Putting a new roof on your home is one of the most expensive home improvement projects out there. Depending on the size of your home and the slope of your roof, the project can cost anywhere from a couple of thousand dollars to $10,000 or more. And unfortunately, it has to be done.


Unlike that kitchen remodel or bathroom upgrade, a roof is a necessary home repair that just can’t wait — especially if you’ve recently experienced damage due to inclement weather or storms. So, what do you do if you need a new roof but aren’t sure you can foot the entire bill?


Here are three ways to pay for your roof that don’t involve you paying the entire fee upfront:

Insurance Coverage

The first, and possibly the easiest way to pay for a new roof is to get the money from your insurance company. If something unexpected has occurred like massive wind or weather damage, your insurance company is likely to cover the cost of a new roof, especially if you’re proactive about it.


Homeowner’s insurance companies want to protect their investments, which means if you’re working to keep your home as up-to-date and in shape as possible, they’ll likely help cover the cost of a new roof. Talk to your insurance agent to see what sort of roofing coverage you qualify for.

Roofing Company Payment Plans

A new roof is expensive. Roofers get it. If you’ve just had your entire home’s roof completely redone, it can cost thousands of dollars and it’s difficult to pay that cost all at once, upfront. Roofers understand this, and many offer payment plans to help you cover the cost in installments. If you know you need a new roof but aren’t sure you’ll be able to pay for it all at once, just talk to your roofer. Most will be happy to work with you.

FHA Title 1 Home and Property Improvement Loan

Another way to secure funding for a new roof is to find a loan. One in particular: The Federal Housing Administration Title 1 home and property improvement loan, is made available through certain lenders and is insured by the Department of Housing and Urban Development. This loan was created just for homeowners, and since it’s insured by the government, is a safe route to take if you’re not sure you can fund an entirely new roof project on your own.


To acquire a Title 1 loan, you’ll have to prove that your roof needs some major repairs or a total replacement, but it is a valid option that helps many people pay for roofing and home improvement costs every year. With a Title 1 loan, you’ll have 20 years to pay back what you owe, but it’s good to know that loans over $7,500 must be secured by either your mortgage or deed of trust. If you’re unable to make payments and fall behind, then the lender will be able to seize those assets.


If you’re interested in an FHA Title 1 Loan, it’s a good idea to consult with a few lenders to make sure you get the best deal. You can use this tool to find an approved Title 1 lender near you.


In the end, a new roof is an expensive, but necessary, home improvement. If you know it’s time to get your roof redone, but aren’t sure about financing, you have options. There are a number of resources out there to help you get started on that new roofing project, you just have to do a little digging. If you’re not sure where to start, talk to your local roofer.


Looking for a new roof in Holland or West Michigan? Werner Roofing can help. Whether you’re not sure about financing, or you’d just like to get an estimate of how much a new roof might cost, we’d love to help. Give us a call at 616-844-5382 or contact us online today for your free roofing estimate.

Share This