Residential Solar

?SOLAR PANEL INSURANCE: HOW SOLAR PANELS AFFECT HOME INSURANCE

When you install solar panels on your home, you’re not just saving money on your electricity bills. You’re also making a sound investment that can help increase the value of your home. And, as an added bonus, you may be eligible for a solar panel insurance discount.

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Majeski, D.

2022, November 8 “HOW SOLAR PANELS AFFECT HOME INSURANCE» Majeski Solar Energy.” Welcome To Majeski Solar Energy LLC » Expert Solar Panel Installations In Virginia, Washington DC & Maryland.
Retrieved November 12, 2022, from https://majeskisolarenergy.com/%f0%9f%94%8bsolar-panel-insurance-how-solar-panels-affect-home-insurance/

🔎ARE SOLAR PANELS COVERED BY HOME INSURANCE?

If you have solar panels installed on your home, your home insurance policy will most likely cover them. However, it’s always a good idea to check with your insurance company to be sure. Some insurance companies may require you to purchase a separate rider to cover your solar panels.

DO SOLAR PANELS AFFECT HOME INSURANCE RATES?

Solar panels can affect your home insurance rates in a few different ways. First, if your solar panels are leased or financed, your lender will likely require you to carry homeowners insurance. This is to protect their investment in your solar panels. Secondly, if your solar panels are owned outright, your insurance company may offer you a discount on your premium. This is because solar panels are considered an “anti-theft device.”

In short, solar panel insurance is something you should consider if you’re thinking about going solar. Not only will you be saving money on your electric bills, but you may also be eligible for a discount on your home insurance.

🔋☀️COVERED PERILS

Most home insurance policies cover what are known as covered perils. Covered perils are typically defined as sudden and accidental events that result in physical damage to your property. Examples of covered perils include fire, wind, hail, lightning, and theft.

DEDUCTIBLE

🔋Your home insurance policy will have a deductible, which is the amount you’re responsible for paying out of pocket before your insurance company steps in to cover the rest. For example, if you have a $500 deductible and your home is damaged in a covered peril, you’ll have to pay the first $500 of the repair costs yourself. Your insurance company will then reimburse you for the remaining costs, up to your policy limits.

POLICY LIMITS

Your home insurance policy will have limits, which is the maximum amount your insurance company will pay out to cover your losses. For example, if you have a $250,000 policy limit and your home is destroyed in a covered peril, your insurance company will only pay out up to $250,000 to cover the cost of rebuilding your home.

EXCLUSIONS

Finally, it’s important to be aware that home insurance policies typically have exclusions. This means that certain types of damage are not covered

DO SOLAR PANELS INCREASE HOME INSURANCE?

While solar panels can affect your home insurance rates, they can also increase the value of your home. This is because solar panels are considered a green energy source and can help reduce your carbon footprint. In addition, solar panels can help you save money on your electric bills, and may even make your home eligible for certain tax credits.

GETTING AN ADDITIONAL INSURANCE POLICY FOR SOLAR PANELS

If you’re thinking about installing solar panels on your home, you may want to consider getting an additional insurance policy to cover them. This is because solar panels can be expensive to replace, and your home insurance policy may have limits or exclusions that could leave you with a large out-of-pocket expense.

There are situations where you’ll need to add additional coverage or buy a separate policy to cover your solar panels. For example, you’ll need a separate policy if your solar panel system is not attached to your home’s roof and is instead ground-mounted in your yard, wall-mounted on a separate surface, or mounted on a carport.

DO YOU NEED TO TELL YOUR INSURANCE ABOUT YOUR SOLAR PANELS?

Yes. You should always tell your home insurance company about any changes or additions to your home, including solar panels. This is because your insurance policy is a contract, and if you make any changes to your home without informing your insurer, you could void your coverage.

When it comes to solar panel insurance, there are a few things you should keep in mind. First, you may need to carry homeowners insurance to protect your investment in your solar panels. Secondly, if your solar panels are owned outright, your insurance company may offer you a discount on your premium. This is because solar panels are considered an “anti-theft device.” In short, solar panel insurance is something you should consider if you’re thinking about going solar. Not only will you be saving money on your electric bills, but you may also be eligible for a discount on your home insurance.

SHOULD I INCREASE MY COVERAGE AFTER INSTALLING SOLAR PANELS?

Yes. You should always increase your coverage after installing solar panels. This is because solar panels are considered an “improvement” to your home, and therefore, your home insurance policy will need to be updated to reflect the increased value of your home. If you don’t increase your coverage, you could be underinsured and at risk of having to pay out of pocket if your home is damaged or destroyed.