[prkaye]

How many of you guys have work in-progress insurance? I've been debating about this. With my engine arriving next week, I will now have a significant investment in my garage. House insurance doesn't cover aircraft. But other than fire, I have to wonder what's really the risk? I can hardly imagine somebody stealing it... what would they do with it, and how would they get it out of the garage without being noticed?
So, I can't decide whether it's worth the cost of work in-progress insurance.

 

[L.Adamson]

Since I stretched the project for 12 years....

I carried insurance for about the first four, at around $350 per year. Then I dropped it, since I had no loans on the aircraft/engine.

It's now fully insured for liability and hull.

L.Adamson --- RV6A

 

[Jamie]

People have stolen engines off of aircraft parked on the ramp at airports, so I wouldn't put it past anyone. In these hard economic times I would certainly consider it. I purchased insurance once I received my engine. It was a reasonable $600.00/year for 60K value. For me it was worth it for the peace of mind.

 

[flion]

Mine was uninsured until it moved to the airport; at that time it was only the airframe (i.e., Van's kits). At the airport I needed insurance anyway (KFLG requires $1M liability for a hangar space) and was about to order the really expensive stuff, so I got $20k hull which rose as I added the panel and engine.

While it was at home, it was not airplane parts, it was tools and hobby materials, covered under my homeowner's (and before that renter's) policy with full knowledge and advice of my State Farm agent.

 

[uk_figs]

After I got to $30K

I insured my RV-7 after I got over about $30K invested, they also covered the move from garage to airport. Annual cost was $100 per $10K through Falcon (Harvest Jones). For info I just set up the in flight policy and for me ( 200hrs total time, 110 hour tailwheel) and $80K hull value quotes were all around $2300/2400.

Dave

 

[xavierm]

It was required to get a hangar

Since I don't have a garage, I'm building at the airport. Insurance was a requirement so I got builders insurance (AIG). I got the lowest coverage possible, just to meet the insurance requirements. Planning to increase it as the build progresses.

 

[szicree]

While it was at home, it was not airplane parts, it was tools and hobby materials, covered under my homeowner's (and before that renter's) policy with full knowledge and advice of my State Farm agent.

Unfortunately, State Farm will not consult your agent when deciding whether to pay a claim; they will follow the letter of the contract. If the contract excludes aircraft parts and all your reciepts are stamped "Van's Aircraft", you'll not be getting paid.

I have my project insured mostly in case of fire, but I would also consider theft of instruments a very real risk.

 

[az_gila]

...and given your location...

Unfortunately, State Farm will not consult your agent when deciding whether to pay a claim; they will follow the letter of the contract. If the contract excludes aircraft parts and all your reciepts are stamped "Van's Aircraft", you'll not be getting paid.

I have my project insured mostly in case of fire, but I would also consider theft of instruments a very real risk.

...earthquake damage...

Several of the Van Nuys EAA Chapter members projects were damaged in the Northridge earhquake, but luckily not too much.
A long-Eze had it's garage collapse on it....

Theft and earthquake were my two biggest worries when I lived in S. Calif.

 

[Brantel]

I agree,

Tons of people put way to much faith in what their agent tells them word of mouth. With insurance, if it is not in writting by the underwritter, it won't happen.....

Most homeowners insurance specifically exclude projects such as ours.

Unfortunately, State Farm will not consult your agent when deciding whether to pay a claim; they will follow the letter of the contract. If the contract excludes aircraft parts and all your reciepts are stamped "Van's Aircraft", you'll not be getting paid.

I have my project insured mostly in case of fire, but I would also consider theft of instruments a very real risk.

 

[sbarger24]

I carry insurance on my RV-7A for piece of mine. Its at the airport in a hanger with two other aircraft, and I now have 60K invested in this piece of aluminum. Its not flying yet, but you have to ask yourself if you can afford to replace it if something happened.

 

[cjensen]

This has been discussed numerous times...but my aunt is my State Farm agent, and she has been very specific on what my homeowner's policy says, and aircraft parts, regardless of what state they are in, are NOT covered by the Farm.

I have a builder's policy thru Avemco that rolls to flight insurance with a phone call when I'm ready.

 

[JDRhodes]

This has been discussed numerous times...but my aunt is my State Farm agent, and she has been very specific on what my homeowner's policy says, and aircraft parts, regardless of what state they are in, are NOT covered by the Farm.

I have a builder's policy thru Avemco that rolls to flight insurance with a phone call when I'm ready.

Chad -
AVEMCO is EXPENSIVE. AIG or Global Aerospace will do the coverage for probably half the price. Especially the full flight coverage. You should take a look elsewhere.

As far as builder's risk - Also don't forget windstorm damage. Maybe not much of a problem in Cal. but elsewhere, it's a big risk. Last spring we had a tornado a mile from the hangar where we had 3 airplanes stored. Near miss...

And you guys are right - Your homeowners coverage will deny your claim for your "hobby materials" that happens to be $50,000 worth of airplane parts and a Lycoming IO-360 aircraft engine - every time, no matter what your agent says. $500 for the proper coverage is pretty cheap.

 

[cjensen]

Chad -
AVEMCO is EXPENSIVE. AIG or Global Aerospace will do the coverage for probably half the price. Especially the full flight coverage. You should take a look elsewhere.

Hmm...I may have to check again when it's renewal time, but when I renewed the coverage last year, all of them were within about $20 of each other for the same coverage ($20k at the time), and I went with Avemco mainly because I've had two airplanes insured with them in the past.

I don't remember what the labor coverage was with the others, but Avemco pays $15/hour for documented labor also...

 

[JDRhodes]

Chad - you may be right on the builders coverage, but I'm sure that they'll be 2X the premium for the flying airplane coverage on a Vans.

Assuming you're not 95 years old or have 2 left hands or something...

 

[Pirkka]

Yep! Got one.

I didn't have one for first building years as considered that loosing tail or wing wouldn't harm that much. Tools would be covered by normal insurance anyway. But now when fuselage and finishing kit are coming, I took insurance.

Of course when I still lack engine and avionics I haven't set insurance amount to "complete plane price" but rather than something like 30 k$. My insurance price is directly proportional to the value of insurance i.e. if I now pay x dollars, with 60 k$ I would pay 2x. I don't have papers here, but I would recall paying about half what I've read from threads above. Considered that it's cheap enough to have it for few years -- if plans were to keep building next 10 years, I would definitely reconsider.

This insurance is only valid when I'm building plane. Therefore as I currently don't have plans to fly mid winter time, I could take plane back to garage for "light treatment" (=back to building board without much activity) as then I could use this insurance again (much cheaper than loss of use perioid insurance).