In 2022, a huge hailstorm in Texas damaged solar installations by $300 million, which insurance companies had to pay for.
June 2023. Hailstorms severely damaged approximately 14,000 solar panels in Nebraska.
In March 2024, in Texas again, the hail damaged another thousands of solar panels.
CoreLogic‘s research shows an increase in hail days over 2″ in diameter each year. Also, in 2023, Louisiana had 65% more days with 1″ hailstones compared to the 20-year trend, Tennessee 60%, Alabama 54%, and New Mexico 45%.
You don’t have to believe in climate change. At the same time, you may not protect your solar equipment from all possible accidents. However, you may build a compensation mechanism that will pay you back in case of losses.
Looking for reliable insurance is step #2 after you visit our database of prominent solar installers at SolarPowerSystems and get a solar quote for free.
This is how insurance works: for a certain amount of money, you buy yourself a backpack of cash that will be given to you in case of an accident.
That is the only way to protect your solar investment. Insurance statistics say the average solar loss due to hail is nearly $59 million. Of course, that’s about solar farms. But imagine that your $20,000 solar investment is just gone. The big corporate boys and girls will take care of themselves. But who will take care of you?
Here is a main set of risks that may occur to your solar equipment and which are covered by major American insurance companies:
Yep, check those paragraphs written in small fonts. It is not about tricky-sneaky insurers who would try to cheat on your compensation. Insurance is a complex financial business with many small details and remarks. Most of them, by the way, are caused by anti-laundry legislation (but that is a different story).
So, here are prime things you should discuss with your future insurer:
Suppose the property owner cares about their stuff and ensures safety and protection with all possible measures. In that case, the insurance company will give a discount.
What are these measures?
All these measures sure cost money. You may think, “Isn’t it the same amount of money installing all these things and the insurance discount?”. No, it is not. The additional safety equipment may cost more than the discount. But, you pay for the equipment once. And the discount will be given every year. Therefore, all the costs for the additional equipment are investments in future savings.
Also, a good discount could be a multiple-policy discount. Some insurers offer discounts if you bundle multiple insurance policies (e.g., home and solar equipment insurance).
You see things happening around you every day. No accidents are planned by someone; it is just pure coincidence or bad luck. So, after you choose a prominent solar installer at SolarPowerSystems, get a solar quote for free and look around for a reliable insurance company.
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