Where can I get help paying my insurance deductible?
Short answer. Legitimate help includes contractor financing, a home equity loan or line of credit, a payment plan agreed in writing, savings, and for some low income or older homeowners, local or federal repair programs. What is not legitimate is a roofer offering to waive, absorb or rebate the deductible, which is illegal in Georgia and can put your whole claim at risk.
Options that work
- Roof financing. Many roofers offer financing so the deductible and any upgrades are paid over time. You still pay the full deductible, just not all at once.
- Home equity. A line of credit often carries a lower rate than unsecured loans and may have tax advantages when used for a roof.
- Time the payments. On many claims you pay the deductible near the end of the job, which gives you some weeks to plan.
- Repair assistance programs. USDA's Section 504 Home Repair program offers low-cost loans, and grants for homeowners 62 and older, in eligible rural areas. Local housing authorities, county programs and charities sometimes help seniors and low income homeowners with roofs.
- Lower deductible next time. At renewal, ask what it costs to lower your wind and hail deductible, especially if it is a percentage.
Offers to avoid
- A roofer who says you will not owe the deductible
- Rebates disguised as advertising fees, sign placement payments or referral bonuses
- Estimates inflated so the deductible is absorbed in the claim
Each of these misrepresents the loss to the insurer. In Georgia, contractors may not waive or rebate deductibles.
Plan before you need it
Look up your deductible on the declarations page now. A 2 percent wind and hail deductible on a $350,000 dwelling limit is $7,000, which surprises many Georgia homeowners after their first hailstorm.
More: can a roofer pay your deductible, percentage deductibles. Robust Roofing offers financing for the homeowner's share.