How To Pay For Roof Replacement

Federal Housing Administration Title I Home And Property Improvement Loan

FHA Title I loan is one of the ways to offset the bills of your roof replacement. The FHA runs it. The FHA insures the loan to reduce the risk encountered by lenders.

The payment period is up to 20 years. Singles homeowners can access up to $25,000. Although loans above $7 500 can only be accessed through a mortgage or your propertys deed of trust.

This loan can be accessed from banks and other financial institutions. You should contact a financial institution near you to know your stand.

How Old Is Your Roof

Roofs that are 10 years old or less are fully covered by homeowners insurance. Roofs that are more than 10 years may only be partially covered. If your roof is 10 years old and showing signs of wear and tear, it may still be covered but not for the full cost of the repair or replacement. The amount that the insurance will cover for roofs more than 10 years old will reflect the depreciation cost. To check for the roofs age, ask the previous owners if you moved into an old home. You can also check the building permit or an estimate from a roofing company.

Check out our post about How Long Should a Roof Last?

Document The Damage And Contact Your Insurance Company

Once you determine that your roofs damage is covered under your homeowners insurance , the next step is to document the damage. Take plenty of photosnot only of the outside damage, but also of the interior of your home. If you have a tall enough ladder, and feel safe doing so, carefully climb it to take photos, or you can use a drone with a camera, which would be an even safer method. However, if you cant assess all the damage safely, call an experienced roofing company for an inspectionyoure better off safe than sorry.

Note the date of the damage, as well. If your roof was damaged by a storm, such as a tornado or hurricane, find articles online matching the date of these damaging events to back up your claim.

After that, check your insurance companys website for information about how to submit a claim. Many policies require the homeowner to file their claim within a certain time frame after the event. Youll want to know the protocol for your insurance company, as your claim may be denied if you wait too long.

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Roofing Company Payment Plans

Some roofers offer payment plans to help make the roof replacement cost more affordable. With this option, you can spread out your payments over the course of several months or even years. Most plans charge you interest, which can add to the total cost of your roof replacement, so make sure youre comfortable with the interest rates and monthly payments.

Each roofer has its own plans, requirements, and interest rates, so contact your chosen roofing company to find out whats available.

State Law Regarding Homeowners Insurance Claims

When one or just a few tiles or shingles are damaged on your roof, and you file an insurance claim, state law mandates that your insurer must replace the material in adjoining areas if its not possible to repair the damage so it matches the undamaged portion in quality, size or color. Florida roofing tends to fade over time due to constant exposure to the elements and UV radiation, and roofing material manufacturers discontinue profiles and colors on a regular basis. Unless your roof is virtually new when the damage occurs, it may be impossible to simply replace a single tile or shingle without the repaired area standing out glaringly against the remainder of the roof.

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Get A Detailed Report From An Independent Roofing Contractor

Ask for a written evaluation from the roofing contractor that addresses the issues listed above The extent and cause of the damage and the condition of the rest of the roof.

The inspection and report will cost up to $500, but it is money well spent if it is instrumental in getting your homeowners insurance claim paid.

If it comes to arbitration or court, it will be the word of an inspector against a roofer. If your roofing contractors report is credible, you will be in good shape.

Dont Settle for an Inferior Roof

This takes a little explaining, but it should be clear in the end.

When an insurer accepts a claim, it offers the homeowner a chunk of money.

It should be enough to replace your roof with materials of the same quality as the original roof including professional installation.

Heres the warning: It is the common practice of some insurance adjusters to offer a settlement that will only pay for inferior replacement materials.

Lets say your home has dimensional shingles, which is the most common type of asphalt shingles. Well, dimensional shingles come in basic, better and best quality.

Take CertainTeed or GAF shingles, for example. Both brands are the largest manufacturers of dimensional asphalt roofing shingles.

Here are three lines of shingles from CertainTeed that serve as an example:

Hire a Roofer that Will Fight for You

Be Willing to Change Companies

Preparing for Future Claims

Choose A Payment Option While You Plan For A Roof Replacement

So, youve already planned out everything we addressed above. Now its time to decide how youll pay for the roof replacement. According to Home Advisor, the average roof replacement or installation ranges between $5,000 and $10,000.

Naturally, most homeowners prefer paying for a roof replacement in cash. Its simple, straightforward, and doesnt draw many other overhead expenses and additional fees. If you have enough money in the bank to pay for a new roof, its always best to go that route.

