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.

Sign up for free to get the latest delivered straight to your inbox. He also recommends ensuring that before even considering the installation, you make sure the frame of your home can support the added weight of solar panels on the roof. The lack of competition in the insurance market is a big problem in Florida.

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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.

Insurance companies dropping homeowners with solar panels

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.

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If you have any questions or concerns, contact your insurance provider directly. They can help you understand any legal recourse available to ensure fair treatment from insurance companies or explore options for filing claims if your coverage has been canceled. As the solar insurance crisis unfolds, homeowners must actively engage and stay informed. As a result, many homeowners now have solar panels on their rooftops. However, there are alternative insurance options that you can explore. 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. But despite the best intentions, some homeowners can hit snags trying to instal roof-mounted solar panels. Some municipalities offer rebates and tax incentives for homeowners who decide to install cool or green roofs. What is the solar insurance crisis in Florida? Homeowners may also face policy cancellations, making finding new insurance that meets their needs even more challenging. Stay on top of personal finance tips from our money experts! Unfortunately, some insurance companies have been dropping coverage for homes with solar panels. Get money-saving tips in your inbox. Many insurance companies are dropping homeowners with solar panels because they are a higher risk.

The number of solar panels and solar power installation companies have exploded in Florida in the last few years.

Energy News Daily updates for energy professionals across the United States. This leads to higher premiums and limited choices for coverage. In Florida, some customers were dropped by their insurance companies who claimed that solar panels were too much of a liability risk. Already have an account? Send authorization code. Sign up for free to get the latest delivered straight to your inbox. Conclusion FAQs 1. What should homeowners do about the growing crisis? And unlike fossil fuels from the ground, there is an endless supply of both wind and sun. By staying informed, we can take proactive measures to protect ourselves and our homes from the potential financial strain caused by this ongoing crisis. Midwest Energy News Daily updates for energy professionals from the Midwestern states. We completely understand your situation. If you have any questions or concerns, contact your insurance provider directly. Essentially, solar panels are a series of cells that absorb energy from the sun and convert it into electricity. One way to take action is by joining or supporting organizations advocating for fairer insurance policies and regulations.