How Installing Solar Panels Affects Home Insurance
Investing in solar energy for your Missouri or Northwest Arkansas home helps you reduce energy costs and meet electricity needs during a natural disaster or grid failure. However, many homeowners we talk to are unsure whether their solar panels, generators, and batteries are covered by their homeowners insurance or if installing them will cause their premiums to increase, negating any savings.
Does Homeowners Insurance Cover Solar Panels?
Solar panels are generally covered by homeowners insurance, but whether your home is protected can depend on whether your lease or own the panels and how they’re installed. State insurance regulations can also affect coverage. You should always check with your insurance company or agent before installing solar panels at your home to ensure your investment is protected.
Standard policies typically cover roof-mounted or other permanently attached solar panels under dwelling coverage. However, if your panels are mounted on the ground or on a detached structure like a carport or garage, they’re usually covered under a policy’s “other structures” section. Some insurers issue riders or endorsements for unattached solar panels.
If you lease solar panels, be sure to ask the installation company if it insures the panels, whether you need to buy separate solar panel insurance, or whether you’re expected to add the panels to your policy.
Common Solar Panel Perils Covered by Homeowners Insurance
If your policy does cover solar panels, it usually protects them against any risks already listed in your policy, such as:
- Hail, lightning, and wind
- Fire and smoke damage
- Water damage, including from a freeze or mold-related
- Theft or vandalism
Items a homeowners insurance policy won’t cover are floods, earthquakes, and normal wear and tear. And keep in mind that some policies exclude wind and hail coverage. Read your policy carefully and talk to your insurer to clarify precisely what’s included in your policy.
Will Your Premium Rise?
Installing solar panels doesn’t necessarily cause a rise in premiums. Still, you might want to check and see if your current policy’s limits are sufficient to fund a home rebuild, including the panels. If they’re not, consider upping coverage limits. Your insurer can help you determine how much to raise your limits, if necessary.
Comprehensive Solar Solutions From Solera Energy
When deciding whether solar is right for you, exploring the impact solar panels will have on your homeowners insurance coverage and monthly premiums is essential. The good news is that even if your solar panels require additional coverage, the cost should be affordable and shouldn’t significantly affect your overall savings.
Are you ready to make the switch to solar power at your Missouri or Northwest Arkansas home? Solera Energy is the region’s leading solar provider, and you can depend on us to make the process as smooth as possible. Our skilled team will guide you through the solar panel installation process and is ready to answer your questions, including any you might have about insurance coverage.
Contact us online today or call us at [site_info_phone_numer] to schedule a free solar consultation.
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