4 ways to cover unexpected home repairs
Home is where the heart is — but it might cost you


Whether it happens due to weather events or simple wear and tear over time, an unanticipated repair is an unfortunate inevitability for just about any homeowner. Sometimes the repair is quick, easy and cheap, but often it is not, and can leave you with a bill just as surprising as the repair need that popped up.
Frequent issues that homeowners encounter — which include water damage, roof damage and issues with windows and doors — "come at a steep cost, with 46% of homeowners spending more than $5,000 out-of-pocket," said Courtney Klosterman, a home insights expert at Hippo, in an interview with Bankrate.
In an ideal world, you would have the cash on hand to pay the bill. But things do not always go as planned (hence the unexpected repair). In that case, there are some other ways to cover the cost so you can keep your home in good repair.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
File a homeowners insurance claim
Filing a homeowners insurance claim "should be your first line of defense against damage and destruction," said Bankrate. Figure out what your policy will cover and what you have to do to get that coverage, such as getting an assessment of the damage from a qualified inspector. Just keep in mind that with this option, you might wait up to 90 days to receive your reimbursement.
Tap home equity
If insurance is not cutting it and you have built up equity in your home, you might consider a home equity loan or home equity line of credit (HELOC). These "allow homeowners to borrow against the equity they've built up in their homes, which is the difference between the home's current market value and the outstanding mortgage balance," said CBS MoneyWatch.
With a home equity loan, you will receive a lump sum, which is then "repaid in monthly installments, typically with a fixed interest rate," said Bankrate. A HELOC is effectively an open line of credit that you can tap as needed, similarly to a credit card. While this "flexibility can be advantageous, especially when facing uncertain economic conditions and unpredictable repair costs," HELOCs "typically come with variable interest rates, which means that monthly payments can fluctuate," said CBS MoneyWatch.
With either option, since you are borrowing against your home, keep in mind that you could lose your home if you miss payments.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Explore a home improvement loan
If you do not yet have much equity in your home or do not want to use your home as collateral, another option is a home improvement loan. These are "unsecured personal loans" that often "offer same- or next-day funding and extended repayment terms if you use the funds for home improvements," said NerdWallet. However, because there is no collateral backing the loan, "rates tend to be higher than home equity options."
Tap community or government assistance
Sometimes, you simply are not in the financial position to borrow. In this case, you might look into assistance programs, which "may provide grants, low-interest loans or other forms of financial aid to help with home repairs," said CBS MoneyWatch.
These programs can target specific populations, such as senior or low-income homeowners or those with a disability, or particular types of repairs, such as those focused on energy efficiency. However, they "might not cover the entire cost of repairs," said CBS MoneyWatch.
Becca Stanek has worked as an editor and writer in the personal finance space since 2017. She previously served as a deputy editor and later a managing editor overseeing investing and savings content at LendingTree and as an editor at the financial startup SmartAsset, where she focused on retirement- and financial-adviser-related content. Before that, Becca was a staff writer at The Week, primarily contributing to Speed Reads.
-
Why is Trump attacking Intel's CEO?
Today's Big Question Concerns about Lip-Bu Tan's Chinese connections
-
One great cookbook: 'Salt to Taste'
The Week Recommends Your roadmap to satisfying Italian home cooking
-
How astronaut Jim Lovell 'inspired generations'
Instant Opinion Opinion, comment and editorials of the day
-
How does a 401(k) hardship withdrawal work and is it smart to take one?
the explainer More Americans than ever are resorting to this option in a pinch
-
How can you borrow less for grad school?
the explainer Borrowers will soon face stricter limits on federal student loans. But there are other ways help cover the cost of grad school.
-
How is the Trump bill changing 529 plans?
The Explainer The new bill provides a boost for people pursuing trades and vocational careers or seeking professional licenses and certifications
-
Clean energy tax credits are going away. Here's how to get them before it's too late.
The Explainer Trump's recently passed megabill promises the early demise of clean energy tax credits
-
What to expect for student loan repayment under Trump's budget bill
The Explainer Millions of borrowers may soon be forced to alter their plans
-
How will the new tax deductions on auto loans work?
the explainer Trump's One Big Beautiful Bill Act introduced a tax deduction on auto loan interest — but eligibility for the tax break is limited
-
What are the Trump Accounts for kids and how do they work?
The Explainer Parents will soon be able to open tax-advantaged investment accounts on their child's behalf
-
How can you get the maximum Social Security retirement benefit?
the explainer These steps can help boost the Social Security amount you receive