Roof repair vs. replacement

How to Finance a New Roof

House Exterior ContractorIf you’re a homeowner in New York or New Jersey, you know that a new roof is a significant investment.

Whether you’re replacing an old, worn-out roof or installing a new one, the cost can range from a few thousand dollars to tens of thousands of dollars, depending on the size of your home and the materials you choose.

While it’s not something you can put off indefinitely, the good news is that there are various financing options available to help you pay for a new roof.

In this article, we’ll lay out some options for you! 

What Are My Options to Pay For a New Roof?

When it comes to financing a new roof, you have several options to choose from.

Here are some of the most common financing options available to homeowners.

Home Equity Loans and Lines of Credit

If you have equity in your home, you may be able to take out a home equity loan or line of credit to finance your new roof.

These types of loans typically have lower interest rates than personal loans because they are secured by your home.

However, keep in mind that if you default on the loan, you could lose your home.

A local bank can help you navigate the complexities of a loan or line of credit. They’ll be able to approve you for what you can realistically afford. 

Cash Out Refinancing

Another option is to refinance your home and take out cash to pay for your new roof.

This is known as a cash-out refinance.

Like a home equity loan, a cash-out refinance is secured by your home, so you may be able to get a lower interest rate than you would with a personal loan.

However, you will need to have enough equity in your home to qualify for a cash-out refinance.

Upon approval, you will get a check back that can be used for anything you’d like but, in this case, for a new roof.

Personal Loans

If you don’t have equity in your home or don’t want to use it as collateral, you can also consider taking out a personal loan to finance your new roof.

Personal loans are unsecured, which means they don’t require collateral.

However, they typically have higher interest rates than home equity loans and lines of credit.

Roofing Company Financing

Some roofing companies offer financing options to help homeowners pay for a new roof.

At Segelman Shaw Roofing, Siding & Gutters, we offer favorable financing options for our customers. Just give us a call at (845) 364-8200 to learn more about your options and current rates! 

Government Grants and Loans

Depending on where you live and current incentives, you may be eligible for government grants or loans to help pay for a new roof.

For example, the Department of Agriculture offers loans and grants to homeowners in rural areas to help with home repairs, including roof replacement. Similarly, some states and cities offer programs to help homeowners pay for home repairs.

Check with your local government to see if you qualify for any of these programs.

Will Insurance Cover a New Roof?

If your roof has been damaged by a storm or other covered event, your homeowners insurance policy may cover the cost of a new roof.

It’s important to note that not all damage is covered by insurance.

For example, if your roof is simply old and worn out, insurance likely won’t cover the replacement cost.

To determine whether your insurance will cover a new roof, you should review your policy and speak with your insurance agent.

Your policy will outline the specific events and types of damage that are covered, as well as any exclusions or limitations.

Here are some common scenarios where insurance may or may not cover a new roof:

  • Storm Damage: If your roof is damaged by a storm, such as hail or wind, your insurance may cover the cost of repairs or replacement. However, some policies may have a separate deductible for wind and hail damage, which could be higher than your standard deductible.
  • Wear and Tear: If your roof is simply old and worn out, insurance likely won’t cover the replacement cost. Most insurance policies only cover damage caused by sudden and unexpected events, not normal wear and tear.
  • Maintenance Issues: Insurance most likely won’t cover damage caused by neglect or lack of maintenance. For example, if you fail to repair a leaky roof and it causes further damage, insurance may not cover the cost of repairs. This is why it’s important to call us to repair your roof ASAP!
  • Exclusions: Some policies exclude certain types of damage, such as damage caused by earthquakes or floods. If your roof is damaged by an excluded event, insurance won’t cover the cost of repairs or replacement.

Again, it’s important to review your policy carefully and speak with your insurance agent to understand what is and isn’t covered.

If you do need to file a claim for a new roof, be sure to document the damage and work with a local and reputable roofing contractor to get an accurate estimate for repairs or replacement.

Assessing Your Financial Situation

Before you start looking for financing options for a new roof, it’s important to assess your financial situation.

This will help you determine how much you can afford to spend on a new roof and what financing options are available to you.

Evaluating Your Credit Score

Your credit score is an important factor that lenders consider when deciding whether to approve your loan application.

A good credit score can help you qualify for better interest rates and loan terms, while a poor credit score can make it difficult to get approved for a loan.

You can check your credit score for free from credit reporting agencies like Equifax, Experian, and TransUnion. 

Budgeting for Roof Replacement

Replacing a roof can be a significant expense, so it’s important to budget for it properly.

