Hey BP community! I have a rental and it’s time to fix the roof. Been putting it off but don’t want to be neglecting anymore. Know some contacts that get the insurance companies to pay for it by providing a free roof inspection and recommending based off of wind damage or other. I’m pretty sure if I go that route my insurance premiums will go up, and likely for all my policies. Anyone have experience with a similar scenario? Did premiums increase too much? Was it worth it? Or should I just pay a contractor? Smallish home would probably get it done for $4-7k if out of pocket.
Hi Jhamir, depending on your deductible I would say $4-7k out of pocket would not be a better financial option than paying the deductible (if it is low) and letting the premiums take a small hit for the claim. Typically, the premium only jumps about $300/year when making a roof claim.
@Cameron Moore thanks for the feedback! Just looked over my policy and it may make sense even with the deductible. Any idea how long the theoretical insurance hike would stay in place and if it would affect other home policies?
@Jhamir Figueroa fortunately, the claim will only stick with that property, and the effects will fade over the course of 3-5 years. Depending on the carrier, the change in premium could be unnoticeable. You could only see a small increase.
Awesome, @Cameron Moore ! Going to explore that route and see where it goes.