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Amica - Insuring Solar Panel Installation

Posted: Sat Apr 06, 2019 1:16 am
by covertfantom
My homeowners insurance company (Amica in CA) wants $155 to insure a new $10,000 solar install. By my calculation, that is 10x more expensive than it is to cover the rest of the house (per dollar covered). I was a little concerned with the company's questions for estimating coverage. They cared only about the square feet the panels covered - not the actual cost of the components or install.

Am I missing something here? I'm thinking I'll just bite the bullet and leave the panels uninsured.

Re: Amica - Insuring Solar Panel Installation

Posted: Sat Apr 06, 2019 1:31 am
by letsgobobby
Deleted

Re: Amica - Insuring Solar Panel Installation

Posted: Sat Apr 06, 2019 1:45 am
by covertfantom
You know... they might have asked a few more questions... but at the end of the day, the system costs $10,000 (after federal rebates) and Amica wants $155 a year to insure it. How much did they bump your premium to cover your solar?

Re: Amica - Insuring Solar Panel Installation

Posted: Sat Apr 06, 2019 1:55 am
by jminv
covertfantom wrote: Sat Apr 06, 2019 1:45 am You know... they might have asked a few more questions... but at the end of the day, the system costs $10,000 (after federal rebates) and Amica wants $155 a year to insure it. How much did they bump your premium to cover your solar?
From the insurer’s point of view, it is the replacement cost of the system that matters, not your after initial after tax credit cost. That’s what they would actually have to payout. So you should probably compare the premium for the rider to that cost.

Since most home insurance covers standard solar panel rooftop installations without the need for a rider, I’d switch to an insurer that covered it without a rider, assuming you don’t have some special installation such as carport or ground mounted.

Re: Amica - Insuring Solar Panel Installation

Posted: Sat Apr 06, 2019 2:00 am
by letsgobobby
Deleted

Re: Amica - Insuring Solar Panel Installation

Posted: Sat Apr 06, 2019 11:51 am
by covertfantom
Just a quick update - turns out they were switching to a new system and did not appraise it properly. The $10k solar system will be covered for the princely sum of $5/year once installed.