What’s your favorite activity on a warm, sunny day? Maybe it’s going for a run, playing Frisbee, or just sitting outside with a magazine to catch up on the latest Kardashian gossip. When you’re enjoying the weather, it’s easy to forget how much energy is coming down from those rays. Solar power is becoming an increasingly popular topic, and you may even be considering having solar panel(s) installed on the roof of your home. But there’s one question everyone’s asking: are they covered by my insurance policy?
A panel of your own:
When you own the solar panel(s), you’re responsible for insuring it. Okay, that makes sense, right? But how do you get it insured? There’s no specific insurance product for a solar panel, like there may be for your shed or boat. Instead, you just have to raise your home insurance by the amount that the solar panel(s) is or are worth. Talk to your independent agent to discuss the ins and outs of insuring your owned solar panel(s).
At least you can lease:
When you lease the solar panel(s), the leasing company takes responsibility for insuring the solar panel(s). That’s even easier! But there are some caveats to leasing. For example, if you have a leased solar panel and then try to sell your home, the leasing company may have the right to approve the new buyer. What does this mean? Well, it could potentially block the sale of your home. You better hope the potential buyer has their ducks in a row.
How safe is it?
You may have heard that firefighters won’t go on the roof of a burning building that has solar panel(s). Here’s the deal: when you turn off the power to the house, the solar panel(s) are still charged with live electricity, which is shocking to say the least. That being said, many fire departments are being trained to safely work with solar panel(s). Check with your local fire chief to see how they’re being treated in your town.
When it comes to solar panels, it’s important to do your homework before making any decisions. As always, the best place to start is talking to your local, independent agent: a knowledgeable resource you can trust!