Insuring your Solar Panels
When deciding whether to go solar, insurance is sometimes not the first thing on someone’s mind. However you will be reassured to know that unlike the scare stories of customers once being punished for going green, it is now very straight forward*.
Residential properties: For roof mounted systems an installation attached to a property would be included under any existing dwelling coverage policies. The new installation however should be declared to the insurance company and may require the coverage amount to be raised to cover the value of the new installation.
Ground mounted residential systems would also be covered within the residential policy under ‘Other Structures’ (usually 10% of the main dwelling cost). As above, an insurance company should be notified about the installation, to ensure the Property cover is suitable to include the new installation. Wind turbines, not attached to a house would also fall within this classification.
Commercial Properties: Like any building owned by a company, solar installations would be classed as building property and therefore covered under existing commercial insurance policies. All Solar PV systems should be declared, and coverage increased to incorporate the value of the new installation.
* This blog contains only general information, and should be used as reference only. PurePoint Energy encourages anyone considering solar PV to contact their own insurance company for specific details before completing any installation.
