Many homeowners without insurance for their solar installations are facing financial risks as their panels get destroyed in storms. Reports of collapsed roofs and house fires caused by faulty solar installations are increasing. Theft is also a concern, especially for commercial installations. Insurers must be notified about solar installations as they constitute a material change in risk. Adding solar installations to existing home insurance policies is recommended to maintain coverage without significant premium increases.
With the rain and hail season upon us, many homeowners with solar installations – but no insurance – have found themselves seriously out of pocket after their solar panels were destroyed in particularly heavy storms. Reports of collapsed roofs and house fires caused by faulty solar installations are becoming more frequent. Then there is the risk of theft, particularly on commercial installations.
“Just like any other alterations to the insured property, solar installations constitute a material change in risk and therefore your insurer must be notified,” says Marc du Plessis, head of LookSee, Standard Bank’s home efficiency platform. “Ideally, this should happen before you confirm your solar purchase as you’ll want your insurer to guide you on what will be required from your installer and installation to maintain the insurance coverage.” Fortunately, adding your solar installation to an existing home insurance policy is unlikely to result in a large premium hik
Homeowners Solar Installations Insurance Storms Collapsed Roofs House Fires Faulty Installations Theft Material Change In Risk Coverage Premium Hike
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hlabisa dismisses reports on IFP's divisions - SABC News - Breaking news, special reports, world,IFP President has dismissed reports of a split in the party following the death of its founder
Read more »
South African Banks Offer Solar Financing Solutions to HomeownersSouth African banks, including Nedbank, First National Bank, Standard Bank, and Discovery Bank, are offering solar financing solutions to homeowners to cope with Eskom's load shedding. Nedbank has launched its first set of financing packages on its Avo Solar website, providing solar and backup batteries at competitive prices. The packages include installation by Nedbank-approved suppliers and installers, with a 10-year warranty and certificate of compliance. The banks aim to make greener energy accessible and help customers safeguard against unreliable electricity supply and increasing prices.
Read more »
Hailstorm in Gauteng Leaves Insurers Dealing with Influx of ClaimsVarious parts of Gauteng experienced hail damage on Monday. SA insurers are dealing with the influx of claims for damage from the recent hailstorm in parts of Gauteng.
Read more »
CoCT accepts challenge of 1000 new homeowners by DecemberThe challenge is on for the City of Cape Town (CoCT) as the metro aims to give 1 000 new homeowners their keys and title deeds by the end of December.
Read more »
Increase in Homeowners Forced to Sell Properties Due to Mortgage RepaymentsThe number of homeowners being forced to sell properties they had only bought two years prior has increased by more than 80% in a year, according to research. Many buyers took advantage of low interest rates during the Covid-19 pandemic, but as interest rates normalized, they found themselves unable to afford mortgage repayments.
Read more »
Reunert reports significant increase in revenue and operating profitJSE-listed industrial group Reunert announced a significant increase in revenue and operating profit in its latest financial year ending September 2023. The company's three strategic growth initiatives proceeded on track, including expanding its ICT Segment's capabilities, investment into its renewable energy ecosystem, and increasing non-South African revenue streams.
Read more »