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DID YOU KNOW YOUR VANS PROJECT MAY/MAYNOT BE COVERED BY YOUR HOMEOWNERS POLICY?

LRingeisen

Well Known Member
It?s common to hear from our insureds that think their build project is covered under their homeowners policy because it?s kept in their garage or shed. Fact is, this may not always true. All policies have different wording, so be sure to check with your homeowners insurance broker to make sure your aircraft is covered. If it is, request it in writing. They should be able to provide some type of documentation showing that it will be covered. Sometimes there is no stopping disastrous events such as a house fire or tornado, but we want to make sure you know what IS or IS NOT covered. Please note different outcomes can occur based on specific policy wording and claim details.

If you find out your homeowners policy excludes your aircraft build project then give us a call. Builders insurance is very reasonably priced and it covers transportation to the airport and/or paint shop. You can even add liability coverage to protect against things like damage the aircraft may cause to other property during the transportation, damage to the hangar, and to protect others against injury for those that may be assisting you with the build process.
 
I checked on this very thing with our homeowners insurance with State Farm. They told me it would not be covered and they offered no insurance that I could purchase to cover my project.

I wound up buying a builder's insurance policy to cover mine. I just keep raising the coverage as the build progresses.
 
This is a very timely post for me. I'm getting to the point where I have "real money" invested in my project.

I'll be looking into the builders insurance.
 
Builder's Risk policies have been around since the mid 90's. I had one on my RV-6 back then. It's cheap and worth it. Unless it has changed, it even covered labor supported by a builder log. Check with the nice ladies at Gallagher, they can take care of it.
 
I checked on this very thing with our homeowners insurance with State Farm. They told me it would not be covered and they offered no insurance that I could purchase to cover my project.

I wound up buying a builder's insurance policy to cover mine. I just keep raising the coverage as the build progresses.

Same.. Makes me sleep better at night.
 
For those of you building in a hangar, you can also get insurance that includes liability (our airport requires a $1 million for hangar tenants). Falcon has been providing me with "not in motion" insurance through Global-AAG for several years for the RV-10.
 
Canadians can purchase through COPA

I reached the same problem as i am now probably 55K into my RV7 with another 10 to go before flying.

i reached out to COPA and they have a builders insurance program which I did online and if I remember correctly only cost 500 dollars CNDN.

Allows a guy to sleep night for sure.

Dave C.
 
This is a very timely post for me. I'm getting to the point where I have "real money" invested in my project.

I'll be looking into the builders insurance.

I did the same. When I realized that I had about $20K worth of airplane parts and tools in the garage and storage unit, I asked and found that my homeowner's policy wouldn't cover it. Nor would it cover the storage unit. I thought the premium for a builder's policy from Gallagher was very reasonably priced. It covered all of it, AND covered me while transporting pieces back and forth.
 
Keep in mind that all policies are different. Some builders risk policies may cover tools (specifically built for the aircraft) where others may not. The same goes for liability coverage. Some may have liability coverage automatically added on to the policy where you have to add it on other policies. If you have any questions on whether or not something is covered, contact your broker. If we don't have the answer for you, we can always find out.
 
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