Solar panels and Florida sunshine might seem like a perfect match. And while it’s true that solar power is becoming more popular, installing solar panels on your roof can actually put your homeowners insurance coverage in jeopardy! Many Florida homeowners who have installed solar panels have been shocked to find their coverage dropped by their homeowners insurance company.
Ask first: Does my insurance cover solar panels?
Before you spend thousands of dollars to install solar panels on your home, please call your homeowners insurance agent or company to make sure your insurance company won’t drop you!
Solar panels and your homeowners insurance
While some homeowners insurance companies in Florida will take homes with solar panels, many of them won’t. Carriers cite concerns about wind damage and water intrusion into your home where solar panels are attached, as well as added claims costs if your roof is damaged and has to be replaced. The solar panels will have to be removed then reinstalled, adding significant cost. Some homeowners carriers have opted not to accept the risk at all.
If a homeowners insurance company accepts solar panels, and those panels are permanently attached to your roof, they would be considered part of your home and covered by the dwelling portion of your policy. Since solar panels are expensive, you may need to raise your coverage limits be sure to include them. However, even if a homeowners insurance carrier accepts a home with solar panels, sometimes wind or hail damage to solar panels will be excluded.
In some instances, homeowners will lease solar panels rather than buy them. Even if you lease the panels, you still may need to carry additional coverage, AND you still need to check with your insurance agent first to avoid any problems with insurance coverage.
Avoid any unpleasant surprises
Any time you’re considering making a significant change to your home you should contact your insurance agent to find out what impact it will have on your homeowners insurance. Florida already has a tumultuous homeowners insurance market with premiums far above the national average. Before you make a change that could raise your premiums or seriously harm your chances of getting coverage at all, take the time to make a simple phone call to your insurance agent.
Our Agents are here to help
At L & M Insurance Group, our agents work with many different insurance carriers in an effort to find you the insurance policy that best suits your financial needs. As an independent agency, we are able to compare the rates of several companies rather than just one. We can also compare rates for your other insurance needs, such as auto, flood, commercial, renters, and recreational vehicles. Please give us a call at 813-672-4100 or click here to contact us online.
