Question: The owners corporation passed a resolution to NOT cover solar panels installed on some villa’s roofs. I’m concerned about hail damage. Can I take out insurance?
I’m buying a strata villa which has solar panels on the roof. There are 8 villas, and 2 have solar panels. Searches by my conveyancer show the owners corporation passed a resolution NOT to include cover for solar panels in its building insurance. I can’t take out building cover because I don’t own the whole structure. I’m concerned about hail damage in the future.
I can’t find an insurance company who will let me insure the solar panels under my contents policy. I’m happy to pay for cover. Have others faced this issue?
Answer: Solar panels being permanent fixtures are covered by strata insurance.
Solar panels being permanent fixtures are covered by strata insurance. Insurers do not impose requirements to pass a resolution in order for cover to be offered.
If the solar panels are not permanently attached to the property, they are not covered by strata building insurance.
The only consideration is whether the sum insured should be increased to factor in the panels, but most buildings do not increase sum insured after installation of solar panels.
This post appears in the December 2021 edition of The NSW Strata Magazine.
Tyrone Shandiman
Strata Insurance Solutions
E: tshandiman@iaa.net.au
P: 1300 554 165
This information is of a general nature only and neither represents nor is intended to be personal advice on any particular matter. Shandit Pty Ltd T/as Strata Insurance Solutions strongly suggests that no person should act specifically on the basis of the information in this document, but should obtain appropriate professional advice based on their own personal circumstances. Shandit Pty Ltd T/As Strata Insurance Solutions is a Corporate Authorised Representative (No. 404246) of Insurance Advisenent Australia AFSL No 240549, ABN 15 003 886 687.
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