Solar System Insurance
What You Need To Know
For the large majority of people, insurance is a part of life. Few want to risk going without. And for good reason. But what about when it comes to solar insurance?
What if your house was burnt to the ground? What if someone rear ends your new car? These thoughts tend to make us cringe.
Us humans want to avoid danger. So we insure everything. Houses, cars, boats, our lives, our health. This list goes on. Australians spend more than 21 billion on health insurance alone.
So, where does your shiny new solar system stand when it comes to insurance? Well… It’s a touch complicated. So let’s get into it.
First of all, there’s no getting around talking to your insurer. At the end of the day you need to get it in writing to ensure protection. This article is a general overview. But every insurer and policy can vary. So make sure you do your due diligence.
Are My Solar Panels Insured?
Most insurers will consider your roof mounted solar system and all the bits and pieces as part of your home. If your house burnt down or any other disaster, your solar array will receive cover.
We all know the devil is in the details. The question you MUST ask your insurer is ‘how much is my solar array covered for?’ They may tell you it’s covered. But you may have spent a pretty penny on the finest, shiniest piece of technology available.
It’s always best to inform your insurer of the addition you have made to your house. and chat to them about increasing the total insured value.
Am I covered for Panel Damage from Wind, Hail, Installation Errors?
If a tree were to fall onto your roof top solar array smashing it to a million pieces, you’re covered. Keep in mind, your panels are a feature of the house, and come under your homes policy.
It’s a similar situation with things like hail and wind. As they are part of the house, they come under your home’s coverage.
Your inverter and battery are also part of the house. If a small fire in the house were to damage them, they’re generally covered. Again, you should check with your insurer as policies and companies will vary.
If a fire started because of a component of the solar system, that may differ. This may fall into the ‘warranty issue’ category. Your insurer will check the quality of the system, and the install. If they did happen to find an error in regards to the install, you can be sure they won’t cough up any money. Insurance companies don’t tend to be too charitable.
This comes back to understanding your solar warranties. And it is an important reminder to choose a long standing installer with a good reputation.
Take Home Points
In most cases you won’t have to change anything related to your insurance when installing solar. Your system and its components will come under your home’s policy by the majority of insurers.
Remember solar is there to save you money. Don’t make costly mistake that can wipe out those savings. Be thorough when talking to your insurer. Put your questions in writing and get clear answers on where you stand.
Do your own research to give you confidence and a peaceful sleep each night.
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