A deductible is the specific amount of money that you’ll pay toward the cost of the insurance claim when replacing your roof. Once you’ve paid that deductible, your insurance provider will pay for the rest of the expenses. Here’s how these are calculated.
Contractor Discounts
Surprisingly, there are some roof contractors who will pay for their customers’ deductibles or offer discounts that can help offset said deductibles. However, keep in mind that this practice is illegal in some states. In fact, any information about your deductible and insurance policy should be kept between you and your insurance provider, and it’s not something that your contractor needs to know about.
Damage-Specific Deductibles
Various types of property damage that often lead to roof replacements like from hail and wind are often referred to as ‘perils’ by the insurance industry. Most insurance policies are structured with an “all peril” coverage, and with such a policy, a single deductible amount can apply to all covered damages. There are also some cases where a separate deductible can even be attached to a specific type of damage. As much as possible, know your roof before you file an insurance claim. That way, the process will be a lot easier than expected.
Deducting Your Deductible
On the other hand, if you’re wondering if you can deduct your roof replacement when you file your tax returns next year, your roof replacement deductibles itself can actually be included in your tax deductions. However, keep in mind that there are many conditions required to make this happen, and you may have to itemize your deductions on your tax return in order to deduct your roof replacement deductible from your taxes.
Turn to Atlas Construction for your home improvement needs. We are your leading provider of roof inspection and storm damage roof repair services. Give us a call at (828) 585-6010, or fill out our contact form to book an appointment.
