Kit Insurance

[XOverZero]

I'd like to solicit some feedback from members who have purchased insurance to cover their aircraft during construction.

Which company?
What $$ coverage range?
Premium cost (maybe on a per-dollar-of-coverage-value basis)?
Did coverage value (and premium cost) increase as additional sub-kits were acquired?
Quality of customer service? <<Warning...subjective...>>
Any recommendations and/or caveats?

Many thanks in advance!

[xavierm]

I had insurance on the kit (was required to get a hangar). I was quoted about $500 a year. $30,000 coverage if I remember correctly. I didn't renew after the first year.

Moving the kit home, homeowners insurance may cover it.

[Scbado]

I tried to get insurance for my kit also and what I found shocked me.
I tried my home owner?s insurance company first and my agent told me that it will NOT be covered.
Then I tried my current aircraft insurance company and they will insure it but the cost to insure a bunch of parts that are not flying is as much as I pay to insure my flying airplane that has full coverage on it. All I told them I want is the parts to be covered in case of a catastrophic accident like a fire or tornado. I just want parts of the kit replaced so I can rebuild it.
No luck so far. Self insured so far

[bret]

STATE FARM told me anything with an engine is not covered under the home owners policy. I tried to argue that there is no engine yet, that did not work.

[DonFromTX]

I just received a quote for builder insurance thru EAA from Falcon Ins agency, $450 for 70k. Most of the aircraft is still in my attached garage. I am still considering if I really need it or not.

[rleffler]

Originally Posted by DonFromTX

I just received a quote for builder insurance thru EAA from Falcon Ins agency, $450 for 70k. Most of the aircraft is still in my attached garage. I am still considering if I really need it or not.

My builder's inurance was through Chartis through a local agent here in Ohio. Pretty typical coverage. I needed 1M of liability to cover the city and hangar. Over the course of the build, I increased the hull coverage annually based upon what I was expecting to buy that year. This cost is what is going to drive the price variations amongst builders.

The other thing to consider is that I didn't purchase insurance until I bought the fuselage kit. It was at that point, it didn't make sense in my situation to self insure. (and I was still building in the garage)

bob

[DonFromTX]

Another question I have not yet found the answer to, does that insurance cover just the cost of replacement kits, or the hundreds of hours of labor as well. If just kits, then the amount you insure for should be far lower than the value of the nearly complete aircraft.
I am leaning towards no insurance, since it is in my very secure home, not much chance of loss really.

[rleffler]

Originally Posted by DonFromTX

Another question I have not yet found the answer to, does that insurance cover just the cost of replacement kits, or the hundreds of hours of labor as well. If just kits, then the amount you insure for should be far lower than the value of the nearly complete aircraft.
I am leaning towards no insurance, since it is in my very secure home, not much chance of loss really.

It can cover labor, but you have to determine the value and ensure that you have appropriate coverage. Obviously the cost is going to me more. You also have the same issue when you purchase in-motion. You should insure replacement cost which would include labor, freight, plus all that hardware your purchased.

I'm going through that debate with myself at the moment. Do I want to under insure by removing the labor part to get a price reduction in premium price. The question is that a reasonable risk to take.

bob

[xblueh2o]

I have mine through Avemco.

About $300 for 20K is what I have now.

[LettersFromFlyoverCountry]

I bought mine through NationAir and generally kept it to around $600. But, to be clear, that's not enough to get you invited to their margarita party at Oshkosh, apparently.