What Insurance Companies Cover Solar Panels in Florida?

Types of Coverage for Solar Panels

Most standard homeowners insurance policies cover solar panel systems as permanent property improvements. Rooftop-mounted panels are covered under the “dwelling” portion, as they are part of the home’s main structure. If damaged by a covered peril, repair or replacement costs fall under this section.

Ground-mounted solar panels or those on detached structures like carports may be covered under the “other structures” portion. Homeowners may need to adjust the default limit for this coverage to adequately protect their solar installation.

An endorsement or rider may be necessary for comprehensive coverage, particularly for ground-mounted systems or if the base policy has limitations. These endorsements provide additional protection for risks not fully covered by the standard policy.

Homeowners insurance policies cover solar panels against perils like fire, wind, hail, lightning, theft, vandalism, and falling objects. Exclusions often include damage from floods, earthquakes, normal wear and tear, improper installation, or lack of maintenance.

If solar panels are leased, the leasing company is typically responsible for insurance. Homeowners should clarify insurance responsibility when entering a lease agreement. Reviewing lease terms and discussing coverage with the solar provider is advised.

Factors Affecting Solar Panel Insurance

Several factors influence how insurance companies assess and price solar panel coverage. Insurers prefer systems installed by licensed professionals adhering to local building codes and industry standards. Professional installation reduces the risk of damage or malfunction, impacting policy terms.

The age and condition of the solar system also play a role. Newer, well-maintained systems are less risky than older ones. The roof’s condition is also important; insurers assess its age, structural integrity, and ability to support the solar array. A poor roof condition can lead to higher premiums or coverage denial.

The solar panel system’s value impacts coverage limits and premiums. Panels add value to a home, increasing its replacement cost. Homeowners may need to increase dwelling coverage limits to account for this, which can raise premiums. The increase varies based on system value and location.

A home’s location, especially in disaster-prone areas, affects solar panel insurance. Regions susceptible to hurricanes or severe wind events may have higher premiums or exclusions for wind and hail damage. Some insurers are hesitant to cover homes with solar panels in high-risk areas. However, some companies may offer discounts for homes with solar panels due to their energy efficiency.

Finding Insurers for Solar Panels

Start by contacting your current homeowners insurance company. Inquire if your existing policy covers solar panels, and to what extent. This helps determine if your current insurer can accommodate your solar investment, possibly through a policy adjustment or endorsement.

Engaging independent insurance agents can be beneficial. They work with multiple carriers, providing a broader range of options and tailored advice. They help compare quotes and policy features, ensuring coverage aligns with your needs and budget.

Online insurance comparison tools offer another way to find insurers. These platforms allow homeowners to input property details and receive multiple quotes, streamlining policy comparison. While convenient, follow up directly with potential insurers to confirm all solar panel coverage details.

When speaking with potential insurers, ask specific questions about solar panel coverage. Inquire about covered damage types, exclusions, and if an endorsement is required. Understand how adding solar panels might affect your premium and deductible. Clarifying these points upfront helps ensure adequate protection.

Making an Insurance Claim for Solar Panel Damage

When solar panels sustain damage, initiate the claim promptly. First, ensure safety and prevent further damage. Document damage thoroughly with photos and videos for evidence.

Contact your insurance company as soon as possible. Most insurers have a dedicated claims department to guide you. Provide a detailed account of the incident and damage for a smoother process.

Gather all necessary documentation for a successful claim. Include installation records, receipts, and reports from solar installers detailing damage and estimated costs. This supports your claim and helps the adjuster assess the loss accurately.

An insurance adjuster will evaluate the damage. Their role involves inspecting, confirming the cause, and determining payout based on policy terms. Cooperate fully with the adjuster and provide requested information to expedite assessment.

Understand your policy’s deductible, the amount paid out-of-pocket before coverage begins. The policy outlines the deductible for property damage claims. The insurance company will work with you on options for repairing or replacing damaged solar panels, based on the adjuster’s assessment and coverage terms.