Roof replacement cost can be substantial. Depending on the material used, and the size of your home, a new roof averages at approximately $10,000, (yet can be up to $25,000). It’s vital to have your roof replaced properly by trusted professionals. Sometimes hidden problems are uncovered in the process of getting your roof replaced, but it’s worth the cost it takes to fix your home properly so you can have confidence you’re well protected.
When it comes to roof replacement, most people don’t have the money it takes sitting in their savings account, so it’s important to find another way to pay for a new roof.
Here are some different ways to pay for a roof replacement:
1. A Title 1 loan
FHA Title 1 home and property improvement loans are a feasible way for homeowners to fund their roof replacement. Under the Title 1 program, as a single-family homeowner, you can borrow up to $25,000 and have quite a lengthy period of time to pay it off. Check with the U.S. Department of Housing and Urban Development to find approved Title 1 lenders in your area.
2. Home equity loan
Using your home’s equity as collateral, you can often borrow up to 85% of your home’s equity. But understand that there are consequences if you get behind on your mortgage payment. Be sure the monthly payments are feasible before borrowing, and borrow as little as possible for your roof replacement.
City beautification grants can get you $5,000 toward a new roof if you hire through a contractor on their list.
4. Roofing company payment plans
Many roofing companies offer payment plans to make roof replacement more affordable. Payments can often be spread out over a number of months or years, depending on the terms.
5. Let insurance pay for a new roof
Whether you need a commercial roof replacement or a residential roof replacement after storm damage, let insurance pay for a new roof.
Here are some simple steps to get homeowners insurance to pay for the roof damage:
Understand your roofing insurance coverage
Not all roof damage is covered by homeowners insurance. It depends on your policy, the cause of the roof damage, and your location. Hail storms that damage your roof may qualify for coverage because it’s an unpreventable event.
When your home incurs storm damage, document the damage and submit a claim to your insurance company as soon as possible. Take lots of pictures of your home exterior and interior to capture the damage by way of documentation. Call your roofing company for an inspection. Document the date and cause of damage. File your claim in a timely fashion.
Get estimates from 3 roofing companies
Make sure you find roofing companies who are willing to work with your homeowners insurance company. If necessary, hire a third-party inspector to take a careful look at your roof and verify if it needs replacing due to a hail, rain, or ice storm.
Avoid storm chasers
Unfortunately, you can’t trust everyone. Often, after an area is hit by severe weather, storm chasers will arrive on the scene and pose as legitimate roof replacement companies. Here are some easy ways to spot these scams:
- Storm chasers usually want a bunch of money upfront before they begin the roof replacement.
- Note: Trustworthy roofing companies may ask for about one-third of the total price upfront, then about one-third of the price in the middle and the remainder at the completion of the job.
- Storm chasers use high pressure sales tactics. When you get uncomfortable with a pushy salesman’s tactics, take a step back because he may be a storm chaser trying to get you to act quickly for his gain.
- Note: Reliable roofing companies don’t get pushy when it comes to sales; they simply educate you on your options and you make your decision when you are comfortable with roof replacement.
- Storm chasers won’t have a physical address for their “office.” They are from out of town and came to simply take advantage of the storm’s aftermath.
- Note: Reliable roofing companies have a local physical office you can stop by before, during, or after your roof is replaced.
Find out if your insurance claim was accepted
After a claim has been submitted, your insurance company has a period of time to either approve or deny your claim. If your claim is denied, you can appeal it. If your claim is approved, line up your roofing contractor so the roof replacement work can begin.
Trusted Residential Roof Repair
The best roofing company is often found by doing diligent online research, checking reviews, and obtaining references.
At Christian Brothers Roofing, as a local Kansas City roofing company, we understand the stress that goes along with a damaged roof. When storms hit, your roof can often become damaged and in need of prompt repair to avoid further trouble.
The Christian Brothers Roofing team has performed thousands of successful residential roof repairs. Our industry-leading products and precision service will give you confidence in your roof again.
Financing Your Roof Replacement with Ease
Too many homeowners are worried about paying their high deductible in order to get the new roof they need.
Wondering how you will pay for a roof? At Christian Brothers Roofing, we offer 0% financing with approved credit. You can finance only what you need—your deductible, or your full roof replacement.
Now you can retain your savings and pay for your roof replacement over time with our affordable financing option. Learn more about Christian Brothers Roofing easy financing options. We offer 3 easy ways to get financing:
- No Interest if paid in full in 6 months
- No interest if paid in full in 12 months
- Reduced rate 9.99% if paid in 96 months (8 years)