Solar panel insurance and your homeowners insurance policy.
For Solar Panel insurance you can look to your homeowners insurance policy, but each company is different.
Find out how and if your insurance company will not only accept solar panels but also if they will insure solar panels.
We recently had a customer of ours ask about adding solar panels to their house and they wanted to know if their homeowners insurance coverage would cover the solar panels.
After speaking with the company underwriter, the response was the solar panels would be covered under “Coverage A Dwelling Value”.
If your house is insured for $250,000 and you purchased solar panels for $20,000,
you would endorse your homeowners policy to increase the insured dwelling value to $270,000.
You would notify your insurance agent to make this endorsement and to be safe it is never a bad idea to send your agent photos of the solar panels installed on your roof so the agent and company have documentation of the solar panels.
All insurance companies have different underwriting guidelines.
Please check with your agent and insurance company to determine if they are willing to insure the solar panels before you purchase and install the solar panels on your house.
“I was told the solar panel company will insure the panels for damage”
Be careful what you are told when you lease your solar panels.
More than likely you are responsible for damage to the panels.
Are the solar panels covered for all damage?
Some insurance companies will not cover the solar panels for wind or hail damage.
It is important to check with your homeowners insurance company to determine if they are actually covered for all types of damage.
DO ALL HOMEOWNERS COMPANIES PROVIDE SOLAR PANEL INSURANCE?
Some exclude coverage and will make your house unacceptable on their underwriting guidelines and your policy will be canceled so it is very important before you make an investment in solar panels you check with your insurance company or insurance agent to determine if the solar panels are acceptable and if they will be covered for property damage.
HOW MUCH DO SOLAR PANELS COST?
There are few good resources to help you make the decision if you should get solar panels.
You do want to check with federal and state tax credits as these credits are subject to change.
Start your research with the two websites below and hopefully this can help you make an informed decision.
If you decide to purchase solar panels on your house in Louisiana and you are not sure if or how they will be covered on your homeowners insurance, we’re here to help.
At FM Agency Group we represent homeowners insurance companies that will insure solar panels and we also represent companies that will not accept solar panels. It is best to consult an independent insurance agent to determine acceptability and make sure the solar panels are properly insured. Give us a call at 504.348.3131.