The escalation in the cost of goods is a result of global uncertainty. Consequently, this has resulted in an increase in roofing materials costs as well as other consumer products. This is a significant challenge for both roofing contractors and customers. In response, Maven has come to the rescue by providing financing options as a way to provide low monthly payments in spite of the price hikes. This will allow clients not to be saddled with paying a large up-front fee for roofing services. Financing provides financial comfort and makes dealing with one’s selected contractor more convenient.
Home Insurance
If you have wind and hail insurance as the majority of homeowners are required to have, you have nothing to be concerned about. Damages to your home caused by storm-related events are best financially covered via your home insurance policies. Types of coverage a homeowner typically has are; fire, wind, hail, theft, as well as some other natural disasters or acts of God. This serves as your house’s protection and can help ease the financial burden on you and your family.
It’s always a good idea to make sure your home is properly covered. Especially with impending storm seasons in North Carolina. We recommend a call to your agent at least once per year to review policy terms and conditions. Example topics to discuss?
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Deductibles
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Scenarios covered
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Updates to home and increased values
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Replacement cost value vs actual cost value policy (More on these later).
Learn how much they will reimburse you and how to get the money. You may also link up your roofing contractor with your insurance provider to guarantee a smooth payout once the job is completed.
Home Equity Loan
In the event that your insurance does not cover the repairs, you may apply for a home equity loan as an alternative. This sort of loan allows you to borrow up to the market value of your property minus the amount you still owe on your mortgage. It’s a good idea because it has a low-interest rate since the home is used as collateral. As a result, it lowers the lender’s risk of defaulted payments. Lenders usually examine your credit score and income stability, among other things. So, keep an eye on this.
Personal Loan
Aside from these, you can also choose to finance your roofing project through a personal loan. Personal loans are unsecured loans, meaning you don’t have to put up any collateral. The interest rate is higher than that of a home equity loan because the lender’s risk is higher. They will, however, look into your credit score and income stability as well.
Best Deal: Maven’s Roofing and Solar Financing
Since Maven cares more about the safety of our customers’ homes, we have made financing available where you do not need to put money down, no payments for 18 months, at 0% APR! This way, you will not hesitate to get your roof replaced, especially when you need to. We understand the challenges of price hikes in material costs and services. As much as we want to adjust to keep our rate the same, we don’t want to compromise on the quality of work. So, we have come up with a financing plan for you as a solution.
There are a variety of financing alternatives accessible to those wanting to undertake roofing projects. Before deciding, look into all of them. Financing may be a fantastic way to relieve the stress of paying for a major project upfront. It’s critical to gather as much information as possible before making a selection since this may have implications for your future financial stability.
Maven provides tailored services to each client, and we are dedicated to assisting our clients in any way possible. We hope that this article was beneficial to you. Please do not hesitate to contact us at
(866) 786-2836 if you have any additional questions. We’re always pleased to help!