Will my solar panels affect my home insurance? - thumbnail image

Will my solar panels affect my home insurance?

So, you’ve called out a solar PV installer. They’ve come to your house to fit your solar system, and now you’re wondering how this new feature is going to affect your home insurance. Fear not, the team here at Thrift Energy have done all of the research so you don’t have to, and we’ve compiled the most frequently asked questions into one location, just for you. 

Are solar panels included? 

Fortunately for you, most providers now include solar panels in their home insurance policies as standard practice. Most insurers don’t consider solar panels to be an expensive gadget, instead considering them part of the fabric of the home, just as they would the roof or the walls. If you’re not sure, the best course of action is to just check with your insurer, and see if they’re included in your policy. 

Will my policy be more expensive? 

As we’ve just explained, the vast majority of insurers consider solar panels to be part of the fabric of the building, so they would not incur an extra charge on your policy. In rare cases, some providers will increase the cost of your policy when you get panels installed. This is likely because a solar panel installation increases the value of your home. As home insurance policies are valued according to the value of a home, there’s a good chance your policy has got more expensive, because your house has too. 

When should I tell my insurance provider? 

You will definitely need to contact your insurance provider about installing solar panels, just as you would for any other structural change you planned to make to your home.  Insurers need to know about anything that could affect the structure of your home, just in case they need to rebuild anything. 

What kind of panels are covered by insurance? 

More or less all kinds of systems are covered by home insurance, including photovoltaic panels, hybrid panels with heat exchangers or solar tiles, as long as they’re attached to your home. Moreover, your policy will also protect your panels against damage from fire, water, extreme weather, falling trees and plenty of other dangers. Accidental damage is usually offered as an add-on to a standard policy, meaning your panels will be protected if anyone damages them by mistake. 

The cheapest isn’t the best

Home insurance can be expensive, and most policies come with an upper limit on the amount the provider will pay out on individual items. Be sure to check these figures before taking out a policy, to ensure maximum protection for your solar pv system. It is important to remember that the cheapest option is not always the best, and won’t provide you with the best coverage in the long run. 

If you have any further questions about how a solar panel installation could affect your home insurance, don’t hesitate to contact us here at Thrift Energy, or speak to your insurance provider. Getting the right cover will always set you up for success, and could even save you money down the line! 

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