Roof surfacing payment schedule
An endorsement that pays wind and hail roof claims as a percentage that shrinks with roof age, instead of full replacement cost.
Also called: Scheduled roof settlement, ACV roof settlement
A roof surfacing payment schedule is a policy provision that pays wind and hail roof claims according to the roof's age, rather than at full replacement cost. The older the roof, the smaller the percentage the insurer pays.
For example, a schedule might pay 100% for a roof under five years old, 50% at ten years and 20% once it reaches fifteen or more. (These numbers are only an illustration; each policy sets its own.)
It can catch owners by surprise because it applies even when the rest of the home is on replacement cost. Replacing an aging roof before you buy a policy can improve both the coverage and the price.
Common questions
How do I know if my policy has a roof payment schedule?
Look in the endorsements list or ask your agent about roof settlement terms. It may be called scheduled roof settlement or limited loss settlement for roof surfacing.
Related terms
More in Coverage & policy
- HO-7
- Dwelling coverage (Coverage A)
- Other structures (Coverage B)
- Personal property (Coverage C)
- Loss of use (Coverage D)
- Personal liability (Coverage E)
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