Blog
August 9, 2017
Meet the Team of Trinity Exteriors
With the large storms that passed through Coon Rapids and Brooklyn Park in June, many homeowners are faced with paying their insurance deductible to replace their roofing and siding damaged by hail.
First, it’s important to know the state of Minnesota passed the Storm Repair Law prohibiting contractors from offering to “waive” or pay back a homeowner’s insurance deductible. Despite its being illegal, however, some contractors still do this. We urge you to be cautious with contractors who are willing to endanger their business by offering to pay deductibles. For one, this is insurance fraud and it’s an unethical way to run a business. Secondly, it’s likely a contractor will try to make up the $1,000 to $5,000 deductible in some way, such as using different material than was quoted, or taking shortcuts on the installation.
There are easy ways to cover your deductible. If you find yourself without an emergency fund to bridge the gap, you may be able to dip into your home-equity line of credit.
Another option is to take a loan from your 401(k). In this case, you end up paying the interest back to yourself, but you have to pay the loan back immediately if you lose or leave your job, otherwise it’s considered an early withdrawal and you’ll be heavily taxed.
Do you have an awesome rewards card you want to earn some points with? Trinity Exteriors accepts credit card payments for the deductible portion and anything your insurance company doesn't pay for, as well.
One of the easiest ways, however, is simply financing. Trinity Exteriors offers 12-month interest-free financing on deductibles. An in-house financing program often takes a short phone call to qualify, and the streamlined process of payment and construction through the same entity makes your restoration easier.