Homeowners Insurance

[jakepv]

As I'm nearing my go-live, was wondering:
- if anyone added their system to their policy?
- what was the incremental increase to your premium?

Also, looking for additional pros and cons of insurance coverage for solar.

Thanks!

[8.4]

I've added solar to my insurance. Extra $69 per year. Definitely worth it should something go wrong like fire or hailstorm. If you'd insure a new car, why wouldn't you do the same for this expensive purchase?

[diogenes]

I have been looking at insurance for a while, there are two pieces, damage and liability, my Tennessee Farm Bureau agent wants to declare my system commercial and charge me over $650/yr more. We don't have net metering in TN so his argument is I am selling electricity back to my POCO and therefore am a business,

Needless to say I am looking at other insurers.

[azdave]

I've added solar to my insurance. Extra $69 per year. Definitely worth it should something go wrong like fire or hailstorm. If you'd insure a new car, why wouldn't you do the same for this expensive purchase?

I would never buy a new car.

Not all insurance situations are the same and I know not everyone has the ability to absorb the risk.

I called my agent with the info for my new system and she said it was already covered within the limits of my policy and there was no need to do anything further or pay higher premiums. I'm at $619 a year for my homeowners insurance and have replacement value type coverage.

[thejq]

I added solar to my policy and was told it's now part of the dwelling and no change to the premium. The key is to make sure you have enough coverage to begin with. Say if your policy is $800K, the insurance co. will pay up to $800K in case of total loss, regardless of solar or not. So if you think the cost of your solar will significantly increase the replacement value, you should up the coverage just in case.

[eah123]

Amica

I just called my insurance company, Amica. They said they check how much additional coverage I will need based the area that the panels cover my roof. For 27 panels, I told them 481 sq ft. They said increase in premium would be $200/year. Anyone want to share how much your panels have increased your premium, and what insurance company?

[FFE]

State Farm agent told me that the system is part of the dwelling and therefore covered under my policy. No increase in cost unless I want to increase the total value of my policy. Considering it only accounts for 3% of the value of my home, it isn't worth the paperwork.

[E-Man]

State Farm agent told me that the system is part of the dwelling and therefore covered under my policy. No increase in cost unless I want to increase the total value of my policy. Considering it only accounts for 3% of the value of my home, it isn't worth the paperwork.

Yup! My wife works for State Farm and this is the case with us as well.

[captaindomon]

State Farm agent told me that the system is part of the dwelling and therefore covered under my policy. No increase in cost unless I want to increase the total value of my policy. Considering it only accounts for 3% of the value of my home, it isn't worth the paperwork.

Same answer I got from my excellent Allstate agent.

[foo1bar]

State Farm agent told me that the system is part of the dwelling and therefore covered under my policy. No increase in cost unless I want to increase the total value of my policy. Considering it only accounts for 3% of the value of my home, it isn't worth the paperwork.

I would have expected it to be much more than 3% of the value of the house (which is NOT the same as the value of the property)

If it's a $15k system (a small 4300W system @ $3.50/W)
At 3% that's ~$500k to rebuild the house. (Not including the dirt the house is on - because you don't insure the dirt since it isn't going to burn if there's a fire - or be damaged (much) by a tornado or lightning or hail or whatever)

FWIW, I did increase the value for my policy.
It meant a slight increase in premium (not unreasonable since they're now on the hook for ~$35K more if the house burns down)

[Mike90250]

With Grange Insurance, battery shed, generator shed & generator, and 2 pole mount arrays, are listed seperatly and have their own deductibles (reasonable).

[FFE]

I would have expected it to be much more than 3% of the value of the house (which is NOT the same as the value of the property)

If it's a $15k system (a small 4300W system @ $3.50/W)
At 3% that's ~$500k to rebuild the house. (Not including the dirt the house is on - because you don't insure the dirt since it isn't going to burn if there's a fire - or be damaged (much) by a tornado or lightning or hail or whatever)

Just double checked my policy. You are right, it is 5%. Might have to up my insurance when it renews.

[Sandman1962]

Actually saved money....

Hello All,
I just went through adding my new system to my homeowner's insurance policy through AAA.
It is a 6.48 kWH system consisting of 24 panels.

I first called to see if I had to add the system to my insurance policy, and the recommendation was to go through the entire home evaluation to make sure that the policy was up to date and adequate (I last went through this over 7 years ago). Well after going through the entire process, taking roughly 45 minutes, I braced myself for a big rate increase. To my surprise, it came out $441 cheaper per year. The explanation was that the premiums actually had a built in increase each year to account for inflation. They would not refund the past few year's worth however.

It might pay to go through the process.

[Dragon2016]

E-Man & Everyone else:
I am in the process of getting a 7.6kw system installed at my home residence. The system I am installing is a ground-mount system. I have the county permit and am working through the different steps with the Utility for the interconnect at this time. Part of this process is that in Wisconsin, by Sate Law, I need to provide proof of insurance.

The issue that just cropped up today is that I received an email back from my State Farm insurance agent. I had contacted him as the Utility wants a Certificate of Insurance as required under the law. In response to the request for the certificate my Agent is telling me that State Farm won't provide insurance for this as they consider me a business because I am "selling" power to WE Energies, my power company. Here in Wisconsin we are net-metered. If I do not generate enough electricity I pay the difference each month to the utility and if I over produce for the month the issue me a credit.

Any assistance or guidance on who or what office at State Farm I can contact or have my State Farm Agent contact call to get this straightened out? I really don't feel like jumping through the hoops to get a new separate insurance policy when I already have a homeowners policy and umbrella policy with State Farm. I think it is just a communication issue that I can hopefully get fixed by putting my agent in touch with the right person.

Thanks for the assistance!

[captaindomon]

Doesn't sound like your agent knows what he is talking about.

[rsilvers]

My 25 kW system is about 1.5% the replacement cost of my house.