On May 22, Swyfft rolled out a new roof endorsement for all Florida E&S Home Policies. It’s called a Roofing Materials Payment Schedule Endorsement and here are the highlights:
- It saves your customers money. For a reduction in premium, customers can opt for a roof claim payment schedule for wind/hail damage, based on the roof’s materials and age.
- Depending on the age of the roof, the endorsement may be required.
- Customers have more flexibility. They can save on premium now and replace their roof later, in exchange for an adjusted payment schedule.
- It’s easy to understand. The payment schedule is defined by the endorsement which attaches to the policy and a copy can be found on the Agent Resource Center under Florida Forms.
When is the roofing endorsement required?
- Homes with roofs older than 10 years of age: endorsement is required for new business and at renewal.
- Homes with roofs ages 10 years and newer: endorsement is optional.
- The endorsement does not apply to admitted home policies. It applies to E&S Home policies.
How do I select the Roofing Materials Payment Schedule?
When quoting a new Florida E&S Home policy, the option to add the endorsement is just above deductibles within the user interface, as seen below. The system defaults to Yes (adding the endorsement). If you select No, the roof will be covered at full replacement cost with no premium savings.
Does the payment schedule apply to the rest of the home?
No. The roofing materials payment schedule only applies to roof damage due to wind and hail.