Over the past few years, homeowner priorities have somewhat expanded. Even though we are still concerned with the inside of our homes, the add-ons are now more relevant than ever before. Today, eco-friendly homes can help people save money, and that’s why they are in high demand.
Solar panels happen to be the most popular add-ons in this so-called green category. Today, they nearly aren’t as expensive as a decade ago, and they pay a homeowner back tenfold. However, they still cost a pretty penny, and the question many homeowners ask is how they can protect this investment? Does their existing policy cover damage to solar panels?
Are Solar Panels Covered?
Yes! The majority of homeowners insurance policies will cover solar panels. However, it depends on the system you have. In some instances, you might need a separate policy. If you want to add additional coverage to what you already have, then make sure to do your research.
The premium you pay hinges on the location of the solar panels and the local climate. If the panel is roof-mounted, the panels are covered under the so-called dwelling coverage. However, if the panels aren’t a permanent fixture of the home, then things are different.
When To Get a Separate Insurance Policy?
People who have a ground-mounted or maybe a carport solar panel will require an insurance endorsement. Solar panels that aren’t a permanent fixture are usually prone to get damaged, so the insurer will require you to purchase extra coverage.
Also, if you live in a high-risk area like the one hit by tornadoes, or hurricanes, you will want to purchase more coverage.
What Type of Damage Is Covered Under Home Insurance?
Home insurance will cover permanent rooftop solar panels from all the same types of damage as your dwelling. For instance, if a windstorm damages your panels and the roof or a fire that damages the entire home, you’d then be able to replace the solar panels at minimal additional cost.
If the solar panels aren’t a permanent fixture, you will want to check your insurance policy’s riders for additional coverage. Getting protection from floods and hurricanes is essential; that’s why if needed, buy additional coverage for them.
Raising Your Coverage Limits for Solar Panels
In order to protect your initial investment in solar panels, it is essential to consider raising the dwelling or maybe the insurance rider coverage limits. This move will help ensure that you have the help when needed, especially when it comes to replacing a solar panel system, regardless of what happens. It is essential to understand what your current policy covers and what isn’t covered before increasing premiums or adding more endorsements. That way, you can get the most out of your money.
Ideally, you will want to speak with an insurance agent to discuss all your options. That way, you will be in a position to decide what will work best in your situation.
Contact us today for a free quote from multiple providers.
