If you've installed solar panels, you've already done the tricky bit. Most home and contents insurance policies will cover solar panels – all you need to do is increase your coverage.
What is solar panel insurance?
Most home insurance providers consider solar panels to be permanent fixtures of your building, which means that they'll be covered by a home and contents insurance policy or building insurance policy. So for example, if your solar panels are damaged by a storm or fire, your home insurance policy will help reimburse you for the repairs.
Protect your solar panels with home insurance
Compare benefits and get a quote (or multiple!) from a home insurer that can cover your solar panels.
Most home insurance brands will cover solar panels to some extent; you just need to make sure that you have enough to cover the value of the solar panels. As permanent fixtures, you can usually get cover for solar panels under a home and contents insurance policy or building/home insurance policy.
We've done some product disclosure statement (PDS) research to show you how some major Australian brands cover solar panels. There are even some insurers that will cover you for additional electricity costs if your solar panels are damaged or broken.
Loss or damage to your home at the insured address caused by an insured event as listed in section 4, as long as the damage occurs during the period of insurance.
Your Home Insurance covers the following:... • energy storage systems and solar panels
Breakage to the following items when you have Home Insurance, or when you are a tenant responsible for these items under your lease agreement: • fixed glass in any window, door, skylight, shower screen, balcony or pool fence, solar panel or any fixed glass panel
Optional cover Optional covers may not always be available to you. At renewal of your policy we will tell you if we can continue to offer you the requested optional covers. Fixtures and Fittings upgrade: • solar power systems
Your Home Insurance covers the following: • energy storage systems and solar panels Breakage to the following items when you have Home Insurance, or when you are a tenant responsible for these items under your lease agreement: • fixed glass in any window, door, skylight, shower screen, balcony or pool fence, solar panel or any fixed glass panel
Cover for strata title property owners When your contents are insured (other than as landlords contents), and you are the owner and occupier of a strata title property we will also cover the following items, usually covered under a building policy: • fixtures that are owned by you, and are not insurable by the body corporate. This benefit is included in your contents sum insured
Residential building(s) on the site which includes structural improvements, fixtures and fittings including: Fixtures and fittings: solar panels. Accidental breakage of glass. Covered. Under Building cover: • glass in fixed storage tanks and solar panels
Residential building(s) on the site which includes structural improvements, fixtures and fittings including: Fixtures and fittings: solar panels. Accidental breakage of glass. Covered. Under Building cover: • glass in fixed storage tanks and solar panels
General contents include: Fixtures and fittings that you have installed for your own use if you are a tenant, or the owner of the strata title unit. Landlord's fixtures and fittings that you are liable for under the terms of a rental agreement.
There's no set extra premium you'll pay to cover your solar panels in home insurance, but here are some expenses to consider:
If you need to increase your sum insured amount, you can expect to pay a higher premium for your policy.
A few brands actually offer extra cover for fittings and fixtures. If you choose to take this optional add on, you can expect to pay a bit more as well.
When am I covered?
Solar panel insurance comes under home insurance, which covers your house and other structures on your property including garages, garden sheds, fences, domestic fixtures like built-in wardrobes, air conditioner units and solar panels. It can cover you for the following events:
Malicious damage, vandalism, riot or civil commotion
Breakage of glass, ceramic and sanitary fixtures
Earthquake or tsunami
Explosion
Pros and cons
Here are the advantages and disadvantages of getting solar panels included in your home insurance policy.
Pros
You're protecting your investment
You're protecting a vulnerable and expensive part of your home from fires, storms and other types of damage
Solar panels can be expensive to fix or replace without insurance
Cons
Like all types of insurance, there's always a chance you won't need it
It's an added expense
What's not covered
A home insurance is unlikely to cover you for the following issues:
Performance issues. If your solar panels aren't working properly, and the problem hasn't been caused by an insured event like a storm, fire or other type of damage, your insurance probably won't cover you. This is a performance warranty issue and you should take it up with your solar panel provider.
Product issues. Similarly, if there are any physical or electrical issues with your solar panels that have not been caused by an insured event, it's not your insurance that will cover you – it's the product warranty. Home and contents insurance generally won't cover you for this.
If you take out a policy after the damage. Just like any other insurance, you need to have held a valid policy when the event that caused the damaged occurred, otherwise you won't be covered.
General wear and tear. Home insurance won't cover damage caused by general wear and tear of your solar panels. You're better off maintaining the panels to avoid gradual deterioration.
Frequently asked questions
Yes, but no more than a few extra dollars a month. You'll need to contact your home insurance provider to increase your sum insured to factor in how much your solar panels would cost to replace.
Yes, but only if it is the result of an insured event like a storm, fire or accidental damage. Otherwise, your warranty may be able to cover you for electrical issues.
Not generally. Insurers class solar panels as a permanent fixture, which means they come under home insurance. If you want to apply for cover through contents insurance, you'll have to speak to them directly and see if they can make any exceptions.
Bottom line
If you've recently had solar panels installed, you can get in touch with your insurer to increase your sum insured. For those who haven't gotten around to buying a policy yet, now is a good time to make the investment. Compare here.
Gary Ross Hunter is an editor at Finder, specialising in insurance. He’s been writing about life, travel, home, car, pet and health insurance for over 6 years and regularly appears as an insurance expert in publications including The Sydney Morning Herald, The Guardian and news.com.au. Gary holds a Kaplan Tier 2 General Advice General Insurance certification which meets the requirements of ASIC Regulatory Guide 146 (RG146).
Camera insurance is a must-have if you carry a lot of expensive gear. Find out how to get cover through either contents insurance or speciality camera insurance.
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