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Solar Power and Homeowners Insurance: Watts Up? | Property Insurance Coverage Law Blog



Almost a year ago, California became the first country to mandate all new homes to have solar energy. 1 The regulation comes into force on January 1, 2020. According to the new rules, individual housing must have sunroof on the roof panels or share a solar power system with a group of homes. According to the New York Times, the California regulation is expected to add $ 8,000 to $ 12,000 to the cost of a new home. 2 Predictions are that solar energy saves heating and cooling as much as $ 80.00 per month, not to mention a positive reduction in greenhouse gas emissions. Before taxes, an installed roof roof system can cost between $ 15,000 and $ 25,000 depending on the size of kilowatts. Only time will tell if the financial advantage of having solar panels will outweigh the deferred costs of the installation.

The obvious question arising from the above information is: are solar panels covered by the homeowner's insurance? The answer to that question is "yes" it is included in most homeowners' insurance because most solar panels are considered a permanent attachment to the home such as a deck, security system or patio. But in some coastal states experiencing common hurricanes and damage due to wind and flood, solar panels cannot typically be covered by standard home insurance. In those states (mainly the coast) where there are many windstorms, hail paths or hurricanes, there are separate policies (such as flooding) from standard household insurance to cover solar panels. These states include: Alabama, Connecticut, Delaware, Florida, Georgia, Hawaii, Louisiana, Maine, Maryland, Massachusetts, Mississippi, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Texas and Virginia. [19659002] With an increase in a home value with solar panels, in most cases, premium increases. Researchers who have recently investigated this issue agree that the replacement costs associated with solar panels would likely lead to an increase in homeowners' premiums. However, the installation may be worth the increase in premiums, for example, in California, where the installation of a 5 kW (kilowatt) system can be seen on average $ 29,555 to the retail value of a medium-sized home. The National Renewable Energy Laboratory (https://www.nrel.gov/docs/fy08osti/42733.pdf) shows the rise in household activity differently: its research has found that for every additional $ 1 in energy savings saved from the solar system, add $ 20 to the home's total value. Solar panel systems can be an excellent investment, which reduces the electricity bill while increasing the value of a home. For further information on how solar panels will increase the value of a home, please visit: https://www.costofsolar.com/is-my-home-worth-more-with-solar-energy/.

remember if you are considering adding a solar system to your existing home or buying a new home with a solar system: Don't forget to call your insurance agent and / or read your existing homeowner's policy (best to do both) to learn about such a solar system is covered or if you need to add coverage or raise the limits of housing protection to your policy.
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1 This new regulation was approved by the California Energy Commission on May 9, 2018. See https://smithsonianmag.com/smart-news/California-homes-built- after -2020-will-bequired-have-solar-panels-180969050 /.
2 [19659009] Id .; In 2018, the California Association of Realtors predicted median home prices would increase to $ 561,020 in 2018. By comparison, the median price of a home in the United States as a whole was $ 2018,200. The addition of solar panels in California is expected to boost the cost of each new housing market by about $ 10,000.


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