Types of Insurance Coverage for Solar Panels
Homeowners Insurance: Often covers rooftop solar panels under the dwelling coverage portion of the policy. Ground-mounted or detached panels may require additional coverage.
Solar Panel Insurance: Specific policies designed to cover solar systems, including coverage for damage, theft, and loss of revenue due to system downtime.
Commercial Insurance: For businesses with solar installations, commercial property insurance typically includes coverage for solar panels.
Common Risks Covered
Weather Damage: Coverage for damage caused by hail, wind, lightning, and other natural events.
Fire: Protection against damage or destruction by fire.
Theft and Vandalism: Coverage for stolen or vandalized panels.
Power Surges: Damage from electrical surges, including those caused by lightning.
Factors Affecting Claims
Policy Limits: The maximum amount your insurance will pay for a claim.
Deductibles: The amount you are responsible for paying before insurance coverage kicks in.
Depreciation: The reduction in the value of your solar panels over time, which may affect the payout.
Exclusions: Specific conditions or items that are not covered by your policy.
