Does My Homeowners Insurance Cover a Solar Roof?

 

 

Paying to replace a damaged solar system could become a big financial burden for some homeowners. Does your homeowner’s insurance cover a solar roof? 

This article will help guide you through some of your insurance questions about your solar system. Although, we do highly encourage you to contact your insurance provider for definitive answers to your insurance questions.

Does My Homeowners Insurance Cover a Solar Roof?

Your home insurance will likely cover your new solar roof. Most homeowners insurance policies will protect your solar investment as long as it is attached to your home. Under your homeowner’s policy, your solar system will only be covered if it is affected by a covered peril. Covered perils are types of damage that your homeowner’s insurance will cover, such as hail or fire damage. If your Solar is affected by a covered peril, the damages will be coved.

It’s important to note that some insurance companies may have specific exclusions or limitations for solar roofs or panels. Some policies may not cover damage caused by wear and tear or improper maintenance, for example. It’s also possible that your policy may require additional endorsements or coverage for solar panels, depending on the value of the panels and your overall coverage needs.

To determine whether your homeowner’s insurance policy covers your GAF Timberline Solar™ shingles, you should review the terms of your policy and speak with your insurance agent. They can help you understand your coverage limits and any exclusions or endorsements that may apply to your solar panels. It’s also a good idea to review your policy annually to ensure that you have adequate coverage for your home and its components, including any solar panels or other renewable energy systems.

Does Solar Increase Your Insurance?

Adding solar panels to your home may or may not increase your homeowner’s insurance premiums, depending on the insurance company and the specifics of your policy. Here are some factors that may affect whether your insurance rates increase with solar panels:

1. Value of the solar system: The value of your solar panels may impact your insurance rates. If your panels are expensive, you may need to increase your coverage limits to ensure that you have adequate protection in case of damage or loss. This may result in higher premiums.
   
   
2. Type of Coverage: The type of coverage you have may also impact your insurance rates. Some insurance companies may offer specific endorsements or riders to cover solar panels, while others may include coverage for solar panels under the existing policy.
   
   
3. Location and climate: The location of your home and the climate in your area may also impact your insurance rates. If you live in an area with a high risk of storms or natural disasters, your insurance rates may be higher regardless of whether you have solar panels.
   
   
4. Installation and maintenance: Finally, the installation and maintenance of your solar panels may impact your insurance rates. If your panels are not installed properly or are not well-maintained, you may be at a higher risk for damage or loss, which could lead to higher premiums.

Overall, it’s important to speak with your insurance agent to understand the specific terms of your policy and whether adding solar panels will impact your insurance rates. They can help you understand your coverage limits and any potential exclusions or endorsements that may apply to your solar panels. Additionally, it may be worthwhile to shop around and compare insurance policies from different providers to ensure that you are getting the best coverage at the most competitive rates.

Is Damage From Wear and Tear Covered Under My Insurance?

General wear and tear or damage from a lack of proper maintenance are typically not covered by your homeowner’s insurance policy. Damage from wear and tear or improper maintenance may be covered under a solar warranty through your solar installer. If this is your concern, you should consult your insurance provider and solar installer for more information. 

Do I Need Coverage if I Don’t Own My Solar System?

If you lease your solar system, you may not need insurance coverage for the solar array because your solar company should carry its own insurance on the system. Some companies may not have insurance on your leased system and may require you to insure the solar system either through your homeowner’s policy or through a separate policy offered by the leasing company. Regardless of whether you lease or buy your solar system, you should inform your insurance company that there is now solar on your home. 

What’s Next?

Solar can be an excellent investment, reducing your energy bill and increasing the value of your home. Making sure that your investment is protected can be confusing. The team at Holladay Grace is here to help you through each step of the way.

The team at Holladay Grace has been handpicked by GAF Energy as the first roofing contractor in Colorado Springs to be GAF Solar certified. Since 1979, Holladay Grace has been serving the roofing needs of the Front Range.

Are you interested in solar? Contact us for a free roof inspection today.