The replacement costs can vary significantly depending on the shape of your roof. Having this in mind, sometimes the replacement price can be higher than expected, and you may have to look for other payment options. If youre looking for additional roofing payment alternatives, you can choose between:

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Financing Through Your Roofer

If your roofing company partners with a home improvement financing company, youll be given a choice of loan options so you can easily compare your options and find the one thats best for you.

These types of lending companies:

• Work with any contractor
• Are able to quickly show you the cost of the project and pre-qualify you in minutes
• Have no dealer fees to buy down your customers interest rate.
• The roofing company doesnt get any compensation for these loans. In fact, they pay an annual fee to be able to offer this convenience.

Also, the funding you get through this type of lender isnt tied to your roofer at all, which means you can use it with whatever roofing company you choose.

Roof Repair Vs Replacement

Your roof could still be in good condition, and not show any signs of leaking, but if it is 20 years old or older, you can prevent an extensive amount of damage to the interior of your home and its contents by having someone come out to assess the situation. According to building supplies manufacturer Owens Corning, the following is a list of signs you’re roof needs to be replaced:

• Shingle edges are curled, or shingle tabs are cupped or cracked.
• Bald spots where granules are missing
• Your roof is at least 20 years old.
• The roof looks old and worn.
• Dark streaks from airborne algae
• Moss

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Get A Professional Inspection From A Roofing Company

Always start the process by getting a professional roof inspection from a reputable roofing company. Its important to know the full scope of your replacement before you start finding ways to pay for it.

Roofclaim.com offers high-quality, free roof inspections, so click here to get the process started if your roof hasnt been inspected yet.

Inspection And Prompt Reporting

Regardless of the situation with a damaged roof and the circumstances surrounding it, most insurance companies dispatch an inspector to examine and confirm a claim. If the inspector determines that the damage has occurred because of normal aging, deteriorating conditions, or everyday wear and tear, such findings are usually interpreted as normal maintenance and are not covered under a home policy.

If a roofing claim is determined to be legitimate and an inspection evaluation will likely prove it so, it is imperative to arrange an inspection as soon as the damage has been documented. Payment can be accelerated and payment issued when a claim is promptly reported.

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Does A State Farm Conduct Free Roof Inspection

Authentic restoration allows inspection of roofs as long as you are eligible for the repair. Before applying for any insurance, roofing contractors provide a thorough inspection to determine whether the roof meets all the requirements. Some companies under the state farm meet state farm adjusters over 100 times a year to approve free roof inspection and replacements. Consequently, customers have enjoyed free services like roof inspection and installation with 90% satisfaction.

Bay Window Roof Replacement Cost

To replace a bay window roof with architectural asphalt, you can expect to spend $398 for a 12 square foot perch.A typical bay window is 7 feet wide, and your bay window roof will extend 24 from your wall. Add another 6 inches for the roof to extend over the front of the window. The chart below shows the price for architectural asphalt shingles, clay tile, and copper roofing.

Bay Window Roof Replacement Cost

• Pay for permits

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Wood Or Cedar Shake Roof Cost

The national average for wood or cedar shake roofing is between $12,000 and $16,000, or $800 per square. The anticipated life span for most wood shake roof installations is between 30 and 40 years.

Wood shake is available in a range of thicknesses, which will affect the price as well as the protection they offer. Additional treatments are available for a class C fire rating at $0.85 per square foot, and a wood shake roof will require maintenance to clean off debris before the rainy season starts to prevent mold and moss accumulating. While they are most commonly made from cedar, followed by spruce and treated pine, you can also get synthetic cedar shake like Brava Cedar Shake from Brava which have a 50-year lifespan and requires no maintenance.

Roof Replacement Cost: 5 Ways To Pay For It

Roof replacement can be expensive. On average, roof replacement costs $7,300. Due to this high cost, most homeowners never consider roof replacement until the whole roofing structure is damaged beyond repair.

If your roof is in dire need of replacement and you are looking for ways to cover your roofing replacement cost, this article is for you.

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Dont Sign Any Paperwork Until Your Insurance Claim Is Actually Approved

The roofing industry doesnt have the best reputation, and honestly, some of its warranted. But a big reason for the reputation is because some roofing companies try to strong-arm and scare homeowners into signing something before theyll inspect the roof.

If a roofing company tries this, they’re trying to lock you into a contract that gives them the right to your roof before your claim has even been approved. This means you already sold them your roof without even knowing if theyre a reputable roofing company.

