Are Solar Panels Covered by Home Insurance?

Are Solar Panels Covered by Home Insurance?

If you’re looking to save money on your energy bills while also being kinder to the environment, solar panels are an excellent way to do so. But are they safe to have on your roof and are they covered by your insurance? The answer to both these questions is yes! Solar panels, when professionally installed, will not impact the roofing materials. In fact, they will work as a protective barrier from the elements and even keep your roof cool from the harsh sun. Many insurance providers will also add solar panels to your home insurance policy. Here’s how to find out if your current insurance broker offers this type of coverage.

Talk to a Broker

The first move you should make before deciding on installing solar panels is to call your insurance broker to find out if your current insurance company will insure them. Most insurance providers will cover solar panels with no extra charge to your premium or policy, but there are always exceptions to the rule. Some policies may exclude damage to the panels if it’s caused by a particular threat such as the wind. There are also a few insurers that will require an increase in the amount of insurance on your home, and others who will no longer cover your home once solar panels are installed. So it’s better to know which insurance companies do cover solar panels before you have them fitted and installed. A broker can help you with this.

Make Sure the System Matches the Policy

You should also collect as much information about the solar panel system from the retailer/manufacturer before you talk to your broker. Certain systems require add-on policies or separate policies altogether. It’s best to get all the information upfront so your broker has all the information they need to find the right policy for the type of system you plan to install. 

Review the Limits

If your insurance company already covers solar panels, it’s also important to review the coverage limits and the deductible you’ll need to pay before the coverage kicks in. Are you comfortable with the limits and total coverage amounts? Your agent can help you review your existing coverage and help you make any adjustments necessary.

Looking to install solar panels on your roof or in your yard? Contact your local MLS agent to discover the best insurance solution for you.

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