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Does Homeowner’s Insurance Cover Solar Panels?

November 8, 2022

Solar panels are a big investment for any homeowner, and it’s only natural that you want that investment to be as safe as possible in the event of damage. That’s why many homeowners wonder if or how their insurance will cover a new solar panel system. Read on to learn whether homeowner’s insurance covers solar panels.

Getting Solar Panel Insurance

Most homeowner insurance policies include solar panel insurance! To make sure your insurance company has an applicable policy, you should contact them directly. Because solar panels are typically classified as a permanent attachment to your home, they function similarly to patios or security systems as far as insurance companies are concerned.

Changing Claim Limits

Be sure to check the fine print of your policy to determine whether you need to adjust your claim limits. Most insurers won’t apply claim limits to solar panels, but some policies will give you trouble with coverage amounts.

Increasing Coverage

Simply installing solar panels will not change your insurance plan. However, because your panels add significant value to your home, it may be in your best interest to increase your coverage to account for this change. When you increase coverage, this will result in a higher premium. However, protecting your expensive solar equipment is probably worth the slight bump in insurance costs.

Before you reach out to your insurance, get a quote from a solar panel company to find out how much your system will cost.

What About Leased Panels?

Most leasing companies will not require you to insure your panels, but you should check with them prior to installation. A few leasing companies may require you to purchase separate insurance through them or your homeowner’s insurance.

Now that you know that many homeowner’s insurance plans cover solar panels, reach out to a local solar installer to get a quote for your home. Once you know the approximate cost of your solar panel system, you can talk with your insurance company about how you’d need to adjust your coverage to keep your panels safe.

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