Having a roof repair or replacement project done for your home is a significant task, especially if it’s an emergency. After all, you will need a the funds to get the job done. This is where deductibles come in. For those who are unaware, deductibles are a set amount that homeowners themselves will have to pay toward the cost of their insurance claim, such as a roof replacement. If your new roof costs $8000 and your deductible is $1500, your insurance provider will pay the remaining $6500 for the roof.
That isn’t the only thing you need to know about deductibles, however; in fact, there are many other things you can learn about them. In this post, Patriot Roofing discusses the four things every homeowner needs to know about roof replacement deductibles.
- Contractor Discounts – While canvassing for a contractor, you may have heard some of them offer to pay for your deductibles via discounts or allowances that offset said deductibles. What you need to know, however, is that some states outlaw this practice and any information about your deductibles and insurance policy should be kept between you and your provider.
- Deducting The Deductible – Some roofing experts recommend that you talk to your tax adviser to determine if your roof replacement deductible is tax-deductible. While this step involves many conditions, doing so may be worth it as you’ll be able to save a significant amount on next year’s tax returns.
- Extras Don’t Count In Deductibles – When computing the total cost of your roof replacement, make sure to add the deductible to extras or upgrades that aren’t covered by your insurance claim. This is because if you want to upgrade your roof, you’ll have to pay the price difference of the superior material alongside your deductible.
- Damage-Specific Deductibles – In the insurance industry, the causes of property damage are known as perils. Most insurance providers come with an “all peril” coverage that covers hail and wind damage, the most common causes of roof replacement. However, with a policy like this, only a single deductible can be applied for all the damages so make sure to thoroughly check your policy.
Turn to Patriot Roofing LLC. We are your number one provider of roof replacement and gutter installation services. Give us a call at (405) 217-0473 or fill out our contact form to get a free estimate. We serve homeowners in Norman, OK, and other nearby areas.