How Do Solar Panels Affect My Home Insurance Rates?

Solar panels on home may affect insurance rates

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While solar panels add great value to your home, you may be wondering if they affect your home insurance rates. Will your home insurance cover your solar panels? Will you have to get a separate policy? Are your insurance rates going to go up? What about if you lease your panels instead of buying them? 

Your home insurance typically covers roof-mounted solar panels.

Since they are installed directly onto your house, roof mount solar panels become part of your house as a whole. So, panels on your roof may just be covered under your regular home insurance.

Always check to confirm the details of your home insurance policy, though. Not all home insurance plans are the same.

“Separate systems” may have to be an “add-on” policy.

Systems like ground mounts or carports with solar panels are a different story. Since they are technically separate structures apart from your home, these kinds of panels may need an add-on policy to be covered by your home insurance.

The best way to be certain is to contact your insurance company to ask about policies after you install your solar panels.

Whether your new panels are covered under your regular home insurance or need an add-on policy, definitely consider raising your coverage limit. High-quality solar panels are an investment and they are incredibly valuable. You want to be sure your investment is covered. This may raise your rates, but it is very worthwhile.

However, home insurance plans do not cover leased panels or PPAs.

Since you are not the owner of the system, it is not your responsibility to get insurance for the solar panels. This doesn’t mean that there won’t be coverage options for you, though. Many solar companies offer excellent maintenance plans and extended warranties so that in case something goes wrong with the panels, you aren’t left footing the bill for a system you don’t own. So your home insurance rates won’t be affected if you opt for a PPA.

If you have more questions about going solar, contact Aurora Energy today! Our knowledgeable consultants will be able to answer whatever questions you may have.

More To Explore

While solar panels add great value to your home, you may be wondering if they affect your home insurance rates. Will your home insurance cover your solar panels? Will you have to get a separate policy? Are your insurance rates going to go up? What about if you lease your panels instead of buying them? 

Your home insurance typically covers roof-mounted solar panels.

Since they are installed directly onto your house, roof mount solar panels become part of your house as a whole. So, panels on your roof may just be covered under your regular home insurance. Always check to confirm the details of your home insurance policy, though. Not all home insurance plans are the same.

“Separate systems” may have to be an “add-on” policy.

Systems like ground mounts or carports with solar panels are a different story. Since they are technically separate structures apart from your home, these kinds of panels may need an add-on policy to be covered by your home insurance. The best way to be certain is to contact your insurance company to ask about policies after you install your solar panels. Whether your new panels are covered under your regular home insurance or need an add-on policy, definitely consider raising your coverage limit. High-quality solar panels are an investment and they are incredibly valuable. You want to be sure your investment is covered. This may raise your rates, but it is very worthwhile.

However, home insurance plans do not cover leased panels or PPAs.

Since you are not the owner of the system, it is not your responsibility to get insurance for the solar panels. This doesn’t mean that there won’t be coverage options for you, though. Many solar companies offer excellent maintenance plans and extended warranties so that in case something goes wrong with the panels, you aren’t left footing the bill for a system you don’t own. So your home insurance rates won’t be affected if you opt for a PPA. If you have more questions about going solar, contact Aurora Energy today! Our knowledgeable consultants will be able to answer whatever questions you may have.

Do you want to learn more about solar?

Reach out to one of our expert staff members to learn more about how you can save money with solar.

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