The water heater is notorious for suddenly leaking or completely bursting within its ten-year lifespan. A new water heater can put homeowners back $300 to $900, plus $250 for installation. A new roof is another example of an unanticipated home repair. Most homeowners put off inspecting the roof until it starts to leak. By the time the leak is noticed, significant structural damage is likely to have occurred, meaning pricier fixes. Depending on the size of the property, a new roof can cost anywhere from $5,000 to $12,000. Here are some ways to pay for water damage restoration
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The AC unit typically lasts decades. When it fails in the middle of a summer heat wave, homeowners will want to replace it immediately. A new air conditioning unit has the price tag of $5,210. In the same vein, a broken furnace in the dead of winter can be replaced at the cost of $3,865.
A HELOC allows homeowners to take out a loan to finance home repairs. The amount of equity in a home determines the HELOC limit. Over 20 percent equity can qualify homeowners for a HELOC. The term of the loan is usually 5 to 10 years, and the interest is only paid on the dollar amount used.
Homeowners can determine the total loan amount they’ll require from a loan by figuring the estimated costs of home repairs. A leaky toilet can be replaced for $411 to $595. A burst water pipe has a repair price tag of $800 to $1,200. Water damage repairs on average cost up to $1,170.
Once a homeowner calculates the cost of repairs, the amount needed from a Loan can be determined. In the above example, a homeowner might request up to $3,000 from a Loan. Be advised that a Loan typically comes with an adjustable rate. A Loan is not right for everyone, especially for those who are averse to rising interest rates.
Homeowners should be familiar with what their homeowner’s insurance covers. Flooding is rarely covered by homeowner’s insurance; rather, flood insurance must be purchased separately through the National Flood Insurance Program.
Routine wear and tear is not often covered by insurance. So, if the heater or AC unit fails due to being in operation over several years, insurance will not cover the repairs. On the other hand, the unanticipated burst of plumbing pipes are covered by insurance.
Questions about coverage, limitations and restrictions should be addressed to the insurance agent.
Red Cross or the Federal Emergency Management Agency are relief organizations that offer assistance to homeowners who have faced a natural disaster. FEMA Disaster Assistance provides financial help when a homeowner’s insurance fails to cover the cost of repairs.
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