House insurance and PV system

John_3:16

Just a quickie.

When a system is installed I would think you have to contact your insurance re house and contents?

Has anyone found a problem or increase in costs P/A

Thanks

zeupater

John_3:16 wrote: »

Just a quickie.

When a system is installed I would think you have to contact your insurance re house and contents?

Has anyone found a problem or increase in costs P/A

Thanks

Hi

We had a premium increase on the building insurance to reflect the installation value on a complete rebuild. The increase was directly proportional, pv to existing build value. Others with different insurers are happy to have had no increase to their premium, I guess that there will be a change of viewpoint if they're assessed to be underinsured when there is a need to claim .....

HTH
Z

thenudeone

I started a thread here:
https://forums.moneysavingexpert.com/discussion/comment/44948332#Comment_44948332

jetski690

I enquired before I went a head with my install and they were happy to cover the system within the original policy and said I needn't even bother informing them after the install, I think most companies seem pretty laid back about it.

zeupater

jetski690 wrote: »

I enquired before I went a head with my install and they were happy to cover the system within the original policy and said I needn't even bother informing them after the install, I think most companies seem pretty laid back about it.

Hi

That might depend on the value of the property, the rebuild cost and your current level of insurance.

If the property was insured to rebuild at £500k then an additional £14k will probably be absorbed easily, whilst a building costing £70k to rebuild with current insurance of £70k would likely be a different thing ....

Quite often in the past, when reinsuring we have been asked to place our own value on the rebuild ..... I suppose that it's just a way for the insurer to maximise income & minimise exposure ... if you overinsure they will still only pay out the loss, not loss+, whilst if you underinsure they will pay only a proportion of the claim .....

Always make sure that you have the correct level of insurance, or at least be aware of the likely consequences ....

HTH
Z

Hungerdunger

It might be worth checking exactly what is covered. My home insurance is with Ecclesiastical, and according to their policy document, it appears that any damage caused by the collapse or breakage of the panels is covered, but not the damage or collapse of the panels themselves.

In my case we're hoping to install a free-standing array in a field close to the house, so the damage they might cause is likely to be zero, but any risk, however slight, would be damage by storm debris, damage by livestock, or theft. And it appears that I'd get no help with replacing the panels in any of these cases. So now I'm wondering whether it might be possible to take out insurance on the panels separately with a company which will cover damage.

bjohnson

Hungerdunger wrote: »

It might be worth checking exactly what is covered. My home insurance is with Ecclesiastical, and according to their policy document, it appears that any damage caused by the collapse or breakage of the panels is covered, but not the damage or collapse of the panels themselves.

Same here with Pharmacy Mutual. I would have swapped insurers but I get a free year every so often if I have no claims and it was this year so all I had to do was tell them the increased house value and I was covered. Next year I will either try to get them to change their policy or I will look for a different insurer. I can't understand why some insurers cover you for panel damage and some don't.