Unexpected roof damage makes the list of nightmare situations for many homeowners, not least because it can be difficult to finance sudden repairs. However, even given the short notice that is inherent with emergency roof repairs, there are many easy financing strategies that you can employ. Here are four expert tips to help your family pay for an unexpected roof repair.

Check Your Homeowner’s Insurance

If you have homeowner’s insurance, there’s a decent chance that unexpected roof damage repairs may be covered by your plan. Many policies include options for coverage in the event of a home repair emergency, particularly if the damage was caused by a storm. Some companies, like Acoma Roofing Inc., know that before you do anything else, check your policy to see if you’re eligible for an insurance claim.

HELOC

A HELOC, or home equity line of credit, is a loan that is backed by the value of your home. It allows you to tap into the value of your property as needed, and as such can be perfect for financing an emergency roof repair. However, you should keep in mind that since a HELOC is backed by the value of your home, it’s important to spend only as needed and to pay as quickly as possible.

Borrow Money Using Your 401k

Not all 401k plans allow you to borrow against your existing balance, but in some cases, you’re allowed to borrow up to $50,000 or 50 percent of your vested balance. (Unscheduled Home Repairs) You will have to repay the loan, but it can allow you to pay for emergency repairs in a pinch.

Pay with a Credit Card or Personal Loan

If you expect to have the funds to repay a loan in the near future, then using a credit card or taking out a personal loan can be a great option. If using a credit card, you’ll have to be sure that the card allows you to spend enough per month to cover the cost, but as long as you can pay the loan back within a reasonable period of time, it can help you finance roof repairs.

While unexpected roof repairs are always stressful, utilizing the variety of financing options at your disposal can reduce the stress of the process and help you afford repairs. So if you find yourself facing unexpected roof repairs in the near future, don’t panic, simply check your available options to help you find a way to afford repairs.