Insurance and your solar panels: Residential solar panels are an investment, and having them adequately covered by insurance gives you, the homeowner, peace of mind. We’ve noticed that insurance and your solar panels is a common discussion topic in Solar Nova Scotia’s Facebook Group, so we decided to provide a few things to consider when purchasing insurance for your solar panels.
Does Home Insurance Cover Solar Panels?
In most cases, the answer is yes. Many home insurance policies include coverage for solar panels under the dwelling protection component. This typically applies to panels permanently attached to your roof or property. However, it’s important that you confirm this with your insurance provider and ensure that the total value of your home, including the panels, is reflected in your coverage limits.
What to Ask Your Insurance Provider
When speaking with your insurance company, here’s what you can have in mind:
- Valuation: Make sure the cost of your solar system is included in your home’s insured value. Provide receipts or installation contracts to help determine an accurate replacement cost.
- Liability Coverage: If your panels are ground-mounted or part of a shared solar array, inquire about additional liability coverage for potential accidents or damage.
- Weather and Natural Disasters: Confirm if your policy covers risks like hail, windstorms, or other extreme weather events that could damage your panels.
- Maintenance Requirements: Some insurers may require proof of regular maintenance to keep the panels in optimal condition.
Do Solar Panels Increase Insurance Premiums?
Solar panels may increase your home’s insured value, leading to slightly higher premiums. However, long-term savings on energy costs and potential incentives like tax credits often offset this increase.
Additional Coverage Options
For added protection, you may consider:
- Solar Panel Insurance Riders: These are policy add-ons specifically designed to cover solar equipment.
- Manufacturer’s Warranties: Many solar panels come with warranties that cover defects and performance issues.
- Extended Warranties: Installers like Solar Ascent may offer additional warranties for peace of mind.
Tips for Ensuring Proper Coverage
- Document Everything: Organize all installation contracts, warranties, and maintenance records.
- Consult Experts: Work with your solar installer (Solar Ascent 🙂) and insurance provider to ensure seamless coverage.
- Review Policies Annually: Regularly update your policy to reflect system or home value changes.
Conclusion
At Solar Ascent, we’re committed to helping you every step of the way. Contact us today to learn more about solar installations and how we can help you provide documentation for insurance coverage.
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We’ll get back to you with a custom solar proposal for your home or business within two business days.