Thats why its important never to sign any paperwork until your insurance claim is approved. You shouldnt even let a roofing contractor on your roof until its approved, unless your insurance company tells you to find one in your area to inspect it.

Even if you’re panicking about storm damage or a door knocker tries to scare you, dont sign anything until your insurance claim is approved.

How To Pay For Your New Roof In New Jersey

A roof is one of the most important components of your home. No one wants to replace a roof, but you cannot ignore any problems with the structure. Roof repairs are not inexpensive, and the work needs to be completed in a timely manner. Before you start any roof work, here are some ways to finance your roofing project.

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Will A Roofer Replace The Fascia And Soffit During My Roofing Project

You may or may not need the roof framing repaired and strengthened, sheathing replaced, or soffits, facia, flashing, etc. replaced at the same time as your roof. In most cases, it is unlikely that you will need an entirely new roof with everything replaced, but certain parts of your roofing system might need repairs made to prevent leaks after the new roof has been installed.

Which Types Of Roof Claims Do The State Farm Handle

Typically, the state farm covers roof claims associated with disasters like wind, snow, fire, and hail. However, they handle insurance for roof damages depending on the disaster caused and your policy status. Generally, it takes two significant insurances both centered towards accidental roof damages.

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Take The Appropriate Next Steps In Your Roof Replacement Claim

After you submit your insurance claim and enlist a roofing company to offer supporting evidence, your insurance company has the discretion to make a decision. After their allotted time frame , the insurance agent will let you know if your claim was approved or denied. If they deny your claim, you can appeal the decision. These procedures differ by insurance company, so make sure to consult your insurance agent for guidance.

If your roofing claim is approved, youll be able to start working with your chosen contractors to complete your new roof installation. Once your roof is replaced, we recommend that you get it inspected regularly. Not only will routine maintenance keep your roof in great condition, but itll make future roofing claims easier to get approved since youll have both written reports and photos noting the past condition of the roof.

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Find The Right Roofing Contractor

An experienced contractor who has successfully worked with insurance companies and adjusters is the best support you can have in this situation. Ask around to see if friends or family have recommendations.

When you find a good contractor, tell them your situation and and ask for their advice. Youll want to review your policy to review with your contractor and make sure it covers the kind of damage youre dealing with.

Experienced roofing companies will have dealt with hundreds, if not thousands, of customers and their insurance policies over the years.

They wont mind reviewing yours and giving a free quote in order to get your business. With the right contractor or company on your team, youre ready to get started on step number two.

What Are The Costs Of Replacing A Roof

While $8,600 is the national average, roof replacement costs can soar has high as $45,000. A “reroofing” project – as the pros call it – typically involves removing the roofs existing shingles, making spot repairs to the underlying deck or structure , and installing new shingles.

How often you’ll need to replace your roof and how much you spend depends on a variety of factors, ranging from the geographic location of your house to the type of shingles you select. Basically though, the price tag for replacing a roof breaks down into two parts: 40 percent materials and 60 percent labor.

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Asphalt Shingles Materials And Installation Costs

Many professional roofing contractors employ a 40% materials / 60% labor as their costs-breakdown formula. Of course, this pricing structure is just a guideline not set in stone. Some contractors include their overhead in the cost of labor, while others calculate it separately.

Below is the breakdown of typical costs you can expect for materials and professional installation:

3. Premium Shingles

Document Every Bit Of Roof & Exterior Damage

Obviously we would all like to have our insurance pay for an entire roof replacement, but there are many factors that go into getting the full amount paid for. Working with a professional contractor that knows how insurance companies work is crucial when assessing the damage to file your insurance claim. Lets take a look at some of the things youll need to get your roof covered.

1. Read & Understand Your Insurance Policy Everyone sets up their insurance policy slightly different, so youll need to really look into the fine print of your homeowners insurance policy and find out what type of roof insurance you have. If you dont have your policy handy, you can just ask your carrier for a copy of it and read it over. Most policies focus on roof repair or roof replacement coverage, so check into this part especially.

Repair coverage usually means that your insurance will cover a certain amount of repair costs however replacement coverage will pay for replacing a roof that beyond repair.

Obviously the repair policy is going to be less expensive, so its very possible your policy doesnt have replacement coverage. There should also be language in your policy regarding weather events like hail and storm damage. Hail is typically covered since it is considered a rare event, but areas with regular damaging storms probably wont be covered unless you have specific coverage for those events.

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