Insurance for non-flying RV

A friend and I bought a plane not yet flyable and the insurance is only a few hundred dollars than if it were flyable. I?m told I liability coverage (not in motion) is still required with the policy although not sure why.

I just want coverage in case of hurricane, fire, or theft of equipment. I currently have $60K of coverage and cost $947 for the year. Is there some other type of insurance, let?s call it ?storage insurance ?, that costs a lot less? Not sure if you would get building insurance or rental insurance on a building (similar to renter?s insurance on a dwelling) to cover everything in a hanger.

Thanks

That seems high. I had a builders policy it was about 360/y for just slightly less coverage value.

I agree that seems high. I just renewed my builders all risk policy on my RV-10 with a $200K policy for $1450/year.

Suggest you give Falcon Insurance, the EAA insurance company a call an get another quote to see if they can give you a better price.

Regards,

Insurance

I don't know why the agent didn't direct me to builder's insurance as opposed to a plane he knew was not flyable and still in the building process. I will certainly be calling asking why

Liability vs. Airport requirement

At our airport, and many others, it is a requirement for the liability insurance regardless of flying aircraft or building/project. If insurance lapses, you will get 30 day notice of eviction. Honestly, I think there may be a higher risk of a liability issue building than parking a finished aircraft in the hangar.

for 2 builds i have used builders insurance. it is of course, based on the value of the project. i think about $300/yr for 60k coverage. everyone offers it [well, almost everyone i guess].

I is always important to know the insured value to determine exactly *how* expensive builder's insurance is. On my RV-10, it is about $8/thousand of insured value.