Home Insurance and Solar Power
Home Insurance and Solar Power
At the end of 2020, it is estimated that 2.7 million homes had solar panels professionally installed. That number is expected to increase by about 32% annually. The reasons are easy to understand. Electric bills continue to soar with no signs of slowing. Solar equipment has not only become more reliable and durable but at the same time more affordable. In addition, homeowners are recognizing that homes with solar power are more valuable and easier to sell.
Have you thought about getting solar panels for your home? There’s a lot to consider. Does your property get enough sunshine? If so, where should the panels be located? How large of a system will you need? Should you invest in battery storage? How long will it take to pay for your system? You may also have to decide if you will be purchasing your system or leasing it. This is particularly important when it comes to how those panels will be insured and whether they will be covered by your home insurance.
First, you should be aware that if you purchase your solar panels and system, they will most likely be covered for the same calamities as the rest of your property.
If you lease your panels or system, things can get a bit more complicated, because technically you don’t own it. The solar company does. If you decide to insure leased panels yourself, the insurance company may limit your payout for any wind or storm damage.
It is important to note that whether you buy or lease a solar system, you contact your independent home insurance company to let them know of your plans. They can make sure your policy provides the protection you expect. In fact, whenever you make any significant improvement to your home, it can be important to connect with your home insurance agent. If you like, we can even provide a no-obligation quote. If you are joining the solar revolution, make sure your home insurance policy is keeping up. Contact us today.
Do you have questions about your insurance? Find an insurance agent near you with our Agent Finder
Search All Blogs
Search All Blogs
Read More Blogs
Beyond “How Was Your Day?”: Engaging Your Kids with Deeper Questions
Get your kids talking with these open-ended questions.
The Rise and Fall (and Possible Return?) of the American Minivan
The minivan’s journey: from family icon to potential comeback.
Out with the Old: 7 Home Upgrades That Pay You Back
Upgrade these 7 outdated home features now.
America’s Linked Cities: Six Communities Forever Entwined
Discover America’s famously linked cities.
Navigating Price Increases: How to Retain Customers During Inflationary Times
Retain customers during price increases with these tips.
Beyond the List: What Your Bucket List Really Says About You
The hidden meaning and power of your bucket list.
Taking the Wheel: How You Control Your Car Insurance Costs
Control your car insurance costs with these tips.
Beyond the Walls: Maximizing Your Home’s Outdoor Living Potential
Unlock your home’s outdoor living potential.
The Welcome Mat: 5 Surprising Values of Your Home’s Unsung Hero
The surprising value of your welcome mat.
Adapting for Tomorrow: How Businesses Can Thrive Amidst Constant Change and Tech Evolution
Business success: adapting to change and embracing technology.