New and existing policyholders with Florida Peninsula Insurance Company (FPI) can now obtain insurance for solar energy panels that meet underwriting standards. Coverage applies to homes with panels installed on shingle or metal roofs after 2016.
“This specialized coverage is being made available in response to the popularity of solar panels,” said Clint Strauch, president of FPI as well as its wholly owned subsidiary, Edison Insurance Company. “Staying ahead of consumer trends has always been a mainstay of our company.”
More than 90,000 homes and businesses in Florida have photovoltaic panels that are part of the renewables grid initiative, according to the Florida Public Service Commission. Together, those systems generated more than 828,000 kilowatt hours of electricity in 2020.
FPI and Edison are offering insurance on residences through the Coverage A portion of their policies for solar panels meeting these criteria:
• Post-construction building permit
• Panel installation by licensed solar contractor
• Utility agreement for Tier 1 interconnection, which by state rules is 10 or fewer kilowatt hours
• Shingle and metal roof 10 years or younger
• Flat roof, 5 years or younger, if a panel or panels are attached to the flat portion
• Inclusion of replacement value and installation cost of panels in the replacement portion of the Coverage A section of the homeowners policy
The policy must insure the panels to at least 100% of the reconstruction cost estimate. The company is not insuring photovoltaic panels installed on clay-tile or cement-tile roofs.
For more information, homeowners can contact their independent insurance agent or visit https://www.floridapeninsula.com/coverageHomeowners.
ABOUT FLORIDA PENINSULA INSURANCE COMPANY
Founded by a team of veteran insurance professionals, Florida Peninsula Insurance Company is one of Florida’s top 10 largest companies offering multi-peril homeowners and flood insurance. The company insures approximately 150,000 homes, condo and apartment units located throughout the state. Florida Peninsula markets through a network of 2,500 independent insurance agents. Our aim is to combine the latest technology with old-fashioned courtesy and customer service, providing efficient, cost-effective, peace-of-mind protection for our policyholders. Florida Peninsula was first issued a Certificate of Authority to do business in April 2005 by the Florida Office of Insurance Regulation. The company has maintained a Financial Stability Rating® of A-Exceptional from Demotech. For more information or to get a comparison quote, please call (877) 229-2244 or visit our website at www.floridapeninsula.com.