Replacement cost coverage pays the full replacement cost of your roof whereas a roof schedule pays a set amount based on the age and condition of your roof. The main difference is that with a replacement cost policy, you will be reimbursed for the entire cost of putting a new roof on your home. With a schedule policy, you receive a portion of the total amount needed to replace your roof. Check your policy for clarification to see how long your policy offers full replacement cost and when it may change to a roof schedule.