More and more people are looking at saving energy costs by installing solar panels at their home. According to the Solar Energy Industries Association, residential solar energy has experienced an average yearly growth rate of 68% over the last decade.
While homeowners realize energy cost savings, installation of solar panels also adds value to their homes. Typically, most rooftop solar energy systems are covered by standard homeowners' policies. However, you may need to increase the amount of coverage on your home to account for potential replacement and repair of your panels in the case of recognized perils, such as fire. This most likely will result in an increase in your premiums.
Solar energy systems and rooftop panels or tiles are usually considered a permanent attachment to your property, similar to a patio or a security system, and are included as part of your dwelling coverage.
Coverage for solar energy systems can vary. For example, solar panels that are not attached to your home, such as solar panel carports or ground-mounted panels, may be covered by your homeowners' policy under other structures coverage or some may require an add-on or separate policy.
If you are considering adding a solar panel system to your home or if you have already installed a system, you need to contact your J.P. Perry agent right way. Your agent can help re-rate your current homeowners' policy and determine if you need additional coverage.