Solar Panel Insurance Guide: It costs a good amount of money to install a solar system. In such a situation, if for some reason the panel gets damaged, damaged or stolen, it can lead to huge financial loss. To avoid this loss, solar panels can be insured.
Theft And Storm Damage Cover: To reduce electricity costs across the country, people are increasingly installing solar panels in their homes and other places. A good amount of money is spent on installing a solar system. In such a situation, if for some reason the panel gets damaged, damaged or stolen, it can lead to huge financial loss. To avoid this loss, solar panels can be insured.
Solar panels are also insured
Solar panels are also insured. If after getting the insurance the panel is damaged due to theft, natural calamity or any other covered cause then a claim can be made as per the terms of the policy. However, it is not necessary that every insurance policy covers all types of losses.
Coverage on loss due to natural disaster
Many policies may provide coverage for damage to solar panels or systems caused by natural events such as storms, heavy rains or lightning. Apart from this, losses caused by incidents like short circuit or fire are also included in some policies.
You can get compensation even if the panel is stolen
Even if the solar panel installed on the roof of the house is stolen, compensation can be received as per the terms of the policy. In case of theft, the insurance company can ask for a copy of the FIR lodged with the police.
Claim will not be available in these cases
However, normal wear and tear or damage occurring over time is generally not considered part of insurance coverage. There is no possibility of getting a claim in case of wrongly installed system, damage caused due to lack of proper maintenance or damage caused intentionally.
Keep these things in mind while taking insurance
To insure solar panels, an add-on cover can be taken in the existing home insurance. Apart from this, the option of solar plant all risk policy may also be available. Before taking the policy, definitely check under which circumstances the loss is covered and in which cases the claim will not be available. It is important to read the terms and conditions carefully before taking insurance.