What Insurance Companies Cover Solar Panels in Florida
With sunshine as plentiful as it is throughout Florida, more property owners are turning to solar panels. Homeowners and businesses add these powerful panels to properties to save on energy costs and take a step toward a cleaner environment.
However, it’s crucial to protect this investment with the right insurance coverage. However, what insurance companies include solar panels in their coverage in Florida?
Business Insurance Companies in Florida Cover Solar Panels?
Let’s view how solar panels are typically covered and what companies might offer policies with them.
Flordia Solar Professionals are choosing to Partner with EMPWR Solar and become leaders in the solar industry with our top-rated dealer program.
🔸 Take charge from start to finish and enjoy total control over your projects.
🔸 Provide your clients with the best products and state-of-the-art technology, including Aurora for PPAs and leases, for unmatched quality.
🔸 Utilize industry-leading tools like Insightly CRM for seamless communication and reporting, and Aurora Sales Mode to streamline your sales and design process.
🔸 Rely on our experienced partner ambassadors and 24/7 SOS line for seamless project execution.
🔸 Motivate your team using Enzy free for all dealers, featuring incentives, gamification, and a dedicated Poser swag shop.
🔸 Benefit from free credit repair for customers, debt consolidation, and third-party insurance.
🔸 Maximize your sales potential by using our in-house call centers for rehash and aged data.
EMPWR Solar is here to help you succeed and thrive in the solar industry. 💡
Business Insurance in Miami, Homestead & Coral Gables, FL: Protecting Your Business
Tap “Learn More” to schedule time with the EMPWR Solar Dealer program onboarding team today!
Are Solar Panels Covered by Home Insurance?
Most standard homeowner’s coverage covers solar panels, so if you have house insurance already, your solar panels would generally be covered in case of damage from fires, hurricanes, or even vandalism.
This factor relies upon making sure to address the whole condition of your insurance policy by treating the panels as part of the structure rather than as individual items.
Some crucial factors are listed below:
For instance, in case you have solar panel installation on the roof, the insurance company will consider them as part of the structure forming your house.
Most dwelling insurance covers such installations as they form part of the physical structure for which the home or dwelling covers.
Ground-Mounted Panels-Perhaps your solar panels are placed on the ground and disconnected from the house.
They can be labeled “other structures” with your insurance package. Thus, you need to check if other installations will be covered with that particular package and ensure that everything is covered under “Other structures.“.
- Hurricane Coverage: Florida is prone to hurricanes; it’s, therefore, very important that your coverage ensures damages caused by a windstorm. Some policies exclude or limit the coverage of wind damage.
- Confirm, therefore, that your solar panels have hurricane coverage.
Best Insurance Companies That Insure Solar Panels in Florida
Most of the major insurance companies in Florida cover solar panels, although it is very advisable to check the details of the policy. Here are some of the leading insurers that cover solar panels:
1. State Farm
State Farm is one of the largest providers of insurance in the United States. They provide coverage for solar panels under standard homeowners’ insurance policies.
Generally, if your solar panels are attached to your roof, they should be covered under the dwelling insurance.
Coverage Details: Solar panels under State Farm protection are provided with coverage against risks like fire, theft, vandalism, and major weather conditions like hurricanes. Be sure to also inquire whether your policy has windstorm coverage as this might be location-dependent in Florida.
Tip: If the solar panels are ground-mounted or attached to an outbuilding, you can request an agent to include it in the policy “other structures” coverage.
2. Allstate
Overview: Allstate is another big-name insurance company in Florida and typically carries solar panels as part of their homeowner’s policy.
Coverage Details: Allstate protects solar panels from the most common forms of damage: fires, storms, and theft. In Florida, though, be sure to include hurricane and windstorm coverage- there’s potentially a higher risk for those in places more prone to experiencing terrible weather.
Tip: Allstate recommends reviewing the limits of your policy to ensure they keep pace with the increased value of your home given new solar panels.
3. Progressive
Summary: Progressive offers homeowners insurance that covers solar panel systems. In general, if your solar panels are installed on top of your roof, they would normally be part of your home’s structure.
Coverage Details: Progressive insures damage from occurrences such as wind, fire, and theft. Like all the others, a separate policy or rider may be required for windstorm coverage, so it is always prudent to check with your agent on this.
Tip:If you install ground-based solar panels, these can probably be included under “other structures” coverage. Always make sure your Progressive agent covers everything for you.
4. Farmers Insurance
Overview: Farmers Insurance offers a full range of home insurance policies that generally include solar panels in the dwelling coverage.
Coverage Details: Farmers insure solar panels against risks such as fire, hail, and theft. If you live in a part of Florida prone to hurricanes, windstorms can be included by Farmers, but further protection may depend on where you live.
Tip: If you have fitted a battery backup system with your solar panels, ensure it is also covered under your policy.
5. USAA (For Military Families)
Overview: USAA is regarded as the best insurance provider company for military families. Their services are of top quality with excellent customer care service, and the coverage of the plans is great as well. If you or one of your family members is part of the military community, this would be the best option for you.
Coverage Details: USAA typically insures roof-mounted solar panels under the dwelling. Windstorm and hurricane coverage is possible, so USAA is a good option for homeowners in Florida.
Tip: Because USAA is renowned for its exceptional customer service, you can collaborate with its agents to ensure that your solar panels, either mounted on your roof or on the ground, are completely covered.
6. Chubb
Summary: Chubb is one of the most exclusive insurance companies that offers customized policies for luxury houses. You can also insure your large house or house that has a high value. Chubb covers it comprehensively, including the solar panels.
Coverage Details: Chubb covers solar panels under their dwelling insurance and provides protection from damage caused by hurricanes, fires, and thefts. Chubb also provides coverage limits that are mostly higher than most other companies.
Suggestion: If your house includes large, commercially sized solar panels or you live in a hurricane-prone area, you might be relieved to know that Chubb can offer a more generous limit of coverage.
What About Solar Panel Insurance Costs?
If you install solar panels, your home will also appreciate as a result of its installation. This can drive up the insurance premium in that home.
The main factors that influence the cost to insure solar panels are:
- System Size: More extensive solar panel systems can be more costly because the replacement costs are higher.
- Location: In Florida, homes in hurricane-prone areas may come with a higher premium, especially if you have to add or increase windstorm coverage.
- Deductibles: Your solar panel insurance policy may have a separate deductible for windstorm damage, which may be applied. Be sure you understand how much you will be responsible for should it storm.
Tips for Maintaining Proper Coverage
- Notify Your Insurance Company: The first course of action after installing solar panels is to let your insurer know so they can assure you that those devices will be covered under your policy. If that’s not the case, then let them know; otherwise, they might not get included in your coverage.
- Increase Your Policy Limits: Since solar panels increase your house’s value, you will need to increase your insurance limits so that it can cover the full replacement cost of your house with panels.
- Windstorm Coverage: If you live in a hurricane-prone area, see if your policy has windstorm coverage. You may need to have an additional windstorm insurance policy depending on the area in Florida you live in.
- Coverages Excluded: Look pretty clearly at what your policy excludes. For instance, some do not cover wear and tear, which is common in solar panel systems.
Conclusion
This is one investment that makes so much sense in Florida where the sun is always shining: solar panels cut energy costs.
Most standard homeowners policies offered by State Farm, Allstate, and Progressive do cover solar panels.
Read About – Best Business Insurance for Self-Employed Professionals
Check, however, your specific policy to make sure that those risks are covered for hurricanes and windstorms.
Through consultation with your business insurance provider and regular review of coverage, you can protect your solar panel system and enjoy decades of solar benefits.