A survey showed that one-third of Canadians are completely unprepared for emergency home repairs. They do not have enough emergency savings to cover these expenses.
This is a big problem as homeowners are bound to face emergency repairs at some point. It is inevitable as things come up or things get damaged without warning.
A simple home repair could be as much as a few hundred dollars or a few thousand dollars. Becoming a substantial expense that most people wouldn’t be expecting.
Because of this, it has very important that you are prepared. Even if you don’t have emergency savings, there are other things to lean on.
Keep reading to find out how to pay for emergency home repairs if you are broke.
File a Homeowners Insurance Claim
If you are a homeowner, you will have a homeowners insurance policy. You can check this to see if emergency home repairs are covered by this insurance policy.
These kinds of emergencies are often covered, as they must one taken care of. These kinds of emergencies are often specific, as insurance won’t cover just anything.
Your insurance most likely won’t pay for a damaged fence or a broken water heater. But it may cover a damaged roof or structural issues that have come up.
It is going to depend on your homeowner’s insurance and what it covers. This is why it is a good idea to look into this before any emergencies come up.
You will want to be fully aware of what your insurance covers for your home. So you will know what you can file as a claim and what will have to come out of your own pocket.
Ask for Disaster Relief
If the damage done to your home is due to a disaster, this may help you. There are all kinds of disaster relief programs that are there to help homeowners with this.
If a disaster has affected the living or sanitary conditions of the home, they may be able to help. These disaster relief programs have funding that they use to help people.
So if your home has been flooded, damaged by a wildfire, or winds have damaged the roof. You may be able to get some financial assistance from these organizations.
You can look into disaster relief programs in your area to see who can help. These organizations are more likely to be able to help than homeowners insurance.
Get a Credit Card
If emergency home repairs come up, you may not have the funds to take care of them. This can be a real problem if the repairs need to be made quickly.
If you have a credit card, this could be an alternative option. Though it isn’t ideal to use a credit card, in this way, it is often possible.
You could use your credit card to pay for the repairs and plan on paying it off as soon as possible. You should only do this if you can pay it off afterward before the interest adds up.
It also may not be possible;e tp did this for very expensive repairs. Most credit cards have a limit that you cannot go over when paying for things.
Because of this, it is best to only use a credit card for lower home repairs. Anything over a few hundred dollars could be too risky and may not be allowed by the credit card.
Get a Loan
If emergency home repairs come up, you may need to get fast loans. If you don’t have the funds, this may be the best option that you have available.
Loan companies like EasterLoans have no credit check loans that most people can get. These are online loans that are simple to apply for, allowing you to have the loan quickly.
You also have the option of getting short term loans that allow you to pay them off quickly. This is important if you want to get this out of the way as fast as you can.
Getting online loans is ideal if you don’t have any money to spare. Other options may not apply to your repairs, making a loan a much more versatile option.
Borrow From Loved Ones
If an emergency repair comes up for your home, you may need to borrow some money. If you are able to, it might be best to borrow from a friend or family member.
You can set up a payment plan with them to help you pay them back. As well as have a deadline set up that they can rely on.
Though you should only choose this option if you are confident that you can pay them back. You should never borrow money if you don’t have enough to repay it later.
Ask for a Favor
If you know someone who works on homes, you could always call in a favor. If your friend or a family member has experience in this area, they may help you out.
They may not have money to loan you, but they do have time and the expertise. So you could always ask for a favor and do something for them later on as payment.
This is a great way to avoid borrowing money or getting a loan. Though this only applies if you know someone who has the ability to help you with these repairs.
How to Pay for Emergency Home Repairs
If you have had emergency home repairs come up, you may be unprepared. This is very common, as many Canadians are not financially ready to handle these emergency expenses.
Do you need a loan to help cover home repair expenses? Contact us today at EasterLoans for fast loans in Canada.