Guest Post: Solar Panels and Home Insurance
More and more people are now choosing an eco-friendly way of life; and being a part of the renewable energy front is all part of it. With many homeowners now purchasing solar panels; they are mapping out the steps for the future.
Image Source: jhritz
Solar panels are beneficial and clean; generating heat from sunlight producing virtually no pollution! The solar panels release the owner from the reliance on the main grid and once the investment in the hardware has been paid off, you will have free electricity for years to come.
However, there is the obvious worry of the effect on home insurance. There are two ways to look at it - on one hand, insurers cannot penalise or target you for the eco-friendly way of life. However, this is contradicted as the solar panels are expensive individually and ultimately bring value to your home; increasing the cost of the pay out if you were to claim.
It is always advisable to inform the insurer that you are considering having the solar panels fitted, just in case it is not covered in the premium! (However it usually is.) Also make sure to clarify what the solar panels will count as – are they a structural or permanent fixture? Any damage that occurs whilst the panels are being fitted will cause an increase to cost to your premiums for a few months. Better to be safe than sorry! Also, solar panels do not have to be fitted to your house, but the location and reason of where you are placing them must be explained to the insurers.
In summary the home insurance should not increase, however it is advisory for the home-owner to increase the amount insured; to cover the now higher value of the property with solar panels. However the specification of what your home insurance covers needs to be clear. For example if a solar panel is damaged physically by an external source, i.e. a stone or brick comes in contact, the insurance will not cover this. Whereas the insurance would cover the damage if the panel fell off or blew off or caused any damage to somewhere else.
Overall, it is quite easy to organise with your particular insurer and have the solar panels put into place. As long as you are always informative, there will be no problems!
This article was produced by home insurance specialists; PolicyExpert.co.uk
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