Ensuring a seamless experience to recover and protect your solar investment and understanding how solar insurance works.
At SolarSME, we understand that unexpected events can cast shadows on even the brightest days. Damage from a fire, a weather event, a tree limb striking your solar installation, or other unexpected event can stop your solar installation from producing the energy you rely on.
That’s why we’ve designed a seamless and customer-centric solar insurance claims process to get your system back online fast, ensuring your peace of mind remains as radiant as the sun powering your home. Here’s what you need to know about SolarSME’s insurance services and how insurance can help you keep your system operating at full capacity.
Why Choose us?
As a trusted solar installer with professional installers, we offer roof maintenance and solar installation and repair services if your system is damaged. We also stand by our top-tier solar installations with our unwavering commitment to customer satisfaction.
When your rooftop or ground-mounted solar system is damaged and not operating correctly it’s stressful. You’re losing money on an investment that’s supposed to help you save money. If you have homeowners or solar panel insurance SolarSME can guide you through the claims process and get your system up and running again, quickly.
How Does Solar Insurance Work?
A solar insurance policy requires scheduled payments, usually on a monthly or quarterly basis. A solar insurance policy comes into effect after a developer installs a solar system on the home. A typical solar insurance term is 15-20 years and can include solar system maintenance, like quarterly or yearly cleanings and inspections. If the system is damaged or an inspection finds equipment is malfunctioning solar insurance should cover most or all of the repair costs.
Who owns the solar array also determines who is responsible for insurance on the system. If the home or business owner owns the system, any solar insurance is also their responsibility. Under a solar lease or PPA (power-purchase agreement) where a third-party owns the system they may provide maintenance, but may not cover the cost of replacing equipment, such as the inverter.
Some PPAs or leases may offer a maintenance package with one up-front payment, but can reduce the third-party owner’s incentive to provide good solar maintenance service throughout the life of the system or lease. The risk is reduced if the solar lease contains a minimum performance guarantee. Additionally, if the contract clearly states that a third party covers operations and maintenance or includes maintenance and insurance costs in the leasing contract. Such guarantees help ensure that the third-party owner properly maintains the system.
Does Homeowners Insurance Cover Solar Panels?
Home insurance policies generally cover rooftop solar panels because they are considered a permanent fixture on your property. Therefore, your homeowners policy should cover your solar panels if a fire or hurricane severely damages your roof. However, when installing a rooftop solar system you should talk with your insurer to see if you need to raise your policy premium and limits.
Your location and climate will have a big impact on how much your solar panel insurance premiums will cost. While some systems require a different policy them, your normal homeowner’s policy may be sufficient for many rooftop systems. Homeowners insurance does not usually cover ground-mounted solar systems.
Should I Adjust My Homeowners Claim Limit If I Get Solar Panels?
It’s important to know if your claim limit will cover the cost of replacement or repairs for both your home and your solar panel system. This is especially true if you have standard home insurance and no separate solar insurance policy. Your insurer has a maximum payout it will make for a claim that falls under the umbrella of your policy and it may not cover all repairs. Consult with your insurer to determine the coverage and consider changing your policy if you don’t think the current coverage level is sufficient to pay for the costs of replacing the solar system and fixing any structural damage to your home.
Do I need a separate solar panel insurance policy?
Usually, you need to purchase solar system insurance coverage for systems not installed on your roof, like a solar carport or ground-mounted system. That’s because these systems are not considered a permanent part of your home.
If you live in a region where tornadoes or hurricanes are more likely to occur, you may also need a separate solar insurance policy. This ensures that the full value of the solar installation is covered, even if it is a rooftop system. Research or talk with your insurance carrier to learn about what your home or commercial building insurance policy covers. This better understand what your policy type specifically covers. If your present policy doesn’t cover the solar energy system, you should consider increasing your coverage with an add-on rider. Alternatively, explore a separate solar insurance policy.
For insurance claims or information on solar insurance or maintenance policy for your system, contact SolarSME professionals. We’re happy to assess damage, perform repairs and help you with the insurance claims process.
