More Maine homeowners are installing solar panels. Roof-mounted solar PV panels promise many benefits: decreased electric bills; energy independence; and a reduced carbon footprint.
Are Solar Panels Automatically Covered by Maine Home Insurance?
The good news: your homeowners policy covers your home’s utility fixtures, including heating and electrical systems. Damage caused by fire, wind, falling trees and lightning are all covered.
The bad news: your homeowners policy excludes coverage for some common causes of loss (perils). If squirrels or birds damage your unit, your insurance won’t pay to fix it. And, if your PV solar panels simply stop working, you’re out of luck if you have an “off the shelf” homeowners policy.
Can I Buy Special Insurance for Solar Panels?
Some insurance companies offer breakdown coverage. This covers failure of home systems such as: boilers and heat pumps; appliances; electrical panels – and solar panels. If a system fails prematurely, your insurance company will pay to replace it. But beware: if your system rusts out or simply wears out at the end of its useful life, that’s not covered. And deductibles apply: $500 and $1000 are common.
How Expensive is Solar Panel Insurance in Maine?
Home systems breakdown insurance doesn’t cost much, even though it insures your expensive solar panel installation. It usually costs less than $50 per year, added right onto your homeowners policy.
Do you live in the Portland Maine area? Looking for solar panel insurance or equipment breakdown coverage? Call Noyes Hall & Allen Insurance at 207-799-5541. We offer a choice of Maine’s top insurance companies. Several of them offer this special insurance. We can help you find the best fit for your budget and your home. We’re independent and committed to you.