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  #1  
Old 03-31-2021, 09:48 AM
rockitdoc's Avatar
rockitdoc rockitdoc is offline
 
Join Date: May 2020
Location: Fort COllins, CO
Posts: 236
Default Liability Insurance for Hangar Lease?

I am next in line to get a hangar at our local airport (KFNL). They won't lease it to me without liability insurance. OK. So, I went to my agent and gave her the example policy the City will accept (excerpt attached). After 5 weeks she came back with a quote: $850/yr

This is not hull insurance, mind you. Just liability for the hangar.

Questions: 1) Is this what I should have expected?

2) Anybody else experience this?

3) Anybody have a recommendation for an underwriter that might be significantly more reasonable?

Any suggestions appreciated. BTW, did I mention that hangar space around these parts is hard to come by.
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  #2  
Old 03-31-2021, 09:56 AM
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D Weisgerber D Weisgerber is offline
 
Join Date: Sep 2019
Location: Ionia Michigan
Posts: 243
Default

I only have liability insurance on my airplane, the only thing that was required when I rented a hangar is adding the county to my insurance policy. They didn't charge me anymore for that.
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  #3  
Old 03-31-2021, 10:11 AM
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rockitdoc rockitdoc is offline
 
Join Date: May 2020
Location: Fort COllins, CO
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Default

Quote:
Originally Posted by D Weisgerber View Post
I only have liability insurance on my airplane, the only thing that was required when I rented a hangar is adding the county to my insurance policy. They didn't charge me anymore for that.
Parking my plane in MI might present a small inconvenience, but I will keep it in mind in case I can't find a reasonable policy rate here in CO.
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  #4  
Old 03-31-2021, 10:49 AM
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rleffler rleffler is offline
 
Join Date: Jun 2006
Location: Delaware, OH (KDLZ)
Posts: 4,229
Default

Like David mentioned, donít you already have liability insurance on your aircraft? If so, it may be a simple of just adding them to your policy. That is pretty typical and usually it doesnít cost anything extra.
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  #5  
Old 03-31-2021, 11:00 AM
fixnflyguy fixnflyguy is offline
 
Join Date: Jan 2006
Location: Winston-Salem, N.C.
Posts: 1,378
Default What Rob said..if you can.

We had do the same thing at our airport recently. Its seems to be the norm these days. I only carry liability (non-flight) on my RV-4, and adding all the requested verbiage to fulfill the airport request was a quick change from the underwriter. I'm not sure what your airport is looking for as far as coverage, but mine is less than $300/year. They want to think they are covered in the event your pride burns up and takes out the row...or, I had a guy start his Comanche and power-up across from me, loose control and wack my door support post in 2..after the Comanche was retrieved from the woods and the phone pole it also hit, he took the total loss and the plane was scrapped. He also threw in the towel for flying. If he were angled 20 degrees left, I would not have my RV-4 anymore... It is the normal process for new hangars here, and if your policy lapses, one reminder then eviction.
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  #6  
Old 03-31-2021, 11:04 AM
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mfleming mfleming is offline
 
Join Date: Sep 2016
Location: Joseph, Oregon
Posts: 674
Default

$850/year seems in line with my original quote for $1M/$2M liability/structure.

In my case I needed $1.5M/$2M for commercial purpose to satisfy the state...That added an additional $1000 to the premium
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  #7  
Old 03-31-2021, 11:05 AM
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MacCool MacCool is offline
 
Join Date: Aug 2020
Location: central Minnesota
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Default

Quote:
Originally Posted by D Weisgerber View Post
I only have liability insurance on my airplane, the only thing that was required when I rented a hangar is adding the county to my insurance policy. They didn't charge me anymore for that.
I didn't even have to do that. I only had to provide proof to the airport that I had liability insurance.
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  #8  
Old 03-31-2021, 11:13 AM
CRW CRW is offline
 
Join Date: Sep 2006
Location: Rogersville, Tennessee (N.E. TN.)
Posts: 49
Default Liability Insurance

If you have home owners insurance, contact the carrier and see if you can add the hangar coverage to your home owners policy. That is what I was able to do and it was MUCH less expensive than the other quotes that I got.
My agent first told me that it was not possible for me to add the hangar to the home owners policy but said that she would check to make sure.
She came back very apologetic and said that hangars were listed as structures that could be covered. Price was very reasonable.

Best regards,
Chuck
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  #9  
Old 03-31-2021, 11:28 AM
rileyspoon rileyspoon is offline
 
Join Date: Oct 2020
Location: WINSTON SALEM
Posts: 20
Default

$503 for $1M in liability coverage. Falcon Insurance in Houston. Took a bit of doing because I don't have a plane yet, just the tail feathers built so far and I'm building it off airport. Hangar space is in short supply so I got on a list last year thinking I would be farther along in my build and it would take a while to work my way to the top. In January I was surprised to get a notice that my turn was up and so I started looking for insurance. The companies were really unsure about the fact that I didn't actually have an airplane. And based on the shipping delays from Vans doesn't look like I will have one for a while.

Figured I'd go ahead and get the hangar anyway while it was available as they seem to be hard to come by. March 1st was supposed to be the date it was going to be available then they moved it to April 1st and then last week the airport contact notified me the current occupant has decided to stay! I had to ask the insurance folks to delay the effective date which they have agreed to do.

So I'm back on the waiting list....
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  #10  
Old 03-31-2021, 01:18 PM
tom_AZ tom_AZ is offline
 
Join Date: Aug 2017
Location: Tucson, AZ
Posts: 24
Default Hangar Coverage

Quote:
Originally Posted by CRW View Post
If you have home owners insurance, contact the carrier and see if you can add the hangar coverage to your home owners policy. That is what I was able to do and it was MUCH less expensive than the other quotes that I got.
My agent first told me that it was not possible for me to add the hangar to the home owners policy but said that she would check to make sure.
She came back very apologetic and said that hangars were listed as structures that could be covered. Price was very reasonable.

Best regards,
Chuck

Same here. My homeowner's agent indicated I was covered--no change in premium. My airplane is in an LLC (single member). She did tell me that I needed to rent the hangar in my name, not that of the LLC, for the coverage to apply.
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