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

Re-mortgaging is a good time to review your home insurance.

Many homeowners will have taken the home insurance offered with their original mortgage but if you're re-mortgaging (or moving home) then it's the perfect time to explore alternative insurance quotes, which may ultimately save you money.

You'll also find that shopping around offers you a chance to tailor the cover more towards your particular requirements e.g covering valuable smart phones and laptops outside the home etc.

Also, if you're recently carried out a major home improvement like a new kitchen or bathroom - even a conservatory, then you'll probably want to increase the amount insured on your buildings cover, to cover the extra value that now needs insuring.

It's great when a home improvement adds monetary value to your property, but you won't be so happy when an insurance pay-out doesn't cover the cost of replacing your dream interior.

And if you're fitting new windows or doors, then check whether certain security features of new windows or doors qualify for a discount off of your home insurance. It may be this one issue helps you decide which replacement window quote to take.

Moving home to a new area might mean you now find yourself living within a Neighbourhood Watch area. They're not all 'twitching curtains' you now with many liaising directly with community police officers etc. Such schemes, might again, mean you qualify for a lower insurance premium.

photo credit: elliott brown

This story appeared in our weekly homeowner newsletter dated 19th September 2011. Click here to read the full newsletter.

Do solar panels affect your home insurance?

Still a popular question amongst homeowners either fitting solar panels or just getting a quote for installation.

Whilst individual insurance company's policies may differ, the general rule is you should always contact your own insurance company for advice as you're making a material change to your home's structure.

Also, you'll need to check your current level of cover includes the replacement cost of the solar panels should the worst happen, and if not, increase your cover levels accordingly.

For example, typical roof repair costs can be increased if there are solar panels to include in or work around. Will your insurance company cover the additional costs of an authorised repairer having to work around such an installation? There's a strong probability that a solar panel specialist may have to be called in to handle that themselves.

Solar panels are a major investment with a long pay back period. Although you can start enjoying the cost-saving benefits of solar panels straightaway, loosing them early in some non-insured incident may leave you with insufficient funds to replace the initial investment of installation and worse still, if you're unable to replace the panels, you'll have never got that all important return on investment.

For companies offering free installation programmes, check whether they expect you (or subsequent tenants) to provide adequate insurance cover as part of the agreement, and notify your insurer accordingly.

This article first appeared in our weekly homeowner newsletter dated 31st May 2011. Click here to read the full newsletter now.

Flood alert - home insurance

Home insurance experts have warned that homeowners whose homes are considered to be at risk from flooding may find it difficult or even impossible to find insurance cover.

The warning comes in the wake of Government cuts to funding for flood defences.

Although £500 million has been 'earmarked' for flood defences each year (from 2011), this is a reduction of £216 million a year.

Experts are worried that lack of insurance cover may lead to a lack of mortgage offers, which could decimate the property market in 'at risk' areas like riverside / coastal locations and those properties on low laying ground.

There are already some areas in the UK were insurance cover is unavailable because of their flood history.

photo credit: mollypop

This story first appeared in our weekly homeowner newsletter - week beginning Monday 13th December 2010 - click here to read the newsletter in full.

Uninsured damage can still run into thousands.

"chip pan fire demonstration"

Last week, we wrote how a survey by the Cooperative Insurance Company had revealed that over two fifths of homes were uninsured, with 42% of those questioned saying they couldn't afford it. The message was stark - replacement or repair costs can run into thousands so get your insurance up to date.

Even for the 18% who didn't think their possessions were worth insuring, an everyday accident can soon run up a repair or replacement bill of thousands and even if you are insured, there are some instances where you may be left without cover.

For example, Burst pipes whilst you're away. It's a common happening but check your insurance cover. Extended periods of leaving the house empty may still invalidate your insurance.

Leaking water can damage not only furniture and carpets, but walls and ceilings too. What if a fitted kitchen was damaged beyond repair? Would you be able to afford a replacement kitchen plus the repair damage to ceilings or even pipes?

Fire's, even small ones can still cause major smoke and property damage. Figures suggest 19% of reported fires are caused by electrical faults. Damage isn't confined to what the fire touches. If the Fire Service is called out, then you may have water and other extinguisher mess to clear up.

But your property doesn't have to be empty for an incident to occur.

Getting distracted whilst cooking dinner can cause big repair bills. For example, leaving a chip pan unattended and allowing it to catch fire can cause thousands of pounds worth of damage.

Chip Pan fires account for around 25% of all home fires, and if your kitchen units were destroyed by fire? Check that other damage like that caused by putting a hot pan down on a worktop is also covered.

Running a bath? Don't let it run over. With the boom in loft conversions, many of which include an en-suite bathroom, damage can occur to more than one floor. And the bill can be thousands - making good soaked bathroom floors, repairing and re-plastering ceilings not to mention the replacement of damaged furniture caught in the deluge.

Lastly, when you leave your property, make sure doors and windows are locked and secure - even if you're only popping down the street.

Insurance companies can refuse to pay out for theft and damage if there were no signs of a forced entry. Jewellery, game consoles, laptops, DVD's and flat screen tv's are very desirable and easily carried away - especially through an open door.

And it's not just thieves you've got to lock out. A sudden heavy rain through an open window can cause as much damage to curtains, wall coverings and flooring as a small flood. Be warned that the same "duty of care" may apply to such claims and your insurer may not pay out.

With any insurance, it's vital to check the small print - what is and isn't covered and how much excess you're liable for depending on the type of claim made. These are all factors you should include when comparing home insurance quotes - rather than going on price alone. The cheapest may not be the best value. Some insurers may charge more for additional cover or circumstances than others, whilst some may offer things like mobile phone cover or extended 'empty period' cover within the base prices.

Some insurers may even automatically increase your contents cover at Christmas, covering all those new presents, gadgets and clothing etc.

photo credit: jordanhill school d&t department

Don't ignore your home insurance

The Cooperative Insurance Company has revealed that over two fifths of homes in the UK are uninsured.

42% of those questioned didn't have home insurance cover, saying they couldn't afford it. 22% of people didn't consider home insurance important whilst 18% didn't think their possessions were worth insuring.

The startling figures are being blamed on money issues, causing UK homeowners sleepless nights, as the study found that 26% of people weren't confident they would be bale to pay their bills every month. Two thirds of those questioned admitted they were worried about money.

However, insurance experts have warned that failing to adequately insure your property could be a false economy, as victims of property fire, flood or burglary etc will be left to pick up the full costs of building repair or contents replacement themselves. Costs that in some cases could run into several thousands.

And if you think it can't happen to you, think again as one family found out to their cost. Upon returning from a holiday abroad, they were greeted by over £4,000 worth of damage caused by a neighbouring cat which had sneaked into their home and got shut in. Only when they went to make a claim did they find the damage wasn't covered by the policy.

photo credit: icma photos

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.