Homeowners Insurance Guide for Your Solar System
A Solar system protected by homeowners’ insurance is a great investment for your house. Solar can increase the value of your home, save you substantially on your utility bill, and allow you to have the energy independence you deserve. However, one of the most important things to consider is, how will you protect your investment? Although Solar Topps prides itself on using premium products backed by premium warranties, it’s important to consider how you can have your system covered by your insurance policy.
A Quick Review of the Warranties
There are different warranties to consider for your home: Product Warranty, Performance Warranties, and Installer Warranties.
This warranty will cover any defects in materials or workmanship by the manufacturer. Different manufacturers will have different warranties on their panels. It is important to check and see how long they offer coverage of their products. To get the most out of your investment, consider a solar panel with longer-lasting warranties. Some manufacturers will only cover their product for 5 years while others will cover it for 25 years.
To best understand solar panels, one should consider the amount of energy they produce over time. This covers the performance of your panels. Solar Panels go through a process called degradation which means they will produce less energy over time. Things to consider with a performance warranty are:
1) How much energy the panel will lose in its first year (most panels lose between 2 – 3%)?
2) How much energy will the panels lose each year thereafter (up to 25 years)?
3) In year 25, what percentage of the initial wattage rating will the panel be producing?
Solar Installers have their types of warranties for their projects: Understanding Your Warranty
Workmanship Warranty – covers the performance of the solar panels. These warranties can range from 2 – 25 years. Check the warranty to ensure that it covers you in case something goes wrong.
Roof Penetration Warranty – this will cover the section of the roof where your installation will go. If you need to repair your roof before going solar, you can always include the cost of this in your system’s price and take advantage of available credits and incentives.
How does a warranty differ from Homeowners insurance for Solar Systems?
You may be asking, “Do I need a specific homeowners insurance if I have a warranty on my solar system?” It’s important to know when your warranty may or may not cover certain instances. The warranty may not cover damage caused by a golf ball. However, your home/roof insurance may provide coverage based on the type of coverage your home has. Having total coverage means less money out of your pocket if an issue arises. Therefore, although this is a personal decision for you to make, we think it is advisable to double-check with your current home insurance policy and see if it makes sense.
Most homeowner insurance policies cover solar panels since they recognize your system as a permanent addition to your home. However, you may need to purchase more coverage in the event of a natural disaster. It’s important to review your policy and make sure it includes coverage for your solar panels. Don’t wait until it’s too late, protect your investment today.
At Solar Topps, we understand the importance of protecting your home and everything in it. That’s why we offer comprehensive homeowners insurance for solar systems policies that not only cover the structure of your home but also any permanent additions such as solar panels.
We know that investing in solar panels is a big decision and can greatly benefit both the environment and your wallet. That’s why we want to make sure you have peace of mind knowing that your solar panels are protected in case of unexpected events.
Many homeowners mistakenly assume that their existing homeowner insurance policy will automatically cover their solar panels. However, this is not
Location, Location, Location
When considering supplemental insurance for your home, take into account factors like the direction of solar panel placement on the roof and whether they are explicitly attached to it. If your solar panels are on a Casita, workshop, or RV Barn that is detached from your home, you may require an upgraded insurance policy.
Supplemental Policy or Insurance Upgrades
Some homeowner’s insurance policies are designed to cover your home in the event of a natural disaster. While your homeowner’s insurance may cover your home, it may not provide complete coverage for your solar panels. If this were to happen, you would require a supplemental policy to offer additional protection to your belongings beyond what your standard policy covers. Another option is to get a more comprehensive plan for your home. The best way to make that decision is to get in touch with your insurance agent and work through the details.
There are major benefits to doing research that can save you thousands of dollars on your system. Partnering with the right installer will prepare you for any situation. Get the best coverage with the right warranty and the right homeowners insurance coverage for you and your solar system. A good rule of thumb: if you’re not sure, consult with an expert!
Solar Topps is always here to help you with your installation and makes your system. We believe premium products offer the best performance for every installation, not only because of their performance but also because they come with premium warranties that give you the peace of mind you deserve.