Roofing Industry Changes

A roof is essential to any home; it protects from all weather conditions and ensures its homeowners’ safety. Whether your roof has normal wear and tear or has been impacted by severe weather, creating unexpected repair or replacement needs, finding a reliable roofing contractor to work with and a way to pay for the expense can be very daunting for most homeowners.

The roofing industry has recently seen some shifts regarding insurance and claims. With any type of insurance, preventing fraudulent claims has become a greater focus in this industry. Using new technology for imaging and documentation is becoming more mainstream and inspectors are implementing stricter rules. Homeowner policyholders must also often provide photographic evidence of the damage before a claim is approved.  

“Insurance companies are becoming more selective in roof damage coverage, particularly related to natural disasters. Some insurance companies have implemented higher deductibles for roof claims; in some cases, flat deductibles have shifted to a percentage of the dwelling coverage value. Some have even denied coverage for roofs considered too old or in poor condition.” Scott Stiglich, SVP of Channel Partners.

Due to some of these changes, offering consumer financing as a payment option is essential, allowing homeowners more flexibility, convenience and affordability. A payment option allows the homeowner to pay for the repair or replacement over time. 

“This also allows the customer to keep their cash and pay the expense off over an extended amount of time. I am seeing more and more requests for financing in this industry, especially since paying with credit cards can be riskier with interest rates continuing to climb,” says John Curnow, AVP sales at Watercress Financial.

The national average APR for a credit card is higher than 20% as of Feb 2023 – up from 16.3% in August of 2022,

according to wallethub.com.

Contractors can build better customer relationships by providing a payment plan that works for their budget. Watercress Financial offers a variety of products, including deferral options, promo periods with no interest and equal payments. There’s also no prepayment penalty – so they can pay off as a lump sum anytime. Offering financing and options can help contractors close more deals, as you never know an individual’s overall financial well-being. 

Susan Peter – VP of Marketing and Communications