You may be shocked when filing a roofing claim with your insurance company and they come with a high deductible you weren’t expecting. Most insurance claims require you to pay a deductible before they cover the rest. When it comes to roofing, the same often applies. While your roofer will help you handle your insurance company, you need to know the following about roof replacement deductibles.
More About Roof Replacement Deductibles
The first step to understanding roof replacement deductibles is to talk to your insurance company. Find out what your deductible is. You may not even realize what it is and this way you won’t be shocked if something happens.
There are different types of deductibles when it comes to roofing and home issues. Again, check with your insurance provider for more specific details about how your coverage works.
Let’s look at the most common insurance deductible out there:
Damage Deductibles: This is when property damage strikes. This is often covered under an “all-peril” umbrella and offered at two tiers, standard coverage and extended coverage. This is generally the coverage homeowners need in some form for weather-related damage. Make sure that specific weather-related events are covered under your insurance policy before they happen.
If your roofer offers you a discount or wants to pay your deductible for you, this is often against your insurance policy and can cost you insurance if your insurer finds out. Make sure that you check with your insurance company before accepting a roofer who offers to pay or discount your deductible, because it can cost your later even if it seems like a great deal.
Not all roof-related deductibles can be deducted on your taxes, so check with a tax professional before adding it to your tax return. In some cases, you can get back some of what you spent in a tax year on a roof replacement when paying out your deductible.