Insurance companies dropping homeowners with solar panels

As a Florida homeowner with solar panels, are you feeling the squeeze from climbing insurance premiums? We completely understand your situation.

Register today to stay up-to-date with the latest news. An account was already registered with this email. Please check your inbox for an authentication link. Sign up for free to get the latest delivered straight to your inbox. The Energy News Network is powered by support from readers like you. Your contribution will help support vital reporting on regional energy issues that helps to both inform and watchdog important public policy discussions. SOLAR: Florida home insurers turn against solar , with some companies canceling policies when homeowners install solar panels, and others who previously covered solar systems now declining to write new policies.

Insurance companies dropping homeowners with solar panels

Yes, I'd like to receive offers and newsletters via email from LowestRates. I may unsubscribe at any time. With interest rates on the rise, many homeowners are looking to save money wherever they can. One way to do that is by finding ways to reduce energy costs. Solar panels are one way that you can theoretically save money while also cutting down your fossil fuel emissions. Once installed, a majority of your home is powered by natural, renewable energy. But despite the best intentions, some homeowners can hit snags trying to instal roof-mounted solar panels. Issues can range from improperly installing the panels, causing leakages and other problems, or finding out that a roof is too old and damaged to support the panels. In Florida, some customers were dropped by their insurance companies who claimed that solar panels were too much of a liability risk. While Canadian insurance companies are a little more accommodating than their U. Essentially, solar panels are a series of cells that absorb energy from the sun and convert it into electricity. While solar panels can be mounted on racks close to the ground, most homeowners opt for their roof.

He compiles the Southeast Energy News digest. Some insurance companies are dropping coverage for homes with solar panels due to the increased risk associated with them. Our comprehensive research and shared experiences aim to illuminate the factors driving these increases and explore feasible solutions to help ease some of your financial burdens.

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As electric bills surge and the federal government offers generous tax incentives for renewable energy investments, more and more Florida homeowners are seriously considering rooftop solar systems. But in calculating system costs vs. And with insurance premiums skyrocketing for all Florida homeowners, solar customers who can obtain coverage might also find that the price increase will wipe out any energy-cost savings they expected from going solar. Oakland Park homeowner Holy Strawbridge learned this the hard way. She installed a modest 8, kilowatt system atop her home about two years ago and recently signed up for coverage with Edison Insurance Company. After the insurer sent an inspector to her home, she received a letter canceling her entire policy. The reasons cited in the cancellation letter sent by Edison: Her solar panels are ineligible for coverage due to the age of her roof 11 years and because she has a tile roof. Insurers who do business in Florida offer a wide variety of reasons for refusing to insure homes with them. Increasingly, insurers are claiming that solar systems with net metering connections to utilities — which is virtually all of them in Florida — pose a unique risk of injury to line workers and damage to the utility grid. Solar installers and advocates call that justification unfounded.

Insurance companies dropping homeowners with solar panels

As a Florida homeowner with solar panels, are you feeling the squeeze from climbing insurance premiums? We completely understand your situation. Having walked in similar shoes, we realize how this evolving issue can put homeowners in a tough spot. Especially during the solar insurance crisis in Florida. Our comprehensive research and shared experiences aim to illuminate the factors driving these increases and explore feasible solutions to help ease some of your financial burdens. Florida insurance companies are dropping homeowners with solar panels , leaving them without coverage and facing significant challenges. Many Florida homeowners are feeling stress. Solar panels seemed like an excellent way to help the planet and save money. But, some insurance companies are now not covering homes with solar panels. Also, some folks must pay much more for home insurance.

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Skip to content SOLAR: Florida home insurers turn against solar , with some companies canceling policies when homeowners install solar panels, and others who previously covered solar systems now declining to write new policies. Offshore Engineer, Offshore Wind. Richmond Times-Dispatch. Look into different insurance companies specializing in renewable energy or consult an independent insurance agent who can help you find suitable coverage. Western Energy News Daily updates for energy professionals from the Western states. The lack of competition in the insurance market is a big problem in Florida. Get A Quote from us. Stay on top of personal finance tips from our money experts! Send authorization code. You can also consider joining a group or association of homeowners with solar panels. Advocating for more equitable insurance policies and, if necessary, seeking legal assistance can help homeowners navigate this complex issue and secure the necessary protection. Related: Replacement value is central to home insurance pricing. While most home insurance policies can cover solar panels, they pose unique risks and characteristics. Register today to stay up-to-date with the latest news. Tennessee Lookout.

The number of solar panels and solar power installation companies have exploded in Florida in the last few years. Energy Information Administration reported. Experts say the boom appears to be the result of lower technology prices, rock-bottom interest rates on financing, federal tax rebates, and a new interpretation of public policy.

Stay informed on updates and developments in the Florida home insurance market and consider joining advocacy groups dedicated to addressing the issue. Sign up for free to get the latest delivered straight to your inbox. There are not enough insurance companies competing with each other, which means fewer options for homeowners. Solar panels reduce utility bills, benefit the environment, and increase property values. Homeowners may also face policy cancellations, making finding new insurance that meets their needs even more challenging. Are there options other than solar panels to decrease my energy costs? Start by reviewing your policy documents and familiarize yourself with what is covered and any exclusions. Please, check your inbox! Stay on top of personal finance tips from our money experts! Get A Quote from us. Also, some folks must pay much more for home insurance. Issues can range from improperly installing the panels, causing leakages and other problems, or finding out that a roof is too old and damaged to support the panels. Already have an account?