What is a roof replacement schedule in homeowners insurance?
How the schedule works
The endorsement contains a table. Down the side is roof age in years, across the top is roof material, and each cell is the percentage of the replacement cost the insurer will pay. Percentages drop as the roof ages, and some tables treat metal or tile more generously than asphalt shingles. The insurer applies the percentage to the roof surfacing part of the estimate, then subtracts the deductible.
An example
Hypothetical numbers: a $15,000 roof estimate, a 12-year-old shingle roof, and a schedule that pays 55 percent at that age. The insurer allows $8,250 for the roof, minus a $1,000 deductible, so $7,250. Unlike depreciation on a replacement cost policy, the other $6,750 never comes later.
What it usually does not touch
Many schedules apply only to roof surfacing: shingles, underlayment, flashing and related items. Gutters, interior water damage and other parts of the house are often still paid under the normal settlement terms. Read the endorsement's definition of roof surfacing to see exactly what it covers.
How to find out if you have one
- Look on your declarations page for an endorsement titled roof surfacing payment schedule or something similar.
- Ask your agent for the actual table, not a summary.
- Find your roof's install date from the permit, the old contract or the seller's disclosure. The age used drives the percentage, and a wrong age is a fixable error.
More detail is on our roof payment schedule endorsement page, and roof age and insurance explains why carriers add these at renewal.