Builders/Restoration Insurance

[MikeB]

Think this is the right place for this topic but do any of you have builder's or "under restoration" (for lack of a better term) insurance? A friend of mine who is also restoring a L16 asked me if I did and I don't but while I was working on it today I was thinking I suppose it wouldn't be a bad idea as I'm starting to get a lot of work and $$$$ in the project. Basically, it would cover in case of fire, etc. Not too worried about wind damage or vandalism as my shop is only a few steps from the house and if the shop burned down I suppose losing the project would probably be the least of my problems. I know EAA or Avemco was selling a policy some time ago.
Thanks,
Mike

[joea]

Wonder if our homeowners insurance might also cover something like this?

[MikeB]

I kind of doubt it although I haven't checked out. My shop is obviously detached from the house and I pretty much store all my ' treasurers' in there: truck, tractor, cycle, tools, equipment and my project. I'd have to look, but it seems there a value on the building which I just raised due to the addition and improvements. There's also a separate value (dollar figure) on contents to replace tools, etc. but seems that's pretty low and I think it would only basically cover tools and major shop equipment.

We have replacement on the house but the shop is dollar priced, if I remember correctly. Guess I need to check it out, though.

MikeB

[kyleb]

I have asked about homeowners insurance covering an airplane project, and State Farm' s answer was no. Also, they dont offer a suplimental policy for airplane projects. You can get a supplimental policy for an unusally large tool collection.

[David Johnson]

Used to be in the insurance business. All homeowners policy's I have ever seen specifically exclude aircraft and parts. Most of the time anything with wheels of it's own(except a mower) has to have it's own coverage. Either thru a policy rider or separate insurance. That means 4 wheelers, cars, trucks, tractors, etc. ain't gonna be covered.....David J.

P.S. every few years, might want to go and video all your contents (tools especially) and keep it off the premises. And make sure your contents coverage amount is large enough. Tools really add up quick.

[Dennis]

Ditto what everyone else said. My agent said that if you could buy insurance for a specific item, like a 4 wheeler or a plane, then it was not covered under the home owners policy. At one time, I had "storage insurance" on the champ. It ran about $150 per year, give or take.

Something I did discover recently. My agent told me I was covered under the home owners policy for any liability claims due to part time or hobby work I did in my shop/hanger even if I collected money for the work. I think the key was that the hanger is on my property with my home and what I do is classified as a hobby. He also said it did not make any difference if I had a business name for my hobby.

I hope he is right. Sure don't want to contest it in court.

Dennis

[jc pacquin]

You might check with Avemco. They are very responsive to your questions and knowledgeable. I have hangar insurance only in the winter time, which is much cheaper than full coverage. I have always heard they were more expensive but recently my airplane was totaled in a snow-hangar collapse. They paid immed! The fellow next to me, with insurance thru some broker had a lot of trouble getting paid, endless questions, stalled, given the run around. He never would tell me the outcome but sold the airplane and has quit flying. JP

[Doc]

I have had two (2) restoration policies with AVEMCO...both for $25K coverage that included tools, spares, etc. I canceled the 1st one when the project was finished as I found a cheaper alternative for a "flying" policy. I will not renew the 2nd one as this project is almost complete and I will insure as a "flying" airplane. AVEMCO was cheaper than a quote through EAA. Doc