Solar energy is a growing force, with many Americans seeking alternative and more environmentally friendly ways to power their homes. Other than the rising sense of civic duty, a substantial economic statistic plays into the recent popularity of solar panel installation on homes across the nation. With costs to install solar panels, tiles, and roofs, falling nearly 70% in the last decade, homeowners are flocking to invest in these renewable power sources.
So now that you’ve got a solar panel, solar tiled roof, or are considering it…what does that mean for your homeowner’s policy?
It all depends on if you lease your solar panels from the installation company or if you are making purchases to own them and where they are located on your home.
If you lease the panels from the solar company and those solar panels are attached to your roof or set up in your yard, and something were to cause damage to them, the solar company would be responsible to their repair. The solar company is also responsible for damages the solar panels cause to your roof. If you lease your solar panels, we would urge you to refer to lease agreement and really study the fine print so that you would know what to expect in terms of a potential roof claim.
If you own your solar panels, that’s a slightly different story that really depends on where your solar panels are located.
If you have a solar platform installed in your yard and not directly on your roof, we will need to make sure that your homeowner’s policy extends to include that. There is a coverage included in your home for structures not actually physically attached to your residence. This coverage includes any sheds, your fencing, and your detached solar panels. This cover would need to be increased to include the cost of the solar panel.
If you have a Telsa solar roof, or solar panels included on top of your roof, we add those into the cost of your roof. The good thing about this is that solar panel coverage is included already in most homeowners' policies. This is great because it means you don’t have to have separate coverage for your solar. We would merely need to note your policy to state that you have solar panels included on your roof.
Solar panels are a fantastic investment. They not only save your energy costs and lower your footprint, but they also increase the value of your home. But the bottom line is this: if you’ve installed solar panels or solar roof contact your advisor as soon as possible so that we can review your current policy or note your new policy to ensure that you're adequately covered.
January 16, 2019
by Melanie Stout