There are several signs that your Lafayette, IN, home is in need of a new roof. Large areas of missing or damaged shingles, shingle granules in your gutters and spongy areas that buckle under pressure are all indications of problems that require more than just repairs. Unfortunately, the need for roof replacement may not arise at a time that’s convenient for your budget. The good news is that there are several ways to avoid out-of-pocket spending on this project.

Take Advantage of Your Roof’s Guarantee

Each new roof comes with a guarantee that covers its materials and labor. However, the guarantee on your roof’s materials could outlast any coverage that was offered for labor. If your roof’s materials are rated for three decades, you may be able to sidestep the costs of replacing them for up to 30 years. You may still be required to pay for labor. If your roofer offered an insurance-backed guarantee, they will likely only cover labor for about 10 years.

Read through your roof warranty information to find out how long different aspects of your coverage last. If you have questions, you can reach out to your original installer for answers. You can also connect with the warranty department for the builder of your home if you purchased a new home recently and are already struggling with roofing problems.

Know What Your Home Warranty Will and Will Not Cover

If you paid extra for your home warranty so leak protection would be included in your plan, you may be able to file a claim with your warranty provider if damage has been incurred. However, most home warranties don’t cover roof replacement because of general wear and tear. It’s worth looking into whether or not your provider will pay to replace roofing materials that have failed due to general wear. If they will, this will allow you to offset the cost of financing your new roof.

File an Insurance Claim

A common method of sidestepping out-of-pocket spending for roof replacement is by filing a home insurance claim. Homeowners insurance typically pays for damages that are a result of damage caused by things such as lightning strikes, storm damage, fire damage, hail and more.

If your home insurance policy offers payment for the replacement cost of your roof, you may be required to first pay your plan’s deductible. The payment you then receive will represent the actual cash value of your roof, or how much it’s currently worth considering the wear it has sustained. After the work is done and you’ve provided your insurer with proof of completion, you might receive a second payment for your roof’s recoverable depreciation. This amount will represent the losses in depreciation that were calculated when determining your roof’s actual cash value.

Consider a HELOC Loan or Apply for Funding from Your Roofer

Although roof guarantees, home warranties and home insurance plans are meant to take the stress out of paying for roof repairs and roof replacement, using this coverage to pay for a new roof isn’t always straightforward. The companies that issue this assistance want to know that homeowners have done all they can to limit the risks of roof damage. They may ask for evidence of routine roof maintenance and repairs.

If you’re unable to get help from any of these agreements, you can consider taking out a home equity line of credit (HELOC) loan. Although their approval times can be anywhere from two to eight weeks, HELOC loans typically have far lower interest rates than other options.

When the need for roof replacement is urgent, consider applying for financing from your roofer. In addition to offering regular discounts on roof replacement, many contractors can provide funding for these projects in as little as one business day. Financing offers typically range from $500 to $200,000 on approved credit, and they come with convenient monthly payments.

We know just how challenging it can be to face the prospect of a roof replacement when you aren’t financially prepared. We’re proud to serve residents of Lafayette, IN, and the surrounding area. We offer roof replacement, repairs and inspections. We also provide professional installation of gutters, siding and windows and offer storm damage repairs. To schedule an appointment, give Hammer Down Exteriors a call today.

Brent Hulsey

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