Solar Panels and Home Insurance

The demand for clean and renewable energy is growing rapidly. There are more installation and financing options available for solar panels, homeowners are seeking environmentally and economically ways to power their homes.

Before taxes an installed rooftop solar energy system can cost between $15,000 and $25,000, according to Center for Sustainable Energy. Being able to insure this investment against damage from a storm or other weather event is key in whether or not you choose to add solar panels to your home.

This is an issue of concern to the increasing number of homeowners each year. Residential solar energy has increased by 68% annually in the last decade.

Solar panels are included in most homeowners insurance policies, meaning that you don’t have to get separate insurance for them. Solar energy systems and the rooftop panels or tiles are considered a permanent attachment to your property, like a patio or a security system.

The insurance carriers we work with recommend increasing your dwelling amount by the amount you spent on installing the panels in case a loss was to happen. If your home is currently insured for $295,000 and you spent $20,000 on the solar panels, the new dwelling coverage would be $315,000.

Solar panels can be an excellent investment, reducing your electricity bill while increasing the value of your home. Protecting this investment with the proper homeowners insurance can help ensure you are covered if the unexpected happens.

R.C. Keller & Company is an independent insurance agency that has been protecting the homeowners of Schaumburg since 1910. Give us a call at 847-907-4520 to discuss your options.

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