Finding the Best Home Insurance for Homes Equipped with Solar Panels

For those that are considering solar panels to your home, be sure to factor in how that solar array can affect your homeowners insurance. If you are unhappy with your current insurance plan, and are looking for a more affordable rate, start searching for home insurance quotes.

Many homeowners are becoming more and more environmentally aware. They are trying, even in small ways, to reduce their carbon footprint and live an environmentally-friendly lifestyle. For homeowners, customizing the home to be more “green” is also growing. A growing trend is to add solar panels to a home. Some choose to add solar panels for their water heaters, solar pool heaters, and others go for a full-blown solar array to defray or completely eliminate their home energy bill.  

Things to know to find the best home insurance for homes equipped with solar panels: Solar Panels and Insurance

Your insurance may not skyrocket just because you are adding a solar array. Most insurance companies these days cover solar arrays. In fact, many carriers may offer a slightly lower rate because environmentally-friendly people are less likely to make an insurance claim. Some insurance companies have even been known to offer a 2-3 percent discount for home solar panels.

Beware, some insurance companies will charge an exorbitant fee for the home solar panels, arguing that it adds an increased value to the home. Check with your insurance agent and make sure your carrier will insure your solar panels and see if you can get a discount or low rate.  

Roof Damage Make sure you find a professional installer to install your solar panel system. Professionals with experience in installing home solar panels know what they’re doing and how to install the panels without damage. But if you’re still worried, you can always mount your panels on the ground and eliminate risk to your roofing.  

Solar Panel Pay Off With solar panels, not only will you be saving a small fortune on electricity costs, but your insurance premium may not raise all that much, especially if you shop for home insurance quotes. Also, be sure to look for governmental incentives and tax breaks to homeowners who invest in solar energies.  

Cost by Geographic Region If your area is prone to severe storms, the insurance for your solar panels may be expensive. This is because it is much more likely that you will be making insurance claims for your roof and home solar panels because of severe weather.