Posted on 09/01/2022 8:13:36 AM PDT by Jacquerie
Homeowners adding solar panels study energy savings and break-even costs, but they should also call their insurer: Some increase premiums and some cancel policies.
FORT LAUDERDALE, Fla. – 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. electric bill savings, many would-be solar owners are neglecting to consider how a solar system will affect their home insurance bill – or how difficult it might be to find a company that will insure them at all.
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.
“It’s a big deal and a lot of folks don’t realize that many carriers don’t accept solar panels,” says Dulce Suarez-Resnick, vice president at the Miami-based agency Acentria Insurance.
Oakland Park homeowner Holy Strawbridge learned this the hard way. She installed a modest 8,000 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.
“I was shocked,” Strawbridge said. “I’ve never filed an insurance claim and I’ve lived in this house since 2001.”
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.
Those aren’t the only reasons insurers won’t cover rooftop solar systems. Insurers who do business in Florida offer a wide variety of reasons for refusing to insure homes with them.
(Excerpt) Read more at floridarealtors.org ...
I did not know that.
In Florida I put on a roof in 2020 and solar in 2021. Best decision I’ve made in a long time. My electric bill is $33 per month (”fees”) and the 1.5% loan is $155 per. Plus I got reimbursed by the IRS $11,000.
My previous power bill ranged from $200 to $350 a month.
You should post a huge THANK YOU to everybody here for subsidizing your solar plant. Not only do we get to pay taxes to make those things affordable, we get to pay for the crappy college educations for philosophy and intersectionality majors who are only suitable for tossing burgers and pouring coffee.
I totally agree. I installed a modest solar system last year {about 35 kwh} all by myself; solar panels are NOT mounted on the house, it is on a separate solar 'shed' with the equipment inside. Also, this system is emergency backup - anticipating periodic blackouts and/or storm outages - and does NOT connect with the house's 'power grid' system anywhere. I installed separate circuits in the house with red colored receptacles {like hospitals} to denote a separate private system. There is NO connection with the house's electric meter and no 'selling' of power.
Also, the property has no insurance so this is entirely my business!
“My mortgage company sure does write two checks every year, one for regular homeowners insurance and one to Alabama Insurance Underwriters Association for wind/hail coverage.”
We were discussing F;orida, not Alabama.
“We were discussing F;orida, not Alabama.”
Florida is the same.
“Although Florida home insurance policies usually cover windstorm damage, this isn’t always true for Floridians who live on or near the coast. Florida residents who live in high-risk “wind pool” areas of the state may need to buy separate wind insurance coverage to protect their properties.”
https://quotewizard.com/home-insurance/florida-windstorm-insurance
“Florida is the same.”
I live in Florida AND your link doesn’t say two policies. My previous post still stands.
ONE POLICY FROM ONE COMPANY.
“Florida is the same.”
In Florida, it is one bundled policy.
In Florida, the law requires insurers to offer hurricane deductible options of $500, 2%, 5%, or 10% for homes insured up to $250,000. If your home is insured for $250,000 or more, the required options are 2%, 5%, and 10%.
From my link:
“separate wind insurance coverage”
What does “separate” mean?
“Most of the time homes in the wind pool will have 3 policies,
Flood,
Homeowners – excluding wind / hurricane
Wind / Hurricane Policy .”
http://www.myautoinsuranceflorida.com/home-insurance/wind-pool-florida-home-insurance/
Doesn’t look bundled to me.
“Florida is the same.”
Nope.
Hurricane Coverage Exclusion: all insurance companies authorized to issue property insurance by the Office of Insurance Regulation (Surplus Lines are not included), must make an exclusion of windstorm coverage available
https://www.myfloridacfo.com/Division/Consumers/FloridasHurricaneDeductible.htm
If you have the land you should mount them on a swivel.
“Doesn’t look bundled to me.”
Geez!
Florida law requires bundling. If you live in a “wind pool” you don’t select your provider, you are assigned a provider’
ONE POLICY
ONE PROVIDER
ONE CHECK
“Rooftop solar is not the best option.”
For most, it is the only option.
Still is not the best one.
“And for most city water is the only option.
Still is not the best one.”
If it is not the best option, following your logic, doing without water would be the better option.
hmmmm
You confused the concept of better and best.
Maybe we’re talking two different things, but everything I’m reading says SEPARATE policies.
“Are you required to have hurricane insurance in Florida?
Despite the high risk, Florida doesn’t specifically require hurricane insurance. That’s because hurricane insurance isn’t a separate policy you can purchase. It’s included in a standard property insurance policy.
Is wind insurance the same as hurricane insurance?
There’s technically no single policy known as “hurricane insurance.” Instead, you’ll need to insure your home against the two main sources of hurricane damage: water and wind. You may need to buy these separate policies to ensure adequate hurricane coverage”
This says hurricane coverage is in a standard policy, but then says you may have to have a SEPARATE policy for wind.
I’m tired of debating it, so you can have the last word.
“Maybe we’re talking two different things, but everything I’m reading says SEPARATE policies.”
I have insured several houses in Florida, both inside and outside the “pool”. I know how the system works.
I have been affected by the various changes in the related rules and regulations.
I don’t need someone from Alabama pulling their info from random websites telling me how the system works here in Florida.
“I’m tired of debating it, so you can have the last word.”
No debate. You don’t live in Florida. You don’t insure in Florida.
I do. Case closed.
“This says hurricane coverage is in a standard policy, but then says you may have to have a SEPARATE policy for wind.”
As I posted earlier, wind damage is a standard part of the policy subject to the same deductible as other related losses. This coverage excludes hurricane damage.
Included in the policy is hurricane coverage with a separate deductible chosen by the owner. The charge for this coverage is itemized on the policy.
Many insurance companies have pulled out of Florida. Most still in Florida won’t insure you if you live in coastal zones so you have to apply to the state pool for insurance.
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