Can You Get Financing For Your Roof Repairs?
When you notice a leaking roof, it’s important to move with speed and fix the issue before it causes further damage to your home. However, roof repair projects may not be the cheapest home improvement projects you could think of. If you have sufficient savings to pay for the repairs out of pocket, this could be the easiest option. For many homeowners, having adequate cash reserves for such emergencies may not be obvious. So, how can you pay for those repairs and save your home from extensive water damage? You’ll need to seek financing unless the damage is covered by your insurance policy.
Roof Repair Through Homeowners Insurance
Your typical homeowner’s insurance policy may cover the cost of roof repair if the damage was triggered by inclement situations such as hail, wind, fire, and other natural calamities stated in your policy. For example, if a violent storm causes a tree to fall on your roof the cost of repairs should be covered by your insurance unless the tree was unhealthy or ignored before the storm.
However, damages emanating from general wear and tear, poor or lack of maintenance, or deterioration due to old age are not covered by your insurance policy. In such situations, you’ll need to find alternative financing to cover your roof repair costs. Some of these options may include personal savings, Home Equity Line of Credit (HELOC), Personal Loans, or Roofing Company Financing.
Roofing Company Financing
Extensive roof repairs are often a significant investment, and waiting too long can cause further damage which may require a more costly replacement. Working with a reputable roofing company who provides financing is often the best option, especially when you consider the urgency.
Most roofing companies work on the principle of direct financing, which means they provide the rates, terms, and other perks banks and other lending institutions may not offer. They often partner with a lending institution to provide financing and save you the hassle of finding your own lender, a process which could be both costly and time-consuming.
Due to volume lending, roofing companies can negotiate promos which beat banks and other lending institutions. In the process, they can pass these benefits to their clients in terms of lower rates. They don’t ask for upfront payments, which is usually the biggest barrier to roof repair projects. Other benefits of company financing may include:
- Plans to help you save money for investments or emergencies
- Easy payment options
- Lower minimum monthly payments
- Lower interest rates
- Faster credit decisions
- Freedom to partially pay out of pocket and finance the balance
- No shady fees
Turn to Exteriors Plus in the Akron and Cleveland areas for professional roof repair or replacement services. Contact us today to talk with one of our experienced consultants!