Do I need aircraft renters insurance? What does it cover? When does an aircraft renters policy step in?
Aircraft Renters Insurance is designed as a secondary insurance policy to protect you when flying aircraft that you do not own.
At BWI, we have 42 years of experience specializing in aviation insurance and offering aircraft renters insurance policies. We have put together a quick guide for Aircraft Renters Insurance Basics:
What does an Aircraft Renters Insurance Policy Cover?
Aircraft Renters Insurance policies include liability insurance as standard for aircraft that you fly, but do not own. Aircraft liability insurance protects you against legal liability for damages arising out of bodily injury or property damage, caused while flying an aircraft. Aircraft liability insurance also provides you with legal defense, in the event you are sued if an accident occurs while flying.
Aircraft Liability Insurance is typically offered starting at $250,000 per occurrence and limited to $25,000 per passenger. The top level liability insurance amount is typically $1,000,000 for each occurrent and limited to $200,000 per passenger.
Aircraft Renters Insurance policies also offer hull coverage for non-owned aircraft. Hull coverage can be added on to an aircraft renters insurance policy and is typically offered in amounts ranging from $5,000-$200,000. Important note: Hull coverage on a non-owned aircraft or aircraft renters insurance policy is secondary coverage, meaning the aircraft owners policy is primary in the event of a loss. Further, hull coverage is only paid if you are legally liability for damage to a non-owned aircraft. Meaning you must be sued for coverage to activate.
Do I need an Aircraft Renters Insurance Policy?
If you already own an aircraft and have an aircraft insurance policy that includes full-flight hull coverage, you most likely already have non-owned coverage built into your current insurance policy. The liability limits and hull coverage amount for aircraft that you fly and don’t own, typically mirrors your owned aircraft insurance policy. Check your policy for specifics and have a discussion with your broker before ascertaining coverage specifics.
If you do not have an owned aircraft insurance policy and you plan on flying aircraft that you do not own, yes, we do recommend that you have an aircraft renters insurance policy. This policy follows you around and protects you as a secondary insurance coverage in the event that you are sued or the aircraft owners insurance policy is insufficient.
What does an Aircraft Renters Insurance Policy cost?
Aircraft Renters Insurance Policy including $250,000 per occurrent liability coverage and limited to $25,000 per passenger start at just $72 for an annual insurance policy. Hull coverage for damage to the aircraft itself can be added in increments of $5,000. $5,000 in hull coverage is about $86 on top of the aircraft liability cost.
How do I get an Aircraft Renters Insurance Policy?
You can get a quote in about 5 minutes and even pay and start a policy online at https://bwi.aeroinsure.com/DTM/US/PNO/Home
You can also call our office and speak to one of our professional insurance agents at 800.296.8595