Investing in solar panels is an intelligent move both for your wallet, as well as the environment. However, while insuring them, salesmen often do not disclose some of the important aspects upfront. Let’s understand solar panel insurance in more detail.
Solar Panel Sales Tactics
When talking about solar panels, sales representatives usually focus on the benefits such as cost savings on energy bills, elevated property value and various tax incentives. While all these points are valid, they might overlook potential insurance implications to make the sale more attractive.
Insuring Solar Panels
Let’s understand the details about insuring solar panels:
Coverage Complexity
You can get solar panels insured under your homeowners’ insurance policy but the specifics of the coverage might vary. This is because all policies don’t automatically include solar panels, some need an additional endorsement or rider. This could mean costlier insurance premiums to ensure the coverage of your solar panels.
Liability Coverage
Salesmen often do not mention the liability coverage associated with solar panels. In case a panel gets detached and causes any injury or damage you may be held liable. This makes it vital to have a considerable amount of liability coverage, as it may not be included in your standard homeowners’ insurance policy.
Installation Risks
Getting solar panels installed can pose certain risks to the structure of your home. Faulty or improper installation can cause roof damage, leaks, or even electrical issues. These potential risks make it important to check whether or not your insurance covers damages that happen during installation. While some installation companies offer warranties, these may not cover all potential issues. It’s crucial to know the company installing the solar panels is a licensed and insured company.
Cost Implications
The initial costs involved in insuring solar panels may seem less, but over time increased liability coverage and higher premiums for comprehensive coverage can add up. Thus, making the overall cost much higher than expected.
Tips for choosing the right Insurance
- Speak with Your Insurance Agent – Before the installation of solar panels have an in-depth discussion with your insurance agent. Ask them how the policy covers solar panels, if there is a need for any additional coverage, the potential increase in premiums and liability coverage specifics.
- Review the Installer’s Warranty – Get a good understanding of the installer’s warranty. See if it provides coverage for installation-related damages as this can influence your insurance needs.
- Explore All Insurance Options – Get alternate quotes from several insurance carriers to consider the available options. Some carriers provide coverage for homes with solar panels and may offer better coverage terms and more competitive rates.
- Regularly Review Your Policy – Policies can change over time, so it’s essential to review your insurance policy on a regular basis to ensure that it meets all your needs and provides sufficient coverage for your solar panels.
How Rosier Insurance Can Help
At Rosier Insurance we offer comprehensive insurance policy options designed to provide mental peace. Our team can assist you in choosing the right homeowners insurance in Naples, FL, that also provides thorough solar panel insurance coverage. Visit our website or contact us to learn more about our services and how we can help you insure your solar panels.
