Big mistakes to avoid your solar or backup power insurance claim getting denied

  • 📰 mybroadband
  • ⏱ Reading Time:
  • 67 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 30%
  • Publisher: 67%

Business Business Headlines News

Business Business Latest News,Business Business Headlines

Short-term insurance company Naked has explained the common reasons why insurers deny claims for solar and backup power systems.

Proper solar and battery backup systems that provide reasonable protection against load-shedding cost tens of thousands of rand.

However, you also run the danger of getting inappropriate or insufficient cover because navigating the terms and conditions of insurers can be a complex endeavour. If your items can be unplugged and taken with you when you move, they must be insured under a home contents insurance policy.Qualifying products include portable inverters, generators, solar panels, batteries, and uninterrupted power supplies.Examples of power trolleysNaked said there were three likely reasons for repudiating a backup power system claim.“To cover your alternative power sources, most insurers require that you have them properly installed by a qualified electrician/technician.

“Most insurers insure your items as ‘new for old’,” Naked explained. “This is known as replacement value.” “If you insure your alternative power sources for less than what they’re worth, you might not get the insurance payout you were expecting if you ever had to claim,” Naked said.Electricians mounting solar modules on roof of modern house.

Tell them that they should increase the sum insured of your unit’s building cover to explicitly cover your alternative energy valuables.This scenario is very unusual, but if you’re in a long-term rental agreement and want to install solar panels/generators, you will first have to get permission from the owner.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 11. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Short-sellers are again at the short end | BusinessShort-sellers have hoped that a tighter US monetary policy would pull back equity shares, but to no avail. Markets expert, Maarten Mittner, takes a look at why a long view might be a better option for now.
Source: finweek - 🏆 19. / 63 Read more »