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Recycling,Ìýsolar panels,ÌýhybridÌýcarsÌýand carpoolingÌýare moreÌýcommonÌýthan ever.ÌýBut the sustainable actions you are taking to reduceÌýyourÌýcarbon footprint might impact your insurance coverage—sometimes saving you money.ÌýÌý

TOP CONSIDERATIONSÌý

Auto InsuranceÌý

Going green with auto:ÌýThere are several ways you can makeÌýyourÌýdriving habits more sustainable whichÌýalsoÌýmayÌýsave you money on your insurance.ÌýÌý

• Driving less.ÌýMany insurers use mileage as a factor whenÌýdeterminingÌýauto insurance premiums. If you are driving less, youÌýmightÌýbe eligible for a low-mileage discount.ÌýÌý

• Park and ride.ÌýIf you areÌýdrivingÌýyour carÌýsoÌýyou canÌýtakeÌýpublic transportationÌýand this isÌýthe majority ofÌýyour commute, you mayÌýdramatically cut the number of miles you drive in a year.Ìý Your insurance company may be willing to re-rate you at the lower mileage.ÌýÌý

• DriveÌýa hybrid vehicle.ÌýSome insurers offer premium discounts for hybrid vehiclesÌýandÌýalternative fuel discounts forÌýcars thatÌýuse alternativeÌýenergy sources likeÌýelectricity, hydrogen, natural gas, ethanol or biodiesel.ÌýHowever,Ìýinsurance rates in general for hybrid vehicles tend toÌýcostÌýmoreÌýdue to higher repair and replacement costs.ÌýÌý

• Car sharing.ÌýThere are now companies—thatÌýofferÌýyouÌýthe flexibility of picking up a carÌýwhen you need it.ÌýThis is called car-sharing.ÌýWhen using car-sharing,Ìýinsurance coverage is usually included in the cost. In most cases, this willÌýincludeÌýat least theÌýstate minimum liability and property damage for the car.ÌýMany car-sharing companiesÌýÌýwillÌýgenerally charge you a fee if you are in an accidentÌýorÌýif youÌýdamage the car.Ìý

Homeowners InsuranceÌý

Going green in the home:Ìý

• Standard or non-greenÌýhomeownersÌýinsuranceÌýgenerally provides coverage for either the actualÌýcash valueÌýorÌýreplacement valueÌýof your property with standard building materials.ÌýÌý

• A green homeowners policyÌýcovers rebuilding a damaged home to green standards.ÌýThese policies generally cover the costs of environmentally friendly materials and low environment-impact processes, as well as energy-efficient replacement products and materials.Ìý In the event of a total loss, the coverage may also pay for environmentally sensitive demolition and debris removal.ÌýÌý

Saving money with greenÌýhomeownersÌýinsurance:ÌýGreen renovations may help lower your costs on utility bills and your taxes.ÌýThey may even lower the premiums on yourÌýhomeownersÌýinsurance.ÌýIf your entire home, or your home repair, is certified to meet certain standards,Ìýcheck with your insurance agent or company to see if you’re eligible for extra discounts.ÌýÌý

Green Energy InsuranceÌý

Selling excess solar or wind energy toÌýaÌýutility company:ÌýInterconnection or net-metering allows you to sell energy overages to a local utility company.ÌýMost government bodies either require or strongly encourage homeowners to acquire and maintain additional liability insurance whileÌýanÌýenergy contract is in force. Be aware that municipalities might require you to reimburseÌýfor any loss arising out of net-metering incidents that harm their workers or damage their property.ÌýÌý

THINGS YOU SHOULD KNOWÌýÌý

AutoÌý

Consider the benefitsÌýand risks of park and ride:ÌýThough you may be cutting down your mileage, leaving your car parked in a lot could expose it to other risks such as damage to the vehicle or theft. Ask your insurerÌýif you are protectedÌýfor these incidentsÌýor if you should explore additional coverage.ÌýÌý

Have the right coverage for a hybrid:ÌýCheck with your insurer to see howÌýaÌýhybrid vehicleÌýwill impact your policy. You might be eligible for discounts, but the premium mightÌýincreaseÌýdue to higherÌýrepair costs.ÌýÌý

If carÌýsharingÌýwithÌýany frequency, consider a non-owners liability insurance policy:ÌýThis type of policy covers the named policyholder when driving, whether it is a friend’s car or a car share. Typical policiesÌýmay coverÌýliability, uninsured/underinsured motorist protection, personal injury protection, and medical payments coverage. Non-ownersÌýliability insurance generally does not cover any damage to the car.ÌýÌý

HomeownersÌý

ConfirmÌýcoverage:ÌýEach policy is different, so make sure it covers what you need.ÌýFor example, if you have a standardÌýhomeownersÌýpolicy it might not cover the cost of replacing the green upgrades you made to your home, leaving you to pay for these expenses out of pocket.ÌýÌý

Shop around to find the best value:ÌýThe terms and prices offered on green policies may differ from insurer to insurer. Get several quotes and ask questions about limitations on what is covered, how rebuilding costs are figured and what it takes to be eligible for green coverage.ÌýÌý

Explore policies that allow you to make green upgrades:ÌýYou may be able to purchase aÌýhomeownersÌýinsurance policy that allows you to increase your home’s green factor following a loss. A few companies also offer policies that allow you to purchase additional insurance before damage occurs to ensure that extra funds are available to make those green enhancements, such as improving the energy efficiency ofÌýyourÌýhomeÌýorÌýusing sustainable resources.ÌýÌý

Check with your insurer before adding solar panels or wind turbines:ÌýSome insurers are now extending homeowners coverage to these green renovations, but not all. In some cases, the addition of solar panels or a wind turbine can significantly affect the cost of your insurance policy. Before you install,Ìýfind outÌýwhat your legal obligations are for insuring them. Then call your insurance agent or insurer to see if they will extend coverage to the additions. If they don’t,ÌýfindÌýan insurer authorized to offer coverage in your state.ÌýÌý

TOP THREE THINGS TO REMEMBERÌý

1. Tell your insurer about any green decisions you make that could impact your auto orÌýhomeownersÌýinsurance policies.ÌýÌýYou may beÌýeligible for discounts.Ìý

2. Review your current auto andÌýhomeownersÌýpolicies to see if they coverÌýgreen upgrades.ÌýIf not, contact your insurer to discuss these changes.Ìý

3. When seeking green energy related discounts,ÌýcontactÌýyour municipalityÌýabout insurance requirementsÌýand consider additional liability coverage.Ìý