naumuk(at)windstream.net
Guest
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 Posted: Mon Jun 20, 2011 1:44 pm Post subject: Project Insurance Update |
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On 06/20/2011 05:31 PM, Bill Naumuk wrote:
| Quote: | On 06/20/2011 12:02 PM, Steve Look wrote:
>
>
> I have the opportunity to move my 601 project out to the local FBO
> hanger and I'm wondering about insurance. I've talked to my
> home-owner's and commercial insurance provider and they have offered
> to add a rider to my commercial policy. The home-owner's policy won't
> touch it.
>
> I'm wondering what other's are doing.
>
> It was something of a shock to discover that with my project at home
> in the garage, it wasn't covered by the home-owner's policy. It is
> just an assembly of aluminum that might be an airplane someday....
>
> Steve
>
> Steve Look
> Monticello, IL
> www.ilrt66.com
> "Dogs have owners, Cats have staff"
>
Steve-
Same with me- Allstate wants nothing to do with either aircraft or
car projects. Contacted EAA- they recommended talking to Falcon. If
you try someone else like AVEMCO, post the results so we can have an
on-list comparison.
Bill
All-
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Just talked to Falcon. Construction insurance costs a minimum of
$400/yr with additional coverage at 1% of value/yr. In other words, if
you have a project with a kit or parts receipt worth of $30,000, it will
cost you $400/yr to insure your project. If you have a project worth
$45,000, your premium will be $450/yr.
Bill
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