Insuring PV Systems: What Homeowners Need to Know
Homeowners with photovoltaic (PV) systems face a challenge when it comes to auto insurance. Currently, no specific insurance company, like StateFarm, offers comprehensive coverage for PV systems, making it difficult to find tailored car insurance quotes.
PV system owners should be aware of what is and isn't covered by car insurance. While liability insurance protects against damages to third parties, wear and tear on components like inverters is not covered after a certain time. Similarly, production defects in individual modules are not insured.
Installation insurance covers damages during construction up to commissioning. However, for ongoing protection, PV insurance is needed. This covers external influences such as weather, animals, and human damage. Downtime insurance can also be crucial, covering yield losses due to damage and helping bridge downtime for larger systems, typically for one to two years.
Insurance premiums for PV systems vary, typically ranging from 0.25 to 0.5 percent of the system value per year. A higher deductible can reduce the car insurance premium. For buildings with PV systems, integration into the building insurance is possible, but additional insurances may be needed for risks like theft or snow.
In summary, while there's no specific insurance company offering comprehensive PV system insurance, understanding the types of coverage available is key. Liability, installation, PV, and downtime insurances each play a role in protecting your PV system. Integration into building insurance is possible, but additional coverage may be necessary.
Read also:
- Reporter of Silenced Torment or Individual Recording Suppressed Agony
- Solar panel troubles on rooftops
- EPA Administrator Zeldin travels to Iowa, reveals fresh EPA DEF guidelines, attends State Fair, commemorates One Big Beautiful Bill
- Musk announces intention to sue Apple for overlooking X and Grok in the top app listings
