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Solar Panel Insurance: What You Need to Know

By September 14, 2023Insurance, Personal Insurance

Solar panels are a great way to save money on your energy bills and reduce your carbon footprint. But what happens if your solar panels are damaged? That’s where solar panel insurance comes in.

Solar panel insurance is a type of homeowners insurance that covers your solar panels and other related equipment in the event of damage or theft. Most major homeowners insurance companies offer solar panel insurance, but it’s important to read the policy carefully to make sure you understand what is and is not covered.

Here are some of the things that are typically covered by solar panel insurance:

  • Damage to solar panels caused by wind, hail, or other storms
  • Theft of solar panels
  • Fire damage to solar panels
  • Vandalism to solar panels
  • Damage to solar panels caused by installation errors

Some policies may also cover the cost of repairing or replacing your solar panels if they are damaged by a power surge, lightning strike, or other electrical event.

Here are some additional things to keep in mind about solar panel insurance:

  • The cost of solar panel insurance will vary depending on the size and value of your solar system, as well as the specific coverages you choose.
  • You may need to pay a higher deductible for solar panel insurance than you do for your homeowners insurance.
  • Solar panel insurance is not always required, but it is a good idea to have it in case your panels are damaged or stolen.
  • If you are leasing your solar panels, the leasing company may provide insurance coverage.

If you are considering installing solar panels, give us a call! We can help you understand your options and choose the right policy for you.