What if I have already insured my system at a higher rate?
Contact your agent and explain that the replacement value of the system is about half of what the solar array costs, including a buffer for clean up and re-installation.
Can I keep my system insured at higher rate?
Yes. Keep in mind that in case of a complete loss of the system, any wiring, trenched wiring, and salvageable components will not be covered under your insurance if they can be reused or repaired.
When should I adjust my insured value?
It would be a good idea to get a ballpark of estimated replacement value at least every five years to see if the replacement value has dropped enough to lower the insurance.
When should I tell my insurance agent that I have put solar on my building or as a ground mount?
It is a good idea to let them know before the system goes up. Typically, utilities require a liability certificate before interconnection, and this would be a great time to look at the insurable value of the system with your agent. If it’s on an existing building, verify if there is enough insurance to cover the system without raising the cost of insurance.
What am I liable for if there is a complete loss of the system?
The insurance company deductible should be your only out of pocket cost for system repair and replacement.