With the increasing popularity of solar energy, it’s important to be aware of the different types of solar insurance available. There are two main types of solar insurance: property damage and liability. Property damage insurance covers damages to your property caused by a covered event, such as a storm or fire. Liability insurance protects you from lawsuits if someone is injured or their property is damaged because of your solar energy system. Here are a few things you need to know about solar insurance!
- Solar insurance is a relatively new industry, and there are still a lot of misconceptions about it.
- Solar insurance is not required by law in most states. However, if you lease or finance your solar energy system, your lender may require you to have property damage insurance.
- Most homeowner’s insurance policies do not cover damages caused by solar energy systems. You will need to purchase a separate policy if you want to be covered for events like storms or fires.
- Solar insurance rates vary depending on the size and location of your system, as well as the amount of coverage you need. Be sure to shop around and compare rates before purchasing a policy.
- Most solar insurance policies have a deductible, which is the amount you will need to pay out-of-pocket before your coverage kicks in. Deductibles can range from $500 to $2500, so be sure to choose a policy with a deductible you can afford. Our Powur Care Insurance has $0 deductible.
- Solar insurance policies typically have a maximum payout limit, which is the most the insurer will pay for any one claim. This limit can range from $50,000 to $500,000, so be sure to choose a policy with a limit that meets your needs.
- Most solar insurance policies have a waiting period, which is the amount of time you must wait after purchasing the policy before it goes into effect. This period is typically 30 days, but can vary depending on the insurer.
- Our solar insurance policy Powur Care is good for 30 years.
Do you have questions about solar insurance? Click here to schedule a FREE consultation our experts are here to help and answer any of your solar related questions.
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