Installing a solar panel in your home can affect your insurance
Installing a solar panel in your home can affect your insurance. Due to the solar energy boom, over 5% of the electricity consumed by households in the state of Florida comes from the Sun. An example of this trend is the Taylor couple, who installed solar panels on the roof of their home and haven’t paid a penny to the electric company for several years. However, a few days ago, their insurance company sent them a letter notifying them that they will not renew their homeowner’s insurance policy due to the solar panel.
Similar news is increasingly present in television news. “They canceled me,” said Smith. “They raised my premium,” said Ramiro. However, this does not mean that insurers do not cover properties with solar panels.
The reality is that if someone installs a solar panel on the roof of their property, the homeowner’s insurance should cover the repair or replacement if it is damaged by a peril covered by the policy. What is happening, though, is that some insurers do not cover damages caused by hail or wind to the panels.
On the other hand, there are homeowners who install panels on the ground near their homes. These may also be covered under what is known as “other structures.”
So, if you were thinking of installing a solar panel in your home, don’t be discouraged by the news. Our recommendation is to speak with your insurer before doing so to see what impact it may have on your insurance. They might recommend purchasing a specialized separate policy to cover the solar panels, which could be an option.
Another consideration is that once the panel is installed, you may need to expand the coverage of your policy due to the price of these panels.
If you’re looking for affordable homeowner’s insurance, call Univista Insurance. Installing a solar panel in your home can affect your insurance.
Call us today for a complete quote! (305) 267-7138. You can also get a free quote here.