Financing a New Roof: What You Need to Know

Sep 18, 2020 | Home Improvement

A roof replacement is a big investment. If you happen to have an old and leaking roof, it should be replaced by trusted roofing contractors as soon as possible to avoid more damage and even more expensive repairs. However, you may be having second thoughts about getting a new roof, especially if the need arises unexpectedly because of some budget concerns. This is where good and flexible financing comes in handy.

Getting Multiple Quotes

You can have a few different contractors come to your home to inspect your roof and then draw up proposals for your review. Doing this can actually give you a better idea on how your roof gets repaired or replaced, as well as how much you can afford. Most professional contractors also offer flexible financing options that suit your needs, which means you don’t have to pay in full immediately.

Your Insurance Might Cover the Expenses

Once you have a better understanding of what you’re up against in terms of repairs, call your insurance agent to see if your policy can cover for you. However, don’t expect them to do so. While many policies will cover a leak caused by a weather-related event like high wind or hail, you need to keep in mind that each policy is different, so specific exclusions may apply. Let’s say that the damage can be traced back to improper maintenance on your part. If that’s the case, then you’ll be forced to pay the roof replacement contractors yourself.

How Financing Works

If you’re unable to fully pay your roofing project, you’ll have to finance it instead. Most contractors offer financing packages, so check to see what suits you. Some may even offer an interest-free period or other deals depending on what type of roofing project you’re planning.

Specific terms and rates also vary depending on the contractor and your credit, but the process is usually fast. In fact, a credit application can be done over a single phone call. Just make sure to hire a trusted local contractor to do the job for a better peace of mind.

When you’re searching online for “roofing siding and windows”, make sure to check out our professional services at Turner Home Improvement. Call us at (860) 633-1400, or fill out our convenient contact form. We serve neighboring CT areas.