Home Solar Panels Can Affect Homeowners Insurance Quotes in Either Direction

July 27, 2009

Learn how going green with a home solar panel system can affect your insurance premium from the new InsuranceAgents.com article.

CHICAGO, IL, July 27, 2009 /24-7PressRelease/ -- Going green might be the trendy thing to do these days, and oftentimes it will save you money on electricity and gas bills, but will it save you any money on homeowners insurance quotes? Home insurance rates are on the rise, and now is the time to save as much as you can on your premium. While "going green" and installing such features as home solar panels might seem great initially, homeowners should know all of the information and what they're committing to financially before they get a home premium bill that's become far more expensive than they anticipated.

There are lots of questions asked about installing eco-friendly features into one's home. A recent article on Insuranceagents.com has ventured to answer those questions, providing homeowners with the insurance information they need to make an informed decision.

The article targets five frequently asked questions about home solar panels and home insurance premiums, such as how home solar panels in certain climates will affect premiums and if solar panels will cause roof damage.

However, the most commonly asked question is, will installing home solar panels cause homeowners insurance premiums to skyrocket?

Not necessarily, according to the Insuranceagents.com article, "Home Solar Panels: How Do They Affect Homeowners Insurance?"

"Most insurance companies these days cover home solar panels. In fact, many carriers may offer a slightly lower rate because environmentally-friendly people are less likely to make an insurance claim (those who are concerned with saving the environment are not likely to be smokers and so are less likely to cause a house fire). Some insurance companies have even been known to offer a 2-3 percent discount for home solar panels," according to the article.

However, it warns, some insurance companies have been known to charge very expensive fees for home solar panels, especially because it increases the value of a home. Policyholders are strongly recommended to check with their homeowners insurance agent to see what discounts are available to them, how much insuring the solar panels will cost, and if they are even insurable.

Homeowners are also recommended to shop for multiple homeowners insurance quotes to find policies that fit their budget and adjust well to inclusions of eco-friendly home features.

"If you find a policy and rate that you like, make sure to ask that insurance agent if he/she can offer you the same or similar rate including the 'green' aspects of your home, including the home solar panels," suggests the article.

Visit InsuranceAgents.com for more information.

InsuranceAgents.com provides consumers with access to information including insurance quotes, articles, and comparisons.

Source: InsuranceAgents.com
Website: http://www.insuranceagents.com/

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