Do Solar Panels affect Home Insurance?
If you are looking to save money and generate energy, solar panels can be a great investment. You'll need to protect your solar panel system, just like any other great investment.
People are attaching solar panels to their homes more and more. In fact, solar power accounts for more than a tenth of the UK's electricity supply in summer.
Solar panels are not cheap. Even a few square meters can cost you thousands of pounds. Investment in solar panels could help you save hundreds of pounds per year on your energy bills.
You could also get paid to provide extra solar energy to the national grid if you produce more than you consume. These panels are also durable - the latest models should continue supplying power for 40 to 50 years.
Is Solar Panel Insured by Home Insurance?
Your home insurance will likely cover your solar panels. Your homeowners' policy will cover your solar panels as long as they are attached to your home. You will not be covered if your panels become damaged by a covered event.
Your homeowner's insurance will only cover the damage that is covered by covered perils. Your homeowner's policy might cover the repair or replacement of solar panels damaged by hail or fire.
You won't likely be covered for damage due to wear and tear, flooding or earthquakes under your policy. To protect your panels, you will need to buy a separate policy.
Talk to your insurer about your policy to make sure your panels have adequate coverage in case of an emergency.
How do Solar Panels Impact Home Insurance?
If you don't have enough capital to purchase solar panels, you can lease them. If you are interested in installing their solar power system, many solar energy companies will offer you the chance to lease their panels. Depending on which company you partner with, this option can cost little to no upfront. You can also use a durable solar inverter to lighten up your house even at night without the usage of commercial electricity.
Because you don't have the panels, you don't usually need to buy insurance. It is important to contact your solar company to see if they offer insurance for them in the case of an accident or weather-related event.
Some companies may require that you buy your own policy instead of the panels. You should discuss this with your solar energy provider.
Do Solar Panels increase your Home Insurance?
It is possible that solar panels could cause your homeowner's policy to increase in price. Because solar panels are an asset to your home, your insurance rates can rise.
To adequately protect the home from an insured accident, homeowner policies often rate their premiums on the basis of their value. You will need to raise your insurance policy in order to reflect the increased value of your home.