Roof Replacement Deductibles: Essential Things to Know

A new roof can do wonders for your home’s curb appeal, weather protection and overall value. You must consider deductibles when planning and creating a budget for your roofing project. They are the amount you must pay toward your insurance claim’s cost.

Here’s what every homeowner should know about roof replacement deductibles.

Understanding Roof Replacement Deductibles

A deductible is the amount you, as the homeowner, must pay out-of-pocket towards any insurance claim before your insurer steps in to cover the remaining costs. For example, if you have a deductible of $1,500 and the total roof replacement cost is $7,000, you are responsible for the $1,500 and your insurance provider will cover the remaining $5,500.

Deductibles and Contractor “Discounts”

Some roofing contractors may claim they can handle your deductible, offering discounts or proposals to cover it for you. However, this practice is illegal in many states. Participating in it means you’re breaking the law. It’s best to stay away from roofers offering to pay your deductible to avoid legal issues.

Tax Deductibility of Roofing Deductibles

Some roof replacement deductibles may be tax-deductible under certain conditions. It could save you a significant amount when filing next year’s tax returns. You can consult a tax adviser to learn if your roofing deductible qualifies for tax deductions.

Exclusions and Quality Upgrades

Like your deductible, you’re responsible for paying for upgrades or extras not included in your insurance coverage. For instance, if you prefer higher-end roofing materials or wish to add additional features, you must cover their costs.

Damage-Specific Policy Deductibles

Perils refer to the causes of property damage. Insurance policies come with an “all peril” coverage that covers wind and hail damage. Carefully read your policy to determine which exact perils it covers and how your deductible applies to these specific types of damage.

Do you need a new roof for your home?

Make the most of your investment by choosing Deschutes Roofing for your project. Call us at (541) 313-5944 (Bend), (503) 967-9590 (Portland), (541) 246-6860 (Eugene), (503) 468-7663 (Lake Oswego) or (503) 928-8750 (Beaverton). You can also complete our online form to request an estimate.