– NOW AVAILABLE FOR ADMITTED HOME –
Roofing Materials Payment Schedule Endorsement
On Monday, you will start seeing the roofing materials payment schedule endorsement when quoting admitted home policies in Texas. Until now, the endorsement was only available for E&S Home policies.
If you are unfamiliar with the endorsement, 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 and the wind/hail deductible chosen, the endorsement may be required (see details below).
- 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 Texas Forms.
When is the roofing endorsement required for Admitted Home policies?
When the roof is older than 15 years of age OR the customer selects a wind/hail deductible of less than 2%, the endorsement will be required. Note that the endorsement requirements are slightly different for E&S Home policies.
When will the endorsement take effect?
- The endorsement will be available for new business starting 1/15/22.
- Policies with renewal dates of 3/15/22 and after will renew with the endorsement when the above criteria are met.
- The endorsement can only be added or removed midterm if the roof is fully replaced.
How do I select the Roofing Materials Payment Schedule?
Just like E&S Home, when quoting a new Texas admitted home policy, the option to add the endorsement is just above deductibles, as seen below. The system defaults to Yes (adding the endorsement). If you select No, the roof will be subject to the normal policy language for loss settlement 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.
If you have further questions, please contact your sales rep. Thank you for your partnership!