Editor's choice: LendingClub personal loans
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When your homeowners insurance doesn’t quite cover that leaky roof or broken water heater, you have plenty of financing options to lift you out of a crisis and back into home comforts.
How you’ll want to cover the expenses of an unexpected home repair will depend on the extent of the damage, how much you’re able to contribute from savings and how your home was damaged.
The Red Cross and the Federal Emergency Management Agency (FEMA) are the first two places you should turn to if your home is damaged during a natural disaster like a flood or hurricane.
The Red Cross can assist with cleanup in your home after a disaster and often funds home repair grants. FEMA also offers grants for major repairs that include fixing your home’s foundation, roof, septic systems, utilities and other essentials.
Since grants typically last until funds run out, it will be easier to qualify if you apply as soon as possible after the natural disaster hits.
If you don’t want to be caught off guard by a repair, these tips can help you prepare before disaster strikes:
Home repair costs can vary according to the value of your home, where you live and the extent of the damage. Here’s a ballpark of what you can expect for common home repair and improvement costs, according to a July 2018 HomeAdvisor survey:
|Repair type||Average cost||Average range||Lowest and highest cost|
|Water main repair||$797||$322–$1,292||$140–$2,800|
|Repair or replace electric panel||$1,105||$519–$1,698||$125–$3,000|
|Level or mudjack concrete slabs||$881||$543–$1,295||$300–$2,200|
|Stairs or railings||$618||$306–$975||$115–$1,750|
If you don’t have a savings buffer to put toward unexpected home repairs, you might be tempted to juggle your existing personal expenses to scrape together what you need. Applying for a personal loan could be a better option than these three ways people use to pay for home repairs — and keep you from landing in an even worse financial situation.
If you don’t have the money for repairs when the unexpected happens, you’re not alone. You’re also not out of luck. Start your search with our comprehensive guide to personal loans so you can jump right into comparing lenders when you have to cover an emergency home repair.
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