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?
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 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 and the specific coverage afforded under their policy wording. Shandit Pty Ltd T/As Strata Insurance Solutions is a Corporate Authorised Representative (No. 404246) of Insurance Advisernet Australia AFSL No 240549, ABN 15 003 886 687.
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Tyrone Shandiman is a seasoned professional in the insurance industry having embarked on his journey in 2004 within the financial services sector. In 2011, he established Strata Insurance Solutions, transforming a garage startup into a reputable firm servicing over 900 clients with a dedicated focus on strata insurance. Tyrone's role extends beyond managing operations and tackling complex insurance matters; he also founded the Australian Consumers Insurance Lobby, championing consumer rights within the insurance industry. Notably, his efforts and expertise have been acknowledged with numerous industry awards. Adding to these accolades, Strata Insurance Solutions was recently named an Australian Top Brokerage by Insurance Business Australia Magazine, a testament to the firm's excellence and leadership in the field. Tyrone is a regular contributor to LookUpStrata.
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