When reviewing your homeowner’s insurance policy, you’ve likely come across the term deductibles. For the uninitiated, a deductible is a set amount that homeowners will have to pay toward the cost of their insurance claim, such as a roof replacement. For example, a new roof will cost you $8000 and your deductible is $1500; what happens is that your insurance provider will pay $6500 of the cost while the remaining $1500 will come from your pocket. However, the basics aren’t the only thing that you have to know about your roof replacement deductibles; there are a few others as well.
In this post, gutter installation experts from Colorado Roof Toppers discuss everything homeowners should know about roof replacement deductibles.
Deducting Your Deductible
One of the perks of making an insurance claim and having a deductible is that you may be able to deduct the deductible from your next tax return. While there are a few conditions involved before this happens, it’s still another way for you to save a significant amount on your taxes, so make sure to consult a tax adviser as you make your claim to learn how to deduct it from your taxes.
When canvassing for a residential roofing contractor, you may come across some who’ll offer to pay for your deductibles or offer discounts that offsets said deductibles. It may sound like a dream come true, but avoid these contractors at all costs as this practice is illegal in some states. A rule of thumb is that any information about your deductible and insurance policy should always remain only between you and your provider.
Depending on the provider, your insurance policy may be structured with an “all peril” coverage as well as an “extended coverage” clause for hail and wind damage, which are the most common causes of the property damage known as ‘perils’. This type of policy means a single deductible is applicable to all covered damages so always make sure to properly examine your policy if this is what you need.
Turn to Colorado Roof Toppers for your home improvement needs. We are your number one provider of seamless gutters and roofing installation services. Give us a call at (720) 239-1233 or (970) 237-5009. You can also fill out our contact form to request an estimate. We serve homeowners from Parker, Longmont and other nearby areas in CO.