You should work with a reputable and local roofing contractor to get an estimate on your roof replacement. 

If your budget is tight, an honest contractor may suggest a roof repair instead of a replacement

At the same time, sometimes roof’s need to be replaced overtime so a replacement would be your only option.

Once you have an estimate of the total cost, you can start looking for financing options that fit your budget.

Talk to Our Team About Your Financing Options!

At Segelman Shaw Roofing, Siding & Gutters, we want to ensure your home and, more importantly, your family are safe. 

For this reason, we offer favorable financing options for many of our exterior services. 

This will allow you to pay for a new roof over time rather than one large payment. 

To learn more about our options, give us a call at (845) 364-8200 or use our form for convenience

Rockland County, New York

  • Airmont, NY, 10901, 10952
  • Bardonia, NY, 10954
  • Blauvelt, NY, 10913
  • Chestnut Ridge, NY, 10952, 10965, 10977
  • Congers, NY, 10920
  • Monsey, NY, 10952
  • Nanuet, NY 10954
  • New City, NY 10956
  • Nyack, NY  10960
  • Orangeburg, NY 10962
  • Palisades, NY  10964
  • Pearl River, NY, 10965
  • Pomona, NY, 10970
  • Spring Valley, NY, 10977
  • Stony Point, NY, 10980
  • Suffern, NY, 10901
  • Tappan, NY, 10983
  • Thiells, NY, 10984
  • Tuxedo Park, NY, 10987
  • Valley Cottage, NY, 10989
  • West Nyack, NY, 10994
  • Wesley Hills, NY, 10952, 10977

Westchester County, New York

  • Ardsley, NY, 10502
  • Bedford, NY, 10506
  • Bronxville, NY, 10708
  • Dobbs Ferry, NY, 10522
  • Eastchester, NY, 10707, 10709
  • Harrison, NY, 10528
  • Irvington, NY, 10533
  • Larchmont, NY, 10538
  • Mamaroneck, NY, 10543
  • New Rochelle, NY, 10801, 10802, 10804, 10805
  • Pelham, NY, 10803
  • Rye, NY, 10580
  • Scarsdale, NY, 10530, 10583
  • Tarrytown, NY, 10591
  • Tuckahoe, NY, 10707
  • Valhalla, NY, 10595
  • White Plains, NY, 10601, 10602, 10603, 10604, 10605, 10606, 10607, 10610

Bergen County, New Jersey

  • Allendale, NJ, 07401
  • Belleville, NJ, 07109
  • Bergenfield, NJ, 07621
  • Bloomfield, NJ, 07003
  • Cedar Grove, NJ, 07009
  • Clifton, NJ, 07011, 07012, 07013, 07014, 07015
  • Dumont, NJ, 07628
  • Emerson, NJ, 07630
  • Englewood, NJ, 07631, 07632
  • Englewood Cliffs, NJ, 07632
  • Fair Lawn, NJ, 07410
  • Glen Rock, NJ, 07452
  • Harrington Park, NJ, 07640
  • Hillsdale, NJ, 07642
  • Ho-Ho-Kus, NJ, 07423
  • Lyndhurst, NJ, 07071
  • Mahwah, NJ, 07430, 07495
  • Montclair, NJ, 07042, 07043
  • Montvale, NJ, 07645
  • New Milford, NJ, 07646
  • Nutley, NJ, 07110
  • Oakland, NJ, 07436
  • Old Tappan, NJ, 07675
  • Oradell, NJ, 07649
  • Paramus, NJ, 07652, 07653
  • Ridgewood, NJ, 07450, 07451
  • River Edge, NJ, 07661
  • River Vale, NJ, 07675
  • Saddle River, NJ, 07458
  • Teaneck, NJ, 07666
  • Tenafly, NJ, 07670
  • Upper Saddle River, NJ, 07458
  • Waldwick, NJ, 07463
  • Westwood, NJ, 07675, 07677
  • Woodcliff, NJ, 07047
  • Wyckoff, NJ, 07481

Segelman roofing The experienced professionals for all your exterior needs


Roofing Contractor New City

Get Help Now!

New York: 845-364-8200

New Jersey: 201-530-9500

Westchester: 914-874-1197

LIC# ROC: H-09509-23 
LIC# WC:23380-H10 
LIC # Yonkers: 5443
LIC# NJ: 13vh01677400


Segelman Shaw Roofing Siding & Gutters

1 Executive Blvd., Suite 105B, Suffern, NY 10901

NJ: 201-530-9500
NY: 845-364-8200
WC: 914-874-1197 

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