Solar installation insurance offers complete protection against an unexpected financial blow, which can be caused by partial or complete damage to the panel system, theft, or an accident directly related to the solar installation.
As a solar panel owner, you’re probably looking to avoid unnecessary costs for repairing panels that have failed due to natural phenomena or intentional human actions. If that’s the case, you must insure your solar installation. Solar insurance will make you feel more confident in unforeseen situations and will help you compensate for losses within the scope of your insurance policy.
By installing a solar panel system on your roof, you add it to your property while improving your home. If you want your solar system to be protected, you must inform your insurance company about the installation. This way, you will get homeowners insurance for solar panels.
From this article, you will learn:
The lifespan of a solar panel is enormous. It reaches 40 years of age, while the manufacturer also provides a guarantee for its products, which can be 25 years. However, solar panel warranty insurance does not apply to damage that may occur from various external factors.
So, what does it include? A standard policy covers several types of potential hazards that could cause damage to panels:
The table indicates possible risks and unforeseen situations depending on their origin.
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Standard insurance includes unexpected downtime in the operation of the solar installation and the associated loss of income, as well as accidents or damage to other people’s property from falling or other impact of the panels themselves.
Another thing to keep in mind is that not all insurance companies include coverage for wind and hail damage for rooftop solar panels.
There are also specific policies covering additional risks and unforeseen scenarios that are not included in the standard policy. For example, insurance for the installation phase of solar panels, when the policy covers financial expenses from accidents or property damage.
99% of the time, your rooftop solar panels are covered by your home insurance. Today, most of such standard policies may contain solar panel insurance coverage as an integral part of the house structure. This coverage involves almost all types of panels: photovoltaic, hybrid, and solar, as long as they are attached to your home.
But that’s not always the case. So, does home insurance cover solar panels? That’s something only your insurer decides. The company may consider your situation too risky and may deny coverage. In specific cases, it can be issued under a separate policy.
Looking for the right solar panel coverage? Don’t waste another second — get your free solar quote right away!
But here’s another important question: how much does home insurance go up with solar panels? It depends on the company and your policy. Typically, after connecting the solar panels to your home insurance, the insurance coverage increases proportionally to the sum insured. However, the policy may provide some additional services in case of damage to the panels (for example, solar panel cleaning insurance).
Contact your insurer to determine the specifics of coverage for your solar panels and your policy overall. Every company is different, so there is no single rule or policy regarding this issue.
To figure out which coverage is the best for you, you should analyze the available options and choose the one that best suits your requirements.
First, check with your insurance company directly for details. Consider asking the following questions:
If you need to take out a new insurance policy or your company is not the best choice to safeguard your solar system, analyze all available offers for solar insurance in Chicago.
Here are some tips to help you get the most suitable coverage for your solar panels:
Pro tip: spend some extra time checking out the insurance market and comparing all the costs with possible risks. It will help you find the optimal solution.
All you have to do to obtain home insurance for solar panels is call your insurance company and let them know you want to add your solar installation to your home insurance policy.
You will need to name the amount for which you will insure the solar panels. The insurance company will add this amount to the insurance cost of the existing policy and send you an adjusted invoice for payment.
Solar panel insurance cost per year fluctuates from $100 to $1,000. Much depends on the insurance company itself, the size of the solar installation, the location of the property where it is located, the required coverage options, and its limitations.
More often than not, insurance companies provide small discounts to households with solar panels. Homeowners may also qualify for tax breaks or rebates associated with installing the panels, which can help reduce the cost of insurance coverage.
For some policies, solar panel insurance will have an upper limit on the amount insured for your solar panel system. Therefore, before taking out a policy, you need to find out whether the insurance company imposes a limit. Otherwise, the cost of your solar panel system may well exceed this limit.
Some insurance companies do not cover ground-mounted solar installations, which are covered by insurance, but only solar panels installed on the roof.
Often, insurance companies do not cover damage to solar panels caused by:
Pro tip: always check with your insurance company to find out exactly what is and is not covered by solar panel insurance.
Despite the long service life and long warranty from the manufacturer, your solar panels remain unprotected from bad weather or someone’s malicious intent. To sleep peacefully and not think about possible risks and unexpected expenses, you just need to take out insurance.
Looking to compare solar panel insurance coverage? Get your free solar quote in a matter of minutes!