I am trying to do a cash out refinance but have a minor roof leak claim due to the recent rain in the bay area. The adjuster came by and said the cement tile roof looked great and they will only pay for inside damages due to wind driven rain ($300) unless the roofers find otherwise.
The problem is roofers are swamped and the cash out refinance will drop the interest rate 1% which is $1000 a month. Should I just close out my claim and refi (needs appraisal for cash out) or try to get it fixed under insurance? The leak is under a solar panel so no one will know if the damaged is covered until an electrician comes and pulls it off which could take up to a month to finish the job.
I don’t mind paying around $3k in fixes out of pocket but don’t want to pay like $10k if I can avoid it. It is already a huge hassle given that my solar company is bankrupt so no warranty. The solar setup is 7 years old and was installed by previous owner.
Should I wait and continue paying my high interest until it is fixed in which it might be covered by insurance or should I go ahead and cash out refi? Any perspective would be appreciated.
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