Going solar has become increasingly popular in recent years as homeowners seek ways to reduce their carbon footprint and energy costs. If you are considering installing solar panels on your home, you may be wondering how this will affect your homeowner's insurance.
Here are the most important things you need to know and do in terms of your homeowner’s insurance coverage when considering going solar.
#1 Discuss with Your Insurance Agent
First, it is important to note that most homeowner's insurance policies provide coverage for solar panels, but the extent of coverage and policy terms can vary depending on your insurer. Before installing solar panels, it is crucial to inform your insurance agent and discuss your coverage options. This will help you understand the impact on your policy premiums and ensure that you have adequate coverage.
#2 Get an Inspection
When you inform your insurance agent about the installation of solar panels, they will notify your insurance company, and they will likely conduct an assessment of your home to determine if the installation of the panels presents any additional risks. For example, solar panels could increase the risk of fire or water damage if installed improperly. Your insurer may require you to have an inspection from a licensed contractor to verify that the solar panel system is installed properly and meets building codes and safety standards.
#3 Consider the Value
It is also important to consider the value of the solar panels when determining the coverage amount of your policy. Solar panels can add significant value to your home, which means that you may need to increase your coverage limits to ensure that you are adequately protected in the event of damage or theft.
In some cases, your insurer may offer a discount on your homeowner's insurance premiums for installing solar panels. This is because solar panels can make your home less vulnerable to damage from power outages and natural disasters, and can help reduce your overall energy consumption. It is always best to check with your insurance agent to see if any discounts are available for going solar.
Need to Update Your Policy?
Going solar can have a significant impact on your homeowner's insurance coverage and premiums. It is important to inform your agent about the installation of solar panels, ensure that your system meets safety standards and building codes, and adjust your coverage limits as needed. By doing so, you can enjoy the benefits of renewable energy and protect your home and investment.
Contact Fiorentino insurance Group today to discuss how adding solar panels to your home may impact your existing homeowner’s insurance policy.