(Links to this series below)
Beware the booby trap!
- Aka āroof payment scheduleā or āroof surface endorsement.ā
Why it matters: When I help homeowners who have this on their policy, they always say to me, āI didnāt know.ā
š¤·āāļø What is it?
- This is a policy endorsement that allows your insurance carrier to pay you LESS than REPLACEMENT COST for your roof.
- Even though you have a REPLACEMENT COST policy on your home.
š¬ Reality check: Hereās the real gut punch of this endorsement.
- The LONGER you pay your premiums without filing a claim ā¦
- The LESS you get from insurance to replace your roof.
š„ The bottom line: You need a great insurance agent who will explain your coverages and help you manage your risks.
- I prefer insurance brokers who arenāt captive to one insurance carrier ā but will find the best policy for you.
ā For your Smart Homeowner list
- Review your policy to make sure you donāt have this endorsement.
- My friends at The Phoenix Insurance will gladly review your current policy with you ā> email Jason to schedule a review.
Best,
Travis
The Insurance Process Series