If you're considering adding solar panels to your home, you might be wondering if your homeowner's insurance will cover them and if they will impact your insurance rates. Here are the things you need to know:
Does Homeowners Insurance Cover Solar Panels?
Most homeowners insurance policies usually cover solar panels installed on your property. However, it's essential to check with your insurance provider to ensure your policy includes coverage for solar panels.
Coverage for solar panels might be limited to specific types of damage, such as theft, fire, or weather-related damage. Damage caused by faulty installation or maintenance might not be covered, so it's essential to have your solar panels installed correctly. Project Solar can provide an install partner to complete this process for you.
Do Solar Panels Affect Homeowners Insurance Rates?
In general, installing solar panels has a minimal impact on your homeowner's insurance rates. Your insurance provider might consider the added value to your property with the installation of solar panels, which could lead to slightly higher premiums. However, some insurance providers offer discounts to homes with solar panels since they are deemed less risky for damage or loss due to their energy efficiency and resilience to power outages.
Florida Homeowners Insurance and Solar Panels
When it comes to homeowners insurance in Florida, keep in mind that hurricanes can be a concern. Under the Renewable Energy Source Device Coverage statute, Florida homeowners insurance providers must offer coverage for solar panels. If you install solar panels on your home in Florida, your insurance provider must provide coverage for them. However, the specific terms and conditions of coverage might differ among insurance providers. It's critical to review your policy and ask your provider any questions you may have about solar panel coverage.
In conclusion, most homeowners insurance policies cover solar panels, but you must confirm with your provider to ensure coverage and any limitations or exclusions. If you live in Florida, state law mandates that your insurance provider offer solar panel coverage. However, you should still examine the terms and conditions of coverage with your provider. Although solar panels may have a minor impact on your insurance rates, discounts might also be available.