Adding Solar Panels to Your Home?

| October 17, 2016

Solar panels are going up on many of today’s homes. These panels, which used to be only considered beneficial in warm areas like Nevada and California, are now more readily available to homeowners throughout the country. They offer a great deal of benefit to the homeowner. They can help to reduce your energy bills while also helping you to reduce the use of fossil fuels. But, when you add them to your home, it’s important to consider your home insurance. Can your home insurance cover them in cases of an accident or damage?

Does Your Home Insurance Cover Solar Panels?

In most situations, the installation of solar panels on homes is covered under a typical home insurance plan. It may provide, then, the same type and amount of coverage as you would expect from the plan for the rest of your home. Most of the time, this includes perils such as damage and theft. Most plans also cover against wind damage and fire damaged. However, there are limitations to these plans and it may depend on the type of panel you own.

First, ensure that the value of your home insurance is high enough to cover the value of the panels. Most policies have coverage limits, which is the maximum amount that your plan could pay out in the event of a covered claim. Ensure this is high enough to cover the value of the solar panels (alongside anything else that you own).

Second, you’ll need to consider the type of panel you have. Though rooftop solar panels are the most common option today, others, such as ground-mounted panels, are growing in use. This can impact your coverage. If you have solar panels mounted on the ground, contact your home insurance provider to make sure your plan offers ample protections for them. This is not always a given type of protection.

Don’t overlook the importance of protecting your solar panels from risks. Since these tend to be large investments, you’ll want to update your home insurance to ensure it reflects what you own and the value of it. The good news is that you may not need to spend much more to keep your panels safely protected.

Get the right protection for your home. Call Pfenninger, Claxton, & Estelle Insurance Group at (800) 343-7239 for more information on Muncie home insurance.

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