Roof Financing

Mitchell Roofing Company is the company you can trust for all your roof replacement needs. We understand that getting a new roof is a big decision for any property owner.

One of the main worries people have is how to pay for it. A roof replacement in Pasco County, FL, can be expensive. Luckily, there are many financing options available to home and business owners.

Keep reading to learn more about these financing options.

Replacing a Storm-Damaged Roof With Homeowner’s Insurance

If you live in Florida, chances are you’re familiar with the damaging effects of hurricanes and tropical storms. These severe weather events can wreak havoc on your roof, leaving it damaged and in need of replacement.

Thankfully, most homeowners insurance policies cover roof replacements due to storm damage. This means that if your roof is damaged by a hurricane or tropical storm, your policy may cover the repair or replacement, minus your deductible. Hurricane deductibles are often a percentage of your dwelling coverage, so check your policy.

Mitchell Roofing Company can document the damage with job photos and an itemized estimate you can share with your insurer. Our goal is to make the repair simple and stress-free.

Use Home Equity Loans to Fund Your Roof Replacement Project

Another financing option for roof replacements in Pasco County, FL, is a home equity loan. This type of loan allows homeowners to borrow against their home equity, which is the difference between the current market value of their property and the amount still owed on their mortgage.

One major advantage of using a home equity loan for a roof replacement is that it typically offers lower interest rates than other types of loans. Additionally, the interest on a home equity loan may be tax-deductible.

However, it’s important to note that using a home equity loan means putting your home as collateral for the loan. If you cannot make payments, you risk losing your home.

Government Loans and Programs

The Federal Housing Administration’s 203k Program is a government loan program that can help homeowners finance roof replacements. This program allows borrowers to combine the cost of purchasing a home and necessary repairs into one loan.

One significant advantage of this program is that it allows borrowers to finance the cost of repairs, including a roof replacement, with as little as a 3.5% down payment. This can be an excellent option for homeowners who may not have enough cash to cover the full roof replacement cost.

Use a Local Bank or Credit Union for a Personal Loan

If you’re not eligible for government loans or programs and don’t want to use your home as collateral, another option is to obtain a personal loan from a local bank or credit union.

Personal loans typically have higher interest rates than home equity loans but do not require collateral. If you default on the loan, your assets are not at risk.

Our Experienced Contractors Are Here to Help!

Does your home need a new roof? If so, it’s time to contact the team at Mitchell Roofing Company!

Roof financing and insurance questions

Does homeowners insurance pay for a new roof in Florida?

Only for covered damage, such as sudden wind or hurricane damage, minus your deductible. Florida property insurers, including Citizens, don’t cover wear and tear: a roof that has simply worn out with age, and losses caused by that, are not covered. Check your policy, since coverage and deductibles vary.

How long do I have to file a roof damage claim in Florida?

One year from the date of loss for a new or reopened claim, under s. 627.70132, Florida Statutes. A supplemental claim for additional loss from the same event must be reported within 18 months of the date of loss. Notice must also follow your policy’s terms, so report damage promptly.

How does the hurricane deductible work in Florida?

It’s a separate deductible for hurricane wind damage, with options that include 2%, 5% and 10% of your dwelling limit. Florida law applies it once per calendar year with the same insurer, and only to damage from the time a hurricane warning is issued for any part of Florida until 72 hours after the last watch or warning ends.

Can I sign my insurance benefits over to my roofer in Florida?

Not on newer policies. For residential property policies issued on or after January 1, 2023, s. 627.7152, Florida Statutes, makes any assignment of post-loss benefits, often called an AOB, void and unenforceable. The claim stays between you and your insurer. Older policies may differ, so check yours.

Can My Safe Florida Home help pay for a stronger roof?

Possibly, when the program is funded. My Safe Florida Home offers free wind mitigation inspections and matching grants for upgrades such as roof improvements and secondary water barriers. Grants generally require a homesteaded home built before 2008, and funding is set by the Legislature each year, so check mysafeflhome.com for current status.