Adding solar panels to your home is an investment that provides many benefits. When installed correctly, they will generate energy for many years to come and reduce your need for outside energy sources. You will want to be able to protect your investment. Talking to your insurance agent can help. There are insurance options available to you that can help.
Your homeowners policy will cover your solar panels if they are attached to your home, in most cases. Just like other parts of your home, they will have to be damaged by one of the perils listed in the part of your policy that covers dwellings if repairs need to be made. Covered perils include hail, fire, and storm damage. Earthquakes, flooding, hurricanes, and general wear and tear are normally not covered perils.
Since solar panels are considered to be an investment towards improving your home, they will naturally increase the overall cost of your premiums. You will need to increase your coverage amount to include the cost of the solar panels. Talk to your insurance agent before you have them installed to learn more about how they will affect your insurance coverage.
If your solar panels are mounted on the ground or a surface other than your roof, you will want to look into purchasing additional coverage. Your homeowners insurance will only cover your solar panels if they are attached to the structure of your home.
Any time you make changes to your home, you should inform your insurance agent. If you have recently installed solar panels, the amount of your coverage will have to be adjusted. Depending on where you have them installed, you may need to purchase additional coverage for them. Installing them on the ground or another surface will exclude them from coverage under your homeowners policy.
Solar panels are an investment in your home that is meant to provide lasting benefits. Installing them may also be considered a form of home improvement and will increase the value of your home as well as lower your energy bills. You will want to increase the amount of coverage you have to ensure that your investment is fully protected.
Normally when you lease your solar panels, you don't have to insure them because you don't own them. Some solar companies, however, will require that you purchase a policy for the time that you lease them. You will need to discuss this with both your insurance agent as well as your solar energy provider.
The cost of solar panel insurance will vary from state to state. If you attach the panels to your home, they are considered to be permanent, and their cost will be rolled into the value of your home. This increases the value of your home, so the coverage limit of your policy will change along with it.
Since solar panels are attached directly to your roof, you may experience damage if the work is not done by a professional, licensed contractor. If this should occur, it will be up to you to pay for the damages out of your own pocket. Talk to your insurance agent and ask what would happen if your roof is damaged during installation. The right contractor will be able to install your solar panels without damaging your roof.
If you want to learn more about insuring your new solar panel system, talk to the professionals. Contact the agents at Little & Sons Insurance Services today. We have many of the answers you are looking for and can guide you through the process of getting the insurance you need!
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