Wind Insurance for Residential Users
Are you confused about insuring home wind energy systems? You’re not alone.
Insuring Home Wind Energy
In the last decade, wind energy use has increased by 25%. More Americans than ever have or are planning to install wind energy turbines in their yards.
But, when homeowners install wind energy systems they often forget to protect their investment. And it can be hard to even know where to start when insuring home wind energy equipment. For example, some insurance companies will not cover home wind energy systems under an existing homeowner’s policy. Or if your home was built with specific environmental standards, your policy might not cover replacing the equipment that meets those standards. It is important to talk to someone who knows about insurance to find out about insuring home wind energy systems.
Another factor to consider when home wind energy systems is the possibility of a “net metering” agreement. In most areas, utility companies legally have to to buy back the extra power generated from your wind energy system. By connecting your wind turbine to the power grid you can enter in a “net metering” agreement with your local utility company. That way, you’ll earn cash back, just for letting your wind energy system do its job!
While net metering is great, you need to consider how it will affect you insuring home wind energy systems. You might even have to restructure your current insurance policy. Most homeowner’s insurance refuse to cover “business property,” so they will not protect wind turbines that make you money. Additionally, your utility company could have insurance requirements for small power producers who want to net meter. These requirements usually include general liability coverage with liability limits of $300,000.00 to $2,000,000.00 per incident and naming the utility company as an additional insured on the policy. To meet these requirements, homeowners will usually need to buy liability insurance through a commercial insurance provider.
Value Insurance Agency, Inc. will make insuring home wind energy systems so much easier! We compare quotes to get you the best coverage for the cheapest price. That way, you can skip the boring parts of your wind energy project and start saving money.
Contact us for help insuring home wind energy today. We can’t wait to hear from you!