Solar panels are undoubtedly a big investment which leaves many wondering how to insure them. The Quezada Jacobs Family Agency, LLC answered a few of the most frequently asked questions when it comes to solar panels and insurance.
1.) Will adding rooftop solar panels to my home increase my insurance premium?
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Insurance coverage for roof-mounted solar panels is usually included in homeowner insurance policies. Just like a patio or security system, photovoltaic systems with rooftop panels are considered by insurance companies to be a permanent attachment to your property.
Confirm with your insurance agent that your rooftop panels would be covered for the following: snow and ice damage; storm damage from high winds, lightning, tornado, or hail; theft or vandalism; or fire damage (they usually are).
2.) What about ground mounts and carport mounts?
Solar panels mounted on the ground or on carports may not be covered by your regular homeowner’s insurance policy. Talk to your agent to see if an add-on or rider might be needed. Solar panels are an important investment, and owners should double-check the details of coverage limits.
Please note: if you choose to upgrade your home with solar panels at some point after purchase, just make sure to let your insurance agent know so they can add the panels to your policy if necessary.
3.) What information about my solar system will my insurance provider ask for?
Be ready to give your agent specs on the type of system, power requirements, and warranty on the system. When you work with Positive Energy, we provide all of these details, and more, in an easy to find document located in your owners manual.
4.) Will my solar system continue to be covered by my homeowner’s insurance even after the equipment manufacturer warranty expires (in 30 years)?
Yes. Your insurance coverage should last as long as you own your home, as long as you keep your insurance coverage in place. As with the above, confirm with your insurance agent.
Live in the Santa Fe area and looking for further information about insuring your solar panels, home, automobile, and more? You can reach the Quezada Jacobs Family Agency, LLC by phone at (505) 474-4033 or email at nedjacobs@allstate.com. And if you're interested in having solar panels installed on your home, give us a call at (505) 344-0071 or click here to get started with a free consultation and solar estimate!
This information is for educational purposes only and is not intended as an exhaustive list of circumstances. You should consult your insurance agent for specific coverage & premiums.