Posted: 4/23/2010 13:15:46
Hello fellow aviation enthusiasts,
My husband and I are getting to "live the dream" and are building a hangar with attached dwelling on a wonderful airpark in Georgia. The problem comes in with trying to insure it. Do any of you have suggestions on insurance companies that are "aviation friendly." We need Builder's Risk Insurance and then Homeowner's Insurance once we move in.
Posted: 4/23/2010 14:01:25
I'm just finishing a hangar in an airpark and have done some recent research on this. Our home is insured by St. Farm and they are willing to increase the Detached Structure portion of the Homeowner's Policy to include the hangar for, in my case $600 per year for $300,000 coverage. The questionable part of this was that the continents coverage excluded any automobile or aircraft (expected) or parts. So any spare parts are not covered. My commercial insurance agent found "Hangar Keepers" coverage that covered all continents that aren't an airplane or car; parts, tools, furnishings, etc. For $300,000 building and $100,000 continents the premium is $800 per year. I figured the extra $200 was worth it to make sure all my belongings were covered.
Hope this helps,