4 Things to know about roof replacement deductible
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 funds to get the job done. This is where deductibles come in. For those who are unaware, deductibles are a set amount that the homeowners themselves will have to pay toward the cost of their insurance claim, such as a roof replacement. If your new roof costs $8,000 and your deductible is $1500, your insurance provider will pay the remaining $6500 for the roof.
*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.