If storm damage has made it necessary to replace your roof, your homeowners insurance could cover the expenses. The amount you’ll receive depends on your policy, and one critical factor to consider is your deductible.
A deductible is the amount the homeowner pays out of pocket before the insurance coverage kicks in. Here are key points you need to know regarding roof replacement deductibles.
Some roofers might offer to waive or absorb your deductible through discounts. Be wary of this arrangement as it is illegal and considered fraud in various states. It’s essential to keep all information about your insurance policy and deductible confidential, only sharing it directly with your insurer.
Upgrades and Additional Costs
If you opt for roofing upgrades or additional enhancements that are not included in your insurance coverage, those costs are your responsibility. These extras are an out-of-pocket expense, in addition to your deductible. Whether it’s choosing higher-grade materials or adding other premium services, these added costs should be planned for.
It’s worth discussing with your tax advisor if your roof replacement deductible can be tax deductible. There are specific conditions for this to apply, but it’s a financial aspect that should not be overlooked.
Understand that insurance policies often come with “all peril” coverage, especially for frequent issues like hail and wind damage. However, the deductible applied is often a single figure, so it’s important to ensure that this aligns with the specifics of your insurance policy to avoid surprises during a claim.
Seeking the services of a reliable contractor is integral to navigating roof replacement and insurance procedures. Renaissance Roofing, Inc. is committed to providing you with comprehensive information about your project and excellent service for all your roofing needs. Call us at (541) 791-4886 or complete our contact form to schedule a consultation.