If the need for a roof repair has caught you off-guard, you're not alone. More than 50% of American homeowners dealt with emergency home repairs in 2019. The good news is, between homeowners insurance and payment plans, you may be able to turn that emergency into an investment in your home's value and beauty.
Step 1: Check your homeowners insurance coverage
If you think you need a new roof, the first question to ask is "Why?" For instance, was it damaged in a storm or has it simply experienced the effects of time? (If your home has been hit by a storm, you might also want to check out the helpful GAF storm damage support page.)
Be sure to read your policy carefully or check with an insurance broker or attorney to see what deductibles, limits, and exclusions may apply. Your policy, for instance, might not cover a roof that has deteriorated due to age or neglect. Then talk to an experienced roofing contractor. They frequently work with insurance company adjustors and may be able to answer many of your questions.
Step 2: Ask about payment plans
A monthly payment plan can help you focus your budget on your household priorities. By spreading out the payments over a year or more you may even wind up with more cash immediately at hand to complete other home improvement projects. Be sure to ask your roofer if they offer flexible payment plans.
Step 3: Choose the plan that works for your budget
If you've already decided to file an insurance claim, the right payment plan may help you get the most impact out of your new roof. First of all, it may help you cover your deductible. That means less cash out of your pocket. But it may also give you an opportunity to upgrade your roof—or to turn the repair you need into the improvement you really want.
For example, now might be the right time to change the color or style of your roof to better reflect your tastes. And depending on where you live, you can talk to your contractor about shingles with added resistance to algae, UV rays, impact or all three. You may also be able to get a longer, more comprehensive warranty.
Conversation is the key. With or without insurance, ask your contractor about payment terms and you may find a plan that presents you with a range of options that you didn't know you had.
For informational purposes only and not for the purpose of providing financial, legal, insurance or tax advice. GAF does not provide financing, and any loan or other financing programs promoted by GAF are provided to the homeowner or consumer directly by licensed and regulated third party financial organizations unaffiliated with GAF. Financing is subject to availability, lender approval, credit requirements and terms and conditions.