Is it necessary to insure solar panels?

If you have leased solar panels, the leasing company may require you to obtain insurance coverage for the system, specifying coverage limits, deductibles, and additional insured parties. When you own solar panels, you have more flexibility in choosing the insurance coverage.

Are solar panels covered by a separate insurance policy?

Separate insurance policies for solar panels may offer additional benefits, such as coverage for loss of income due to system downtime or the costs associated with temporary replacement power. These added protections could provide financial security in unexpected disruptions to your solar panel system.

What does the insurance industry do with PV power systems?

The insurance industry continues to design creative solutions to long-standing and well-known as well as new and emerging threats and exposures for PV system owners, including homeowners, commercial enterprises, and utility-scale PV power generators as well as the third parties that develop, design, and install these systems.

Does homeowners insurance cover PV systems?

For residential homeowners, PV systems are covered under homeowners’ policies that cover both property and liability exposures. Property coverage includes the dwelling with attached fixtures, such as rooftop PV systems and detached structures.

What is solar energy insurance?

Newer, innovative solar energy insurance products combine elements of insurance with financial hedging mechanisms. These include solar shortfall insurance, weather transfer risk, and equipment failure coverage.

How can I insure my solar panel system?

To insure your solar panel system, you can add endorsements or riders to your existing homeowners insurance policy. Endorsements modify the policy terms to specifically include coverage for your solar panel system.