Solar panels can be insured too—will you get a payout for theft or damage?
You may have installed solar panels, but what would you do if the system suffered damage in the future? That is why it is best to get solar panel insurance right from the start.
Many people are installing solar panels these days. If you are planning to install them too, you have likely already looked into the costs involved. Installing solar panels requires a significant investment; imagine spending lakhs of rupees only to have the panels damaged for some reason—you would have to cover the repair costs out of your own pocket. This is where solar panel insurance comes in handy.
Can solar panels be insured?
The answer is yes; solar panels can indeed be insured. If you invest in solar panels without insurance and they get stolen or damaged during a storm, having an insurance plan allows you to file a claim.
While few people are aware of solar panel insurance, getting coverage can prove beneficial. However, it is important to note that not every type of damage is necessarily covered by the policy; let us understand which damages are included and which are not.
What is covered?
Damage caused to solar panels by storms, heavy rain, or lightning strikes can be covered.
If a fire breaks out in the solar system due to a short circuit or other reasons, a claim can be made under the insurance policy.
Additionally, if the solar panels are stolen from your roof, you may receive compensation under the policy. However, in the event of theft, an FIR filed at the police station may be required.
For which damages will you not get a payout?
Many people believe that once they have insured their solar panels, they can claim compensation for any type of damage. In reality, however, this is not the case. Not everything is covered by insurance, such as:
Normal wear and tear or malfunction of the panels over time.
Improper installation of the system.
Damage resulting from a lack of proper maintenance after installation.
Things to consider before purchasing insurance:
You can include solar panel coverage as an add-on to your existing home insurance policy. Alternatively, you can purchase a separate 'Solar Plant All-Risk Policy.' However, before buying a policy, verify what is covered and the circumstances under which a claim would be rejected. In other words, carefully read the terms and conditions associated with the policy before purchasing it.