Going Solar? Beware, It Could Cost You!
Rebates, federal tax credits, eco-friendly and renewable energy—what’s not to love about going solar?
With all these benefits touted by convincing salespeople in the solar industry, it’s hard to imagine there are any downsides to transitioning your home to solar energy.
Financially, it seems like a no-brainer. Many solar finance plans offer no out-of-pocket costs and promise that you’ll add to your home’s value. Unfortunately, most solar companies don’t share information about what could happen to your homeowners insurance if you have a solar system installed. That’s where homeowners can get into trouble. People are often so excited to capitalize on all the benefits going solar would create, they miss the risks and downsides.
Risks of Going Solar in Florida
Many people don’t realize having a solar system installed on their roof could get their homeowners policy canceled. Once canceled, they usually only have a short period of time to find new insurance. With so many Florida carriers refusing to cover homes with solar, homeowners are scrambling, and paying well over the savings they expected to experience by using solar in the first place.
For those that have already had solar panels installed on their roof, not every company will continue to cover the home once panels are installed. And the companies that do accept homes with solar probably won’t cover a home’s solar system in a hurricane related incident.
Why Are Insurance Carriers Canceling Policies for Homeowners Using Solar Energy?
Though some solar advocates claim there’s a war against solar, Florida insurance carriers say there are valid reasons solar systems pose a liability.
Some of the Reasons for Homeowners Insurance Cancelation Are:
- Concerns that net metering solar connections to utilities could potentially raise the risk of impairing the electric grid and injuring line workers.
- Potential wind and weather damage to solar panels
- Fire hazards due to improperly installed wiring
- The risk that solar panels could cause a roof to become weakened and susceptible to damage
- The possibility that a rooftop with solar panels would create additional debris risk during a hurricane.
What if I Don’t Tell My Insurance Company That I’m Getting Solar Panels?
Many people don’t. But once an insurance examiner comes out to your home, they’ll see the solar panels. That’s when many homeowners find out their insurance is canceled.
How Can I Get a Solar System Without Getting Canceled?
Before you take the plunge, gather the information you need from the insurance side of the equation to make your decision. This way, you won’t be surprised suddenly with a cancellation notice in the mail because you forgot to check that you’d be covered.
As an independent insurance agency, Galezano Insurance will shop a variety of carriers to find out if we can get your solar system covered before you move forward.
While everything sounds so appealing when you’re talking to a solar company, remember, it’s essential to get all the facts before committing.
At Galezano Insurance, we’re here to answer all your questions about going solar and how it impacts your homeowners insurance coverage. We care about getting you and your family the information you need and about making sure you’re covered!
Got a Question About Solar Insurance Coverage? Call Galezano Insurance today at 239-202-0233.