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Solar Panels: Will They Affect My Homeowners Insurance?


Solar panels are a great investment for your home. Although the cost of setting them up can be intimidating, the potential long-term benefits and other incentives are often worth it. In fact, more and more homeowners are seeing the advantages of solar panels over the past decade.


If you are planning to install solar panels for your home, you might also be interested in protecting this investment against certain risks like theft or damage from wind or fire. In this post, JMB Renewables discusses homeowners insurance coverage for solar panels.


Does My Homeowners Insurance Cover Solar Panels?


Your homeowners insurance policy may offer protection for solar panels because a solar panel system is technically a part of your home. It's best to check your contract. And if your insurance does provide coverage for solar panels, make sure to review the coverage limits. This limit typically refers to the maximum amount your policy will pay out in case of a covered loss.


You also have to check with your insurer if certain types of installations will require an add-on or separate policy. Furthermore, find out if your insurance covers the actual installation process. While many solar panel installers usually offer a warranty on workmanship, it doesn't hurt to have another option that would protect your roof against labor-related defects during installation.


How Can Solar Panels Affect My Homeowners Insurance?


Although your home insurance likely covers your solar panels, this does not mean that your premium will also increase. Some carriers may even offer you a lower rate or discount if you have solar panels. However, there ae also other insurance companies that might charge a large fee on your system.


If these sound a bit complicated to you, there is an option to lease panels instead of buying or owning a system. This setup relieves you from liability insurance because the solar panels are already insured by the installation company. However, take note that since the panels are only on lease, you cannot claim ownership or any credit on your home value appraisal if you decide to sell your home.


JMB Renewables specializes in solar maintenance and project management. We have several years of experience in the industry, and we have handled a variety of projects. You can rest assured that you will be receiving quality services from us. Call us at Phoenix: 480-616-0777, Bay Area: 510-227-6640, Denver: 720-419-2883, Colorado Springs: 720-419-2883, or Castle Rock: 720-419-2883. You can also fill out our contact form to request a quote.

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