People’s Trust Insurance Roof Deductible Filing Changes
Below are changes that PTI has implemented due to the new and revised roof deductible option for both HO-3 and Basic Choice.
The new effective dates for the roof deductible option will be:
- New Business: 3/17/2023
- Renewals: 05/16/2023
A new Roof Deductible Endorsement has been added to both HO-3 and Basic Choice. This roof deductible option follows the approved guidelines outlined in the 2022 Special Legislative Session, with the deductible calculated at 2% of Coverage A.
The Roof Deductible will be automatically applied to all new and renewal policies that include Windstorm or Hail coverage when the AOP deductible is not greater than 2% of the Coverage A limit.
For renewals, the Notice of Change in Policy Terms – Roof Deductible, NOCPT 0123 RD, will be added to every renewal where the Roof Deductible – Standard Option is automatically added for the first time. This is in addition to any other NOCPT version that may be applicable.
The policyholder has the option to remove the Roof Deductible. If the Roof Deductible is removed, the policyholder must sign the Rejection of Roof Deductible form.
The dollar amount of the Roof Deductible will be equal to 2% of the Coverage A limit of the policy and will be clearly stated on the Declarations Page. At the time of loss, if 50% of the actual roof replacement cost is less than 2% of the Coverage A limit, the Roof Deductible will be reduced to 50% of the actual roof replacement cost.
In the event of a covered loss to the “roof system,” the Roof Deductible, AOP Deductible, or Sinkhole Deductible (if applicable), whichever is higher, will apply.
The Roof Deductible does not apply to:
- A total loss caused by a covered incident
- Damage caused by a hurricane
- Damage caused by a tree or other hazard that damages the roof and punctures the roof deck
- Damage requiring the repair of less than 50 percent of the roof
The Roof Deductible may be added at any time during the policy period by submitting a Policy Change Request Form. Once the endorsement is selected, it will automatically apply to future renewals and as Coverage A is adjusted, the roof deductible amount will be adjusted.
The deductible can be viewed in the following areas:
- Quote Review
- Printable Quote
- Application Review
- Policy Summary
- Declaration Sheet
Policy Form Changes:
The following forms have been added or revised:
- PTIC BCFLE030 0123 Roof Deductible Endorsement – Standard Option
- PTIC BCFL RJRD 0123 Rejection of Roof Deductible
- PTIC DP APP 01 23 Basic Choice Dwelling Policy Application
- PTIC DP D001 01 23 Basic Choice Dwelling Declarations Page
- PTIC DP NOCPT 01 23 Notice of Change in Policy Terms – Roof Deductible Endorsement
- PTIC DP1 OC 0123 Outline of Your Dwelling Policy
- PTIC D001 0123 Declarations Page
- PTIC HO APP 0123 Homeowners Application
- PTIC HO3 OC 0123 Outline of Your Homeowners Policy
- PTIC HOFL E030 0123 Roof Deductible Endorsement – Standard Option
- PTIC HOFL RJRD 0123 Rejection of Roof Deductible
- PTIC NOCPT 0123 RD Notice of Change in Policy Terms – Roof Deductible Endorsement