Nationwide “Payment Schedule” for roofs

Nationwide has a new rule for homes that they insure:
-When a roof becomes a certain number of years old, then roof coverage for windstorm or hail damage will change from “Replacement Cost” to “Payment Schedule.”
-The location of the home and type of roof will determine at what year the roof coverage will change from “Replacement Cost” to “Payment Schedule.”

How to know if your roof has changed from “Replacement Cost” to “Payment Schedule” coverage
-Every year, when you receive your insurance policy renewal paperwork, you need to read it. If there are any significant changes that will come to the renewal insurance policy, the details will be clearly explained in the first section of the renewal policy packet.
-Below is one way that this will look. Also, they will include a larger section that will explain the details of the Payment Schedule.

Let us know if you have any questions about this at all.