are typically fixed rates and will

be paid back in monthly installments.

It's important to note that you should never let the contractor doing the work pay your

deductible for you. Your insurance may approve the repairs but not be able to reimburse you if

the contractor pays the deductible upfront. So make sure you always pay it yourself or use

one of these financing options if needed.

When it comes to your roof repairs, don't let the deductible stand in your way - plenty of

financing options are available to help you get the assistance you need.

With a little research, you can find the best option for your situation and finally get those

repairs taken care of.

Ready to get your roof repaired?

Reach out to our friendly team today for our affordable service, our decades of expertise, and

a no-obligation quote!