Financing a Roof Replacement

Replacing your roof is a vital part of maintaining your home. A poorly maintained roof can easily lead to thousands of dollars in damage to other parts of your home. You can take the patch-it-up approach, but this is will only be a temporary fix for a very serious problem.

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Personal Savings

There’s an old saying, “Save for a rainy day.” Saving money can help anyone be prepared for emergencies. Well, replacing your roof should be considered as an emergency. If you fail to take immediate measures to resolve this issue, you could be looking at further problems that will cost you more money.

For instance, a leaking roof can cause mildew. Besides replacing your roof, you will be on the hook for paying a company to remove the mildew. This can be costly!

Homeowners Insurance

The roof replacement project may be covered in your homeowner’s insurance policy. You need to sit down and ready your policy carefully. Contact your insurance agent if you don’t understand some terms or if you need further clarification. If your roof was damaged due to a fire, storm, or other event, your insurance may cover you.

Personal Loan

Financing a roof replacement can be done with a personal loan. In many cases, a personal loan means lower monthly fees and interest rates if you were flirting with the idea of paying with your credit card. Banks and credit unions offer personal loans with flexible terms to borrowers that can show steady income and a decent credit score.