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Will I Need to Update My Homeowner’s Insurance Policy When I Get Solar Panels?

Solar panels are a popular option for many homes due to their eco-friendly benefits. Investing in solar panels can significantly reduce your utility bill for your house while lasting up to 25 years or longer. A solar energy system is also an excellent way to increase your home value. However, the initial investment of solar panels can often range up to $20,000 or more, as many homeowners are concerned that they need to update their insurance policy after installing solar panels.

Will Homeowner’s Insurance Cover Solar Panels?
The majority of homeowner’s insurance plans will cover solar panels. Once the solar panel system is installed, it’s often considered part of your house with most home insurance providers. However, it’s always important to reach out to your homeowner’s insurance provider to learn about the details of your insurance policy. Each insurance policy is different, as verifying that your solar panels are covered under your plan is a necessity for homeowners.

Here are a few more things to keep in mind if you plan to install solar panels for your home.

Raising Your Coverage Limit
Solar panels are often a significant investment for homeowners that will pay off in the long term. However, you may want to consider raising your coverage limit after installing a solar panel system for your home. While solar panels are most likely covered under your standard policy for homeowner’s insurance, you may want to consider increasing your coverage limit due to the cost. Discussing your options with your insurance provider will help you determine the best option in keeping your investment well-protected while also providing you with peace of mind.

Insurance Provider May Require Add-On or Separate Policy
Another thing to consider is that your insurance provider may require you to buy an add-on or separate policy. For example, an insurance provider may not cover solar panel carports or ground-mounted solar panels. You may be required to purchase an add-on or separate policy, depending on the type of installation used for your solar panel. Contacting your insurance provider before installing solar panels is always a wise decision to help you determine the best option that’s covered under your existing policy.

Buying or Leasing Solar Panels Impacts Your Policy
Choosing to buy or lease your solar panels can also make an impact on your insurance policy. You won’t need to worry about your homeowner’s insurance policy covering your solar system if you agree to use a power purchase agreement (PPA) or a lease. However, it’s always a good idea to closely read the fine print on a PPA or lease to ensure you are adequately protected if something ever happens to the solar panels on your home. On the other hand, it’s important to reach out to your insurance provider to verify your coverage if you purchase a solar panel system.

Insurer May Not Cover Damage During Installation Process
Verifying with your insurer that your home is protected during the installation process for solar panels is important in the unlikely event your roof or solar panels are damaged during installation. Most solar panel installers will provide a workmanship warranty that will last up to a year after installation. Always asking about the warranty and checking with your insurance provider will give you peace of mind to know that you are protected against any potential issues during or after the installation process.

Always Compare Your Options
Solar panels are extremely durable, as they are specifically designed to withstand real-life weather conditions in a variety of climates. However, not all solar panel manufacturers are equal, as it’s a good idea to compare multiple options to help you find the best one to meet your needs and budget. Working with a solar installer with an excellent reputation is also important to ensure you are satisfied with the finished product. Doing all of these things will save you a lot of stress while reducing the chance of you ever needing to file on your homeowner’s insurance due to improper installation or wear and tear.

Reach Out to Wellcovered Insurance for More Information About Homeowner’s Insurance
Wellcovered Insurance is an agency working with over 30 insurance carriers to help you find the best plan for meeting your needs and staying within your budget. Our insurance agency works with clients throughout Seminole and Volusia County. We are one of the top-rated insurance agencies on Google Reviews, as we strive to always meet the individual needs of each client. 

Our experienced team can help you choose insurance to best meet your needs, whether you are looking for homeowner’s, rental property, condo, mobile home, or flood insurance. We also offer car, motorcycle, RV, and boat insurance. Our team will work alongside businesses to help them choose general liability, commercial property, commercial auto, and professional liability insurance.

Providing the best customer service is a top priority, as we will give you an auto quote in only 15 minutes while home quotes only take one to two business days. Wellcovered Insurance also maintains an active presence in the community. We are a proud member of both the Deland Breakfast Rotary and the West Volusia Regional Chamber of Commerce.

Contact Wellcovered Insurance to learn more about our services!