What is a roof payment schedule on homeowners insurance?
How it works
The endorsement includes a table. Rows are roof age in years, and columns are roofing material such as asphalt shingle, metal, or tile. At claim time the adjuster prices the roof at replacement cost, finds your roof's age and material in the table, and multiplies by that percentage. Your deductible then comes off that amount. Newer ISO editions of the actual cash value roof endorsement use this kind of table, and many companies file their own versions with their own percentages.
What it changes for you
- The roof portion becomes non-recoverable. Unlike a normal replacement cost settlement, there is no second check after the work is done.
- Roof age becomes the biggest number on the claim. A few years of age can move the percentage noticeably, so proof of when the roof was installed matters.
- It often applies only to roof surfacing. Gutters, siding, interior damage, and sometimes code items may still settle at replacement cost. Read which items the endorsement names.
- A percentage deductible can stack on top. A wind and hail deductible based on your dwelling limit comes off an already reduced payment.
What to do
Look for words like roof surfacing payment schedule or roof surfacing loss percentage on your declarations page. If you have one, gather proof of the roof's installation date, such as a permit, invoice, or closing documents. If the adjuster used the wrong age or material, ask in writing for a correction.
Related: the roof payment schedule endorsement, roof age and insurance, and the percentage wind and hail deductible.