We’ve read a lot in the news about people having solar panels installed so they can make the most of generating their own power and also being paid the feed-in tariff set by the government. However we haven’t heard much about the issue of making sure the solar panels are insured.
If you are thinking about having solar panels fitted in the near future, it is well worth finding out more about how and where to insure them before you start.
Won’t they be covered automatically by a Buildings Insurance policy?
The answer here, unfortunately, is ‘not necessarily’. In truth it depends on which insurance company you happen to be with. There have been reports of some people finding their insurance company won’t give them cover for their panels, or indeed their home in general after finding out about the solar panels.
The general tripping point seems to be that some insurance companies regard having solar panels as the same as running a business. They assume this because you are earning money from the feed-in tariff.
This means you have to be careful to ask the right questions and to ensure your policy will accept the addition of solar panels before you get them fitted.
Which companies are happy to provide home insurance with Solar Panels included?
It goes without saying that you should always take the time to find out whether you are covered or not on your existing policy. If you are not, you need to go to another insurance company. Some companies seem to charge a nominal extra fee to include the panels, whereas others will include them without any problems at all.
According to customers who already have the panels fitted, the following insurers are all more than happy to provide cover for solar panels on a buildings insurance policy. These include:
- Lloyds TSB
One insurer that some people had trouble with was the NFU; their website seems to be positive towards solar installations but people have said that the underwriters have refused to cover them. This could be a minor issue that has now been resolved, but one customer writing on the Money Saving Expert site could not get them to insure her home as a result.
Do Your Own Research
The good news is that most insurers do seem to be happy to insure buildings that have solar panels installed. However it is definitely worth a phone call to your existing buildings insurance provider to make sure your current policy is suitable. If in doubt, ring them and let them know about the installation. If you find it won’t be covered then it is time to ring round for quotes for companies that will allow it.
Finally, note that most insurers will want to add a note to your policy stating that you do have solar panels fitted. Make sure this is done so all eventualities should be covered.