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Will installing solar panels on my home affect my homeowners insurance premiums?

Mosaic Insurance wants you to know solar panels are normally covered on your Prescott homeowners policyMosaic Insurance wants you to know solar panels are normally covered on your Prescott homeowners policySolar popularity is growing by leaps and bounds. Over a million and a half people have installed solar panels on their roofs.There are a number of benefits: solar panels will reduce your electricity bills by generating electricity on-site for 25 years or more. A solar energy system can increase your home value by tens of thousands of dollars. It is a significant home improvement which leaves many homeowners wondering: “Will my system be covered by my existing home insurance?”  Mosaic Insurance is pleased to tell you that normally your new solar system on your home will be covered under your Prescott homeowners insurance.

Once your rooftop solar panel system is installed, it is considered part of your home under most home insurance plans. While your home insurance likely covers your solar panels, there are a few things to keep in mind:

Standard Installation - Standard rooftop installations are normally covered, however, your insurer may or may not cover other types of installations, such as ground mounted solar panels and solar panel carports.

Increased value - Solar is valuable, so you may want to raise your coverage limit. Your insurance policy’s coverage limit is the maximum amount that it will pay towards a covered loss. While your solar panels are likely covered under your standard home insurance policy, you may want to talk to your insurer about raising your coverage limit. That way, you can be confident that you’re covered for all possibilities.

Installation - Qualified solar installers will often offer a workmanship warranty that will cover you in the unlikely event that there is damage to your roof or your solar panels as a result of the installation process. Damage during the installation may not be covered by your homeowners insurance.

Buy or Lease? - Whether you buy or lease your solar panels can make a difference in your policy. If you install a system with a lease or power purchase agreement (PPA), you are not technically the owner of the system – the company with whom you have the agreement owns the panels and is responsible for maintaining them. This means that you won’t need to worry about your home insurance covering solar panels. However, you should closely scrutinize any lease or PPA before you sign to ensure that your home and your solar panels are adequately protected in the event of a problem.

Not all solar panels are created equal. Explore multiple solar offers to find the option that has the appropriate equipment certifications and warranties for your needs. Additionally, spend some time looking for a solar installer that offers a design and workmanship warranty to demonstrate that they stand behind their work.

If you have any questions about homeowners insurance for any additions or modifications to your home, contact the local professionals at Mosaic Insurance at 928-458-7374.

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