Home Insurance and Solar Roof Panels: Have You Heard of Them?

Home Insurance and Solar Roof Panels: Have You Heard of Them?

Tesla unveiled a new type of roof shingle. The shingle integrates a solar panel into it. These are attractive and typical looking solar roof panels. They work to collect solar energy. They can work well to power your home. And, they are expensive.

Though Tesla’s Solar Roof is in its infancy, it is likely to become a common type of option for homeowners in the future. Competitor products will as well. But, does your home insurance cover these products?

Coverage Based on Value

When insuring these types of roof panels, consider their true value. For example, if damage occurred during a storm, they would likely be expensive to repair. Though these new systems are durable and have design features to protect them from damage such as hail, these are still rooftops. They still experience some level of risk. For that reason, your home insurance policy needs to match the higher value of these systems.

When Will Coverage Apply?

The next thing to keep in mind is the timeframe for when you can file a claim. Solar roof systems can fail. They have electrical components that could catch on fire, for example. Or, falling debris might damage the roof during a storm. In these cases, coverage for your roof may have some limitations.

• Keep in mind, many home insurance companies have yet to offer coverage for Tesla solar roofs. So, you’ll likely have to have your agent compare multiple policies to find one that suits you.
• If the damage is due to normal wear and tear, such as the wearing down of the system, home insurance will likely not cover it. Normal maintenance is also usually not a part of home insurance policies.
• If your policy does not list a solar roof, the amount of coverage you have may be less.
• If damage occurs during a storm, such as a lightning strike, the policy may offer coverage. Keep in mind it could have limits as well.
• It will be important to have replacement value coverage. This ensures you can replace your existing solar roof with a new one if an extensive, covered incident occurs.

Most importantly, speak to your home insurance agent. Discuss what the risks are to you. Discuss the cost of your policy with these new systems. Do this before you invest in a solar roof system. As these products become more available and lower in cost, you may see more homes with them. Be sure your home insurance policy covers the type of roof you have extensively.