Key TakeawaysMost homeowners insurance policies include coverage for solar panels. Solar panel insurance helps protect against physical damage, theft, vandalism, breakdowns or malfunctions, and business interruptions.
In most cases, there is no need to get additional insurance to cover your solar panel system. However, since solar is worth thousands or even tens of thousands of dollars and can add around $10,000 to $30,000 of value to your home, we might recommend raising your coverage limit to cover the cost of your home with the solar panel system.
Does homeowners insurance cover solar panels in Florida?
In Florida, for example, homeowners with solar panel systems greater than 10 kilowatts (kW) in size are required to carry $1 million in liability coverage. Although homeowners insurance includes personal liability coverage, most companies only let you carry up to $500,000 of it, so where do you find the other half a million in coverage?
Some insurers may not cover wind or hail damage to roof-mounted solar panels. If you have panels on top of a detached structure, such as a shed, it's possible the "other structures" coverage on your policy will cover them, but you should check with your insurer.
Are solar panels covered under a homeowner's policy?
This means that as long as you own your solar panels and they are rooftop-mounted (additional policies may be required for ground-mounted systems), the system will be included under a homeowner's policy and covered in standard plans without raising your premium.
The solar panel insurance cost will depend on various things like your location, your current coverage amount, the size and cost of your system, and your insurance company's plan. Claims for damaged solar panels would also vary based on your insurance plan, but likely follows the same process as other damaged property claims.
Does homeowners insurance cover rooftop solar energy?
Most rooftop solar energy systems are covered by standard homeowners policies, which doesn't change your insurance plan. However, you may need to increase the amount of coverage on your home to account for the cost of the system which can then raise your premium. Of course, not every policy or solar energy system is the same.