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THE SOLAR HOMEOWNER’S GUIDE TO CHOOSING THE RIGHT INSURANCE POLICY

Date: Apr 21 2017
solar panels have the right insurance

We all know the importance of protecting our valuable assets with proper insurance coverage. The same rule applies to rooftop solar panels. With an upfront installation cost varying between $25,000 and $35,000, a solar energy system, no doubt, is a pricey undertaking.  Even if a small part of the structure gets damaged, you may have to go for a complete replacement. If you happen to live in a hurricane-prone region like Florida where high winds and floods are commonplace, it would be natural for you to be concerned about the safety of your solar investment. But fear not, because you can avail your homeowners’ insurance policies to cover your solar panel structures against any damages, according to the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL). Since all the parts of a solar energy installation, including the arrays installed on the roof, are considered a permanent part of your home, they deserve the protection of insurance coverage. If you are considering the option of embracing solar, first review your home owners’ policy to find whether it provides adequate financial coverage for your solar panels. While going through it, take note of the following points:

  • There cannot be any claim limit for damaged solar panels. Be it for repairing or replacing your damaged solar units, you can expect to get back only 10 percent of the total repairing value in compensation. This is an area where solar panels fundamentally differ from other extraneous structures like tool shades. Purchase a high-coverage policy that can be utilized to cover all the expenses in case you need complete replacement.
  • Make sure that your insurer provides coverage for not only risks associated with the wind but also with other perils such as fire and theft. Check whether your policy has separate clauses for rooftop and ground-mounted solar panel models. If yes, check how it might affect your premium and coverage amount.
  • Not all plan sallow you to file a claim for hurricane damage. Choose a plan that has provisions for two separate deductibles – one for standard requests and another one for hurricane and other tropical storms.

Opting for solar energy is a significant step toward a greener future. However, you must also protect your solar panel with the insurance it needs. Contact us when you decide to embrace the solar advantage.

License No CVC56780

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