You’re relaxing in your living room on a Saturday morning and you hear a knock on your door. To your surprise there is a roofing contractor standing there with a clipboard and a kind smile. They greet you pleasantly and ask you how you’re doing. They apologize for bothering you and mention that they are working in your neighborhood, helping your neighbor replace their roof. “It looks like your roof was damaged pretty severely as well”, they say, asking you if you’ve considered replacing or repairing your roof via an insurance claim. You immediately have flashbacks to the hail storm that rolled through town several weeks ago, leaving your roof, siding and car damaged, dented and in urgent need of repair. You lament to them that unfortunately you called your insurance company and they informed you that you’d need to pay an insurance deductible of $1,500 in order to repair the damage. The timing could not be worse, as you just replaced your HVAC system and you are going to be cash strapped for a few months while you focus on replenishing your savings. In short, you’re unable to fund your deductible without assistance.
“Thank you for the offer, but unfortunately we’re unable to consider a roof replacement at this time. We will take your card and call you when we have the money ready to pay off the insurance deductible.”
“Not to worry”, the roofing contractor tells you, my company will replace your roof and we will cover your insurance deductible for you. “Consider it a discount off of the project cost, we really want to help you and we can make the numbers work”. Wow, what an offer! At first you ruled out the project because you didn’t have $1,500 dollars immediately available to pay the insurance deductible, but this seems like a great offer. You’ve seen the roofing companies trucks in your neighborhood, and you know that they are a reputable company and they do high quality work. They are actually one of the most well known companies in town, and they did great work on your friend’s house.
Why not take their offer and get a new roof “for free”?
The roofing contractor is willing to finance your insurance deductible to win the job, and insurance will cover the rest. This makes sense and seems like a no brainer, right? Wrong! Depending on where you live, accepting this “financing” from the contractor could be considered insurance fraud and lead to large fines, or in rare cases even jail time.
This is where Deductible Funding can step in and help you fund your insurance deductible without needing to accept potentially illegal financing from your roofing contractor.
With our easy to use Deductible Funding app, you’ll be able to get your roof replaced, work with any roofing contractor you’d like, and stay in compliance with local laws and regulations. Simply have your roofing contractor contact us or register for our app and they’ll be able to onboard you as a client. Our team will fund your deductible, and pay out your contractor when payments are received from the insurance company. You get a new roof, your roofing contractor wins the job, and both parties stay in compliance and avoid potentially large fines. It’s a win-win situation when you use the Deductible Funding App. Your roofing contractor can focus on repairing your roof, while you sit comfortably with a peace of mind knowing you’re not exposing yourself to a large fee or even insurance fraud.
If you’d like more information about your local state deductible laws check out our State Deductible Laws page or contact us today. We’re here to help you through this stressful time and ready to fund your deductible.