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Solar System Insurance


stoic

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My panels went up this last week, so i decided to see if i can insure them. Even though i do not have the rest of my equipment yet (due to festive season closures) i decided to include everything i purchased in the quote request.

I am with outsurance (building and content), so i dialed them up this morning to see how it will go. I specified all my panels, charge controllers, inverters and batteries and i was asked two questions:

  1. Will you be powering your house, or just geysers?
    1. i said the entire house.
  2. Are the panels on the roof?
    1. I said yes, mounted on the roof.

Outsurance said they will call me back in 10 minutes, which they did.

The outcome.. Everything will be falling under the building insurance, they upped my value by an additional R170k and my premium increased by R26 p/m.

Now... i know they are great, but damn .... R26 p/m extra on my premium is not that bad.

Do you guys /gal? think this is too good to be true, or have you had similar experiences when insuring your systems?

Edited by stoic
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1 hour ago, stoic said:

think this is too good to be true ...

Nope, sounds good.

Because Building and Content premiums are not expensive, when compared to like Specified All Risks or Vehicles. 

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50 minutes ago, The Terrible Triplett said:

Nope, sounds good.

Because Building and Content premiums are not expensive, when compared to like Specified All Risks or Vehicles. 

hey TTT, thanx for the response, I kinda understand that building insurance is generally waaay cheaper than content. Maybe i should not have used phrase "too good to be true" . What i was trying to find out is: Should solar be listed under building insurance? Cause it is quite susceptible to damage theft, lightning strikes etc. the fact they they did not ask for an electrical clearance certificate also makes me wonder a bit. It just feels too cheap.

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44 minutes ago, stoic said:

Should solar be listed under building insurance?

Yes, it becomes a fixture to the building. I presume they will eventually raise the premiums for solar systems IF the loss ratios dictate that, one day, maybe.

 

44 minutes ago, stoic said:

... the fact they they did not ask for an electrical clearance certificate also makes me wonder a bit.

Insurance, like connecting say solar / generator / UPS to a DB board, assumes it is done according to ones local regulations and done by a qualified person with a legit CoC in hand.

So they can ask for confirmation of all of that during the claim submission phase, to dot all the I's and cross the T's before they pay out any claims.

It also differs between insurers.

The onus is on the policy holder to ensure all is done properly, not on them to check it is done properly, like keeping ones car 100% roadworthy at all times. At claim time they can check if the car is/was roadworthy, tires are legal etc.

 

And then they could check like on social media, say FB, on the date of a claim that there was no alcohol involved. So no pictures on FB of one being at a party with bottles and bottles of alcohol in the picture ... or worse, a video of one struggling to stand upright, with a vehicle claim on the same day ... :-) Use this titbit, or not. 

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  • 2 months later...

T T T is absolutely correct.

It falls under building as it forms part of the structure. The assumptions are made that all was done correctly, and validated at claim stage.

I am in short term insurance and generally items like this doesnt break/damage easily. Premiums seems correct.

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Re. generators: See here: https://www.iol.co.za/personal-finance/insuring-your-personal-generator-20110269

Colman urges generator owners to consider the insurance implications related to owning and using a generator, so as to avoid any financial setbacks with claims relating to loss, theft or damage.

“While some insurers do cover generators in their standard home insurance policies, this may not always be the case. Furthermore, there are some insurers that impose limitations and restrictions depending on whether it is a fixed generator or a portable one,” she explains.

In addition to having comprehensive insurance in place, Colman says that policyholders who own personal generators or are thinking of getting a generator must ensure they adhere to the correct installation and usage requirements to avoid any related claims being repudiated.

It’s important to adhere to the terms of certificate of compliance SABS 1-0142 which states that a personal generator must be correctly installed at a residential property by a qualified and licenced electrician.

“To prevent potential claims being rejected, it is important that homeowners receive a certificate of compliance from the electrician following the installation to prove that the generator was installed correctly,” says Colman, who adds that failing to install a generator correctly could pose a major fire hazard.

“According to a document released by Eskom on selecting the right type of generator, it is recommended that the generator be kept at least five meters away from the home and that working smoke and Carbon Monoxide (CO) detectors are installed. 

They must be stored in a weather protected enclosure with sufficient ventilation. As most generators operate with petroleum fuel, homeowners will also need to ensure that they comply with the legal limit of permitted fuel storage at a private residence,” she explains.

Colman advises that when homeowners suspect they will exceed the legal limit of quantities allowed, the fuel should be stored in an underground area separate to the home that is well ventilated. “Homeowners also need to ensure that they have approved fire equipment along with a certificate of approval from their local fire chief in their area.

While the benefits of having a personal generator at home may be enticing, Colman emphasises the importance of adhering to the associated compliance requirements. “It is essential that great care be taken when installing these machines, not only to ensure safety and legal compliance, but also in order to prevent any financial loss at claims stage,” she concludes.

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  • 3 years later...

I phoned Outsurance as well. They said when it is installed I should give them a call and they will add the value to my home's value. Asked if they had any other requirements they said it must be installed by a reputable installer. When I asked if they don't require a COC they said if I have a claim they will probably ask for that.

Apart from that I could not get any policy wording or T&C from them.

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