Can I get insurance for my Solar Panels?

With Solar Panels reaching an estimated 500,000 installs across the UK this year and the new government RHI feed-in-tariff people really are making the most of the investment that is renewable technology. It's spreading across the media like wildfire with new innovations in solar, Germany running on 50% renewable energy and even coming to popular UK supermarkets such as Ikea.

However, we haven't heard much about the complications of insuring them. Solar Panels are a serious bit of kit costing from £6000-£9000 you would hope to get some sort of insurance on them as they are supposed to last you up to 20 years. 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.

Coverage on Building Insurance policy

Unfortunately in some cases you won't be covered under this policy, its all down to which insurance company you're with. The common response being is that owning solar panels is (in their eyes) much like running a business because you earn money off the feed-in-tariff. Annoying as that may be there are still alternatives so not to worry my lovelies!

I would advise you to take extra care and ask the insurance provider the right questions to ensure the policy is accepted before they solar panels are installed.

The Alternatives

If you aren't covered for solar panels on your policy then the only other thing to do is go to another insurance company. Although be wary, some companies charge an extra extravagant fee while others include them with no problems at all.

According to www.solarpanels.co.uk the following insurers that are more than happy to provide cover for solar panels on a buildings insurance policy are: 

•  Esure
•  AA
•  Prudential
•  Lloyds TSB
•  LV.com
•  Aviva

Although one insurer, NFU has caused some trouble with home owners. Advertised on their website that solar panels isn't a problem when it comes to their building insurance policy when it came to talking over the phone some customers have found that they weren't able to receive cover. This could just be down to minor issues, don't lose all hope now!

More Tips

Overall the majority of home insurers are okay with insuring a house with solar panels. Although it is worth just giving your current provider a ring to check if your current policy is suitable for solar panels. If you find you wont be covered I suggest you ring round for quotes as it is best to get it straight from the horse's mouth!

I bid you adieu my dear Sirs and Madams

Popular home insurance myths busted

The Association of British Insurers has recently published its guide to popular myths and tips to help consumers make the right choices when buying everything from home to travel insurance.

It's vital with any insurance policy that you disclose all relevant information - if you're insuring a car, unless you tell your insurer otherwise, it'll base its cover on the factory spec and not include those expensive alloy wheels or premium sound system you installed yourself afterwards.

Was a time when not disclosing would have meant any claim was rejected outright but don't expect your DIY additions to be covered, unless you disclose or update your insurance company when they're fitted.

Vehicles are insured for there current market value and not what you paid for them, despite miss-leading questions about the value of your vehicle on insurance application forms. Of course if you underestimate your cars value, then it's likely the insurers will go with your value first.

buildings cover is for the re-build cost

It's the same with home insurance - buildings cover is for the re-build cost, not the market value of your home. So if you carry out extensive modifications like extensions, loft or garage conversions etc, even new kitchens and bathrooms and of course not forgetting conservatories and porches, then it's vital you let your insurance company know straightaway.

It may well mean a slightly higher premium but that's worth it in comparison to finding out your conservatory etc isn't covered.

Remember, if you've taken out a loan to pay for your home improvement or you financed the project, you may well still have to pay those monthly instalments despite no longer having the use of the new kitchen or loft conversion etc.

Same with a car - if you've bought it with a loan or other finance. That's why most finance options for cars will insist on fully comprehensive cover, so even if your car is written off and the accident was your fault, they still get their money back (check the small print that any difference between market value and outstanding payments owed is covered).

The ABI recommends anyone with questions about their insurance cover contact their insurer or broker to make sure they have the right levels of cover.

top myths

Here's the ABI's top tips and myths:

Top Tips:

Disclosure is key.

Homes should be insured for the rebuilding cost, not for the market value.

Home improvements should be reflected in the sum insured.

Check and update home contents cover.

Life insurance is based on your health when you take the policy out, not on any subsequent changes.

Top Myths:

Your vehicle is worth what you paid for it, not what it costs to replace.

If your house suffers subsidence, it will become uninsurable.

The European Health Insurance Card is a substitute for travel insurance.

Online insurance comparisons always return the best insurance option.

There is an 'Act of God' exclusion in insurance policies.