Will my insurance cover my solar energy system?

Yes, your insurance may cover your solar energy system, but there are important considerations to keep in mind.

Coverage Under Home Building Insurance:

Your solar panels may be covered by your Home Building Insurance if an insured event, such as severe weather conditions, results in loss or damage to your solar energy system.

Coverage Under Contents Insurance for Tenants:

As a tenant who owns solar panels, including them in your contents sum insured may provide coverage under Contents Insurance for events causing loss or damage to your solar panels.

Updating Insurance Policies:

Upon installing solar panels, it's crucial to update your home and contents insurance policies to ensure coverage for your new assets.

Increased Coverage and Premiums:

Increasing coverage for solar panels typically results in higher insurance premiums due to the added value of the installed system.

Optional Coverage by Some Insurers:

Certain insurers offer additional optional coverage to protect against damage to solar panels, potentially mitigating increased premiums.

Warranty Coverage:

Issues with solar panels themselves or associated equipment, such as solar batteries, are typically covered by the product or performance warranty, provided they are still applicable.

Process of Increasing Coverage:

Contact your insurer to increase the insured sum in alignment with the replacement cost of your solar panel system.

Additional Coverage for Electricity Expenses:

Some insurers may cover extra electricity expenses incurred while waiting for repairs or replacements of damaged solar panels.

Exclusions and Event Coverage:

Review your insurance policy's Product Disclosure Statement (PDS) to understand exclusions and event coverage, as policies may vary among insurers.

Policy Documentation:

Refer to your insurance company's PDS for comprehensive information regarding coverage, exclusions, and policy wording, which can be easily accessed on their website.

Disclaimer:

Please note that the information provided here is for general guidance only. Insurance policies and coverage may vary depending on your insurer and policy terms. It's essential to review your specific policy details and consult with your insurance provider to understand your coverage accurately. Additionally, attempting to file a false claim may result in denial of coverage and potential legal consequences.