Buildings or contents insurance?
But do you know whether these photovoltaic installations are covered by your home insurance? If the solar panels are fixed, they are considered permanent electrical energy installations and, for this reason, they fall within your buildings insurance. This means that the solar panels are covered by the same policy as the building as a whole. As you know, buildings insurance refers to all the elements that belong to the construction and which are fixed. Imagine if you could take a house and turn it upside down. Anything that does not fall off is the “building”: the structure, the walls, the floors, the windows, the water and electricity installations, and so on.
Exposed to the elements
However, in the event that the solar panels had not been installed when your home insurance policy was taken out, it is necessary to inform the insurer so that they can be included in the policy, as they imply an alteration to the characteristics of the home. It is important to do this because solar panel components are expensive and, in addition, they are located in a particularly exposed place, as they are subject to all kinds of inclement weather.
It is also advisable to check that your home insurance policy includes cover for theft and material damage from wind, rain, hail, and so on. In addition, it is also essential to have a civil liability guarantee to cover damage to third parties caused by the insured property itself, including any solar panels.
As they come under the buildings insurance, they are protected in case of fire and meteorological phenomena. However, not all incidents are covered, so it is advisable to find out what the fine print says about this, prior to signing a policy.
Beyond guarantees
You may think that if the photovoltaic components have their own purchase guarantees, your solar panels do not need other cover. In this respect, you should be aware that product guarantees cover manufacturing defects and not any other damage that your system may suffer.
Something else you should find out is the cover limit for your system; for example, some insurance companies cover up to a maximum of 25 solar panels. You should also check the compensation limits of your solar panel insurance policy.
As you can see, the most important thing is to be sure you know what exactly is covered by your home insurance policy. Whether you already have a policy or you are going to take one out, tell your professional advisor that you have solar panels so that they can offer you the most appropriate cover.
Committing to clean energy solutions is undoubtedly a profitable alternative that also helps to care for the planet. For some time now, the insurance sector has also been committed to sustainability.
