Will Solar Panels Make your Home Uninsurable?

Solar panels are popping up with increasing frequency on homes everywhere.

bd9b3863-ebd0-4168-957f-c56f71cd5f5fAn important consideration when deciding upon installing solar panels is home insurance. The installation of solar panels on your home or on your property means that your insurance premiums will likely increase some amount.

No matter how solar panel arrays are installed or provided, several sources say there are risks that could result in surprising claims severity. The exposures typically extend to equipment, installation, weather (severe wind/hail) and fire. Home owners are therefore advised to review this with their insurance provider to see what the implications of solar panels are.

I was recently made aware of a situation where a home buyer was denied insurance coverage for their newly purchased home as a result of solar panels existing on the home’s roof. The buyer’s insurance company was unwilling to insure the house in the absence of a structural engineer’s report confirming that that the roofing structure could support the load of the solar panels. REALTORS® representing buyers of homes with solar panels will make sure that installations of solar panels meet all insurance requirements. Specifically, REALTORS® will recommend that you include a condition in your offer to purchase a home that you can obtain house insurance.  

In addition to structural concerns, another prominent exposure with solar panels is fire as explained in an online article titled “Solar Haze”.

As if buying or selling a property wasn’t complicated enough! Add to the mix the complexities of ever changing rules, regulations and legalities your stress level might reach an all time high. An experienced REALTOR® can offer you sound advice and counsel when buying or selling a property. We’re more than happy to help at Erie’s Edge Real Estate Ltd.

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