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For those who own hangars, what are you paying for insurance?

moespeeds

moespeeds

Well Known Member
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I'm lucky enough to have a 50'x60' insulated, heated, air conditioned hangar with water. I bought out the balance of a land lease, so the municipality that owns the airport requires full coverage on the structure.

This year my renewal came in at $2300, more than it cost for full coverage on my aircraft. It's quoted through Falcon/USAA, with Acrisure Aerospace underwriting. Building is insured for $350k as I'm required to carry full replacement cost.

So what's everyone else paying? I know there are no deals in the insurance business, but this seems excessive considering it's significantly more than I pay to insure my $400k home.
 
Gallagher brokered mine. $1483 for a 4800 sq ft, insulated, heated hangar, water, two bathrooms, office etc. Replacement value $325k. You might check with Gallagher.
 
moespeeds said:
I'm lucky enough to have a 50'x60' insulated, heated, air conditioned hangar with water. I bought out the balance of a land lease, so the municipality that owns the airport requires full coverage on the structure.

This year my renewal came in at $2300, more than it cost for full coverage on my aircraft. It's quoted through Falcon/USAA, with Acrisure Aerospace underwriting. Building is insured for $350k as I'm required to carry full replacement cost.

So what's everyone else paying? I know there are no deals in the insurance business, but this seems excessive considering it's significantly more than I pay to insure my $400k home.
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If it's a public airport, all they can require is liability only i believe. Not an expert though. Insurance is quite troublesome right now as we all know. Are you part of a group of hangars or stand alone? HOA or HGA? Water sprinklers inside? My guess is you own a stand alone hangar with no association so it's being treated almost like a small house for insurance purposes. I have been paying around 700-1000 for a similar size contents and liability only though.
 
Check with your carrier. My hangar is insured as part of my home policy as an “outbuilding” even though it’s 30 miles away. It affected the rate but not to a great degree.
 
Agree with Jonjay. I have a hanger 100 miles away and I insure the structure only as an outbuilding on my homeowners policy through Auto Owners for something like an additional $25 a year.
 
Does your aircraft policy have an option to insure the hangar with the AC? Sometimes they have a package deal. There was a place in Colorado that I used to use.. and another in Scottsdale.. I’ll look them up when I get back home.
 
Taltruda said:
Does your aircraft policy have an option to insure the hangar with the AC? Sometimes they have a package deal. There was a place in Colorado that I used to use.. and another in Scottsdale.. I’ll look them up when I get back home.
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48x48 with 40’ Higher power door with in floor heat and bathroom and shower. $850.00
 
Taltruda said:
Does your aircraft policy have an option to insure the hangar with the AC? Sometimes they have a package deal. There was a place in Colorado that I used to use.. and another in Scottsdale.. I’ll look them up when I get back home.
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This is insured with my AC carrier through USAA.
 
We pay $750 / year for a 3000 sq ft hangar. The policy is from ACE American Insurance Company through Falcon/Acrisure. That premium is for full replacement cost, not what the county thinks the hangar is worth.
I asked my Farmers agent if I could insure the hangar as an outbuilding as others have done. They'll have to get back to me on that. But I think it will be a no go because it is insured as an LLC with 2 owners. I'll report back if I hear from Farmers.
 
Steve said:
We pay $750 / year for a 3000 sq ft hangar. The policy is from ACE American Insurance Company through Falcon/Acrisure. That premium is for full replacement cost, not what the county thinks the hangar is worth.
I asked my Farmers agent if I could insure the hangar as an outbuilding as others have done. They'll have to get back to me on that. But I think it will be a no go because it is insured as an LLC with 2 owners. I'll report back if I hear from Farmers.
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That's who I'm using now, and I'm 3x higher than you. I don't understand why i's so high. I've never had any claims or anything. I went to another broker, and she told me that out of 4 quotes, 3 insurers declined. One said it was a high wind risk? It's NJ, we don't get high winds here.
 
I have a 65x50 hangar with all the goodies like yours. I have it insured for $200,000. Annual premium is $1200.
moespeeds said:
I'm lucky enough to have a 50'x60' insulated, heated, air conditioned hangar with water. I bought out the balance of a land lease, so the municipality that owns the airport requires full coverage on the structure.

This year my renewal came in at $2300, more than it cost for full coverage on my aircraft. It's quoted through Falcon/USAA, with Acrisure Aerospace underwriting. Building is insured for $350k as I'm required to carry full replacement cost.

So what's everyone else paying? I know there are no deals in the insurance business, but this seems excessive considering it's significantly more than I pay to insure my $400k home.
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I live in Oregon, use Leading Edge Insurance in Colorado. $400/year, 50x50 hangar I own on leased airport property.
DAR Gary
 
Steve said:
We pay $750 / year for a 3000 sq ft hangar. The policy is from ACE American Insurance Company through Falcon/Acrisure. That premium is for full replacement cost, not what the county thinks the hangar is worth.
I asked my Farmers agent if I could insure the hangar as an outbuilding as others have done. They'll have to get back to me on that. But I think it will be a no go because it is insured as an LLC with 2 owners. I'll report back if I hear from Farmers.
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I’m curious when your policy renews. I just received my renewal from Falcon/Acrisure/ACE-Chubb for my 50x50 hangar and it’s 25% more than yours, it’s insured for $165K with $1M liability which is required by the airport. I am getting quotes from other insurers.
 
Skid said:
I’m curious when your policy renews. I just received my renewal from Falcon/Acrisure/ACE-Chubb for my 50x50 hangar and it’s 25% more than yours, it’s insured for $165K with $1M liability which is required by the airport. I am getting quotes from other insurers.
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The policy is up for renewal in January. I haven't received the invoice from ACE yet.
 
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