One of the most important aspects of a home is its roof. The roof of a home is designed to take on even the most severe of weather, but that does not mean that it’s invincible. Wear and tear are going to occur as well as damages caused by falling tree limbs or strong winds. However, unlike other home improvement projects, a roof replacement is not something you should delay. Thus the following includes five tips you can use to find funding for a new home roof.


  1. Speaking with Your Insurance Provider


The first place you should look for help is your insurance provider. Although some homeowners may be wary of using their insurance (due to an increase in premiums), the fact is that this is why you’re paying for it, and a roof replacement is highly necessary to avoid further expenses. It must be noted that in some states, insurance companies are not allowed to increase premiums if you’re filing for the first time. Therefore we encouraged you to research your agreement with them as well as your state laws.


  1. Apply for Government Programs


The government wants homes to be in good shape as it helps the community look better but also keeps the housing market healthy. This is why they offer a variety of loans, such as a Title I home and property improvement loan. The way it works is that the FHA backs the loan, so lenders don’t have to worry too much about the risk. So, how much can you borrow? Those living within a single-family home can borrow up to $25,000, and in many instances, you may have 20 years to pay it off.

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  1. Financing Through Your Roofing Company


Roofing companies understand the financial hardship that comes with replacing a roof. Therefore they will often offer their clients the ability to finance the project through the company itself. Although the roofing company may have a higher interest rate, it may be the only option for those who may not have the best of credit scores.


  1. Check Your Manufacturer’s Warranty


If your home is fairly new, your manufacturer’s warranty may still be active. Call and speak with an agent to determine just how much can be covered. Although it may not pay for the entire project, having the manufacturer pay for certain materials can potentially lower the cost of the project by a significant amount.


  1. Home Equity Loan


If all other options are exhausted, you can choose to apply for a home equity loan. Although not always the most ideal of options, it is a good route to take if you want to cover the expenses as soon as possible. So, how does it work? A home equity loan allows homeowners to borrow against the available equity of their property. This is basically the difference between the market value of your home and what you still owe on it.


Financing a roof replacement can be a daunting task to take on, but a very necessary one if you wish to protect the rest of your home. Thus it is highly recommended that homeowners utilize the tips listed above to ensure that their roofs are replaced in a timely and affordable manner.

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