Are Solar Panels Covered By Insurance?

When it comes to solar panels and insurance, it seems that homeowners are divided in the information they have been provided. Are solar panels included in home and contents insurance? Are they not? Will my premium increase? The questions go on.

So, are they covered? We have the answers to all your questions, and more, so keep reading if you want to know! If you have any questions regarding solar panels, give Static Electrics a call on 07 3497 5076 for more information!

Factors to consider

A few factors to consider when it comes to solar repairs and insurance:

• Solar panels are considered part of a building, so they will fall under your home and contents insurance.
• This means that anything that is covered under your home and contents insurance, such as damage caused by bad weather, will also cover your solar panels.
• Speak to your insurance provider as to whether you have to alter your insurance cover in any way as soon as you consider having solar panels installed.
• Solar panels are not insured separately, therefore their individual parts are likely not insured.
• Remember however that problems with the solar panels themselves, such as problems with the solar batteries, should be covered under your product warranty (so thoroughly check this too!).

Insurance of solar panel components

Now, you will see written above about the fact that solar panels are not insured separately under your home and contents insurance. This means that you must ensure that any issues with the components will be covered under a product warranty and/or guarantee. Aspects to consider include:

• How long does the money-back guarantee last? It should last for at least 5 years, and usually up to 10 years.
• Workmanship/labour warranties should be 5-10 years (speak to Static Electrics about our warranties!).
• Warranties that relate to performance should last for around 25 years.
• Warranties relating to the components of your solar system, such as the panels and any other working parts, should last 5-10 years

It is worthwhile to remember as well to obtain written statements from any supplier and installer that you choose to go with relating to any information they provide about the system’s proposed performance, warranties and guarantees. This documentation is crucial if you ever have to make an insurance or warranty claim.

Solar installation contract items to look for

When looking into who will install your solar panels, to ensure your insurance may cover you appropriately you should consider aspects in your installation contract such as:

• Product and labour specifications
• Does your policy state who is responsible for aspects such as connecting your system to the grid and meter changeover? (as solar panels need ‘smart meters’).
• Does your insurance state anything relating to solar credits or Renewable Energy Certificates?
• Are there any estimates of daily electrical output, annual power production and production (divided into best and worst months) listed?

This is not a complete list, and you should always speak to your current insurance provider as to any aspects they wish to be included.

Summary

In summary, some of the main points are as follows:

1. If you have solar panels installed on your home, they will be covered by your home and contents insurance, but…
2. In order to be covered by your home and contents insurance, you will need to increase your coverage (so speak to your insurance provider).
3. When you increase your coverage, your premium will likely increase as well.
4. Ensure your product warranty and guarantee additionally sufficiently cover all solar panel components.
5. Speak to your insurance provider as to whether they have any additional insurance coverage options, as some may offer optional additions such as solar panel damage.

The local solar experts you need

If you have any questions regarding solar panels and their installation for your home or business, give the solar electricians at Static Electrics a call on 07 3497 5076 and we would be more than happy to assist today!

Resources

• CHOICE (Are solar panels covered by home insurance?): https://www.choice.com.au/home-improvement/energy-saving/solar/articles/are-solar-panels-covered-by-home-insurance
• Hi Pages (Your Guide to Solar Panel Insurance): https://hipages.com.au/article/your_guide_to_solar_panel_insurance

*Note: This page is for informational purposes only. Ensure you complete your own research when it comes to insurance policies, to ensure you choose the best option to suit your needs.