The following are some helpful tips on insurance for your homebuilt aircraft provided by Avemco Insurance Company. These are general ideas that you should keep in mind when talking to Avemco or your insurance agent about specific needs you may have for insuring your homebuilt plane.
- When shopping for a kit or plans for a homebuilt aircraft select a few that interest you. Then contact your insurance provider to find out about coverage options and requirements, including when the plane is ready to fly. This information should help you decide which homebuilt to invest in.
- If you are planning to build an experimental aircraft or store parts at your home, be aware that a homeowner’s policy normally excludes anything involving aircraft. This also applies to transporting parts in your vehicle since, just as with homeowner’s coverage, your auto policy most likely excludes aviation.
- Be aware that you are subject to liability damages if someone is hurt while they are assisting you with the construction of your aircraft. Liability coverage is usually available along with coverage for damage to your aircraft during the construction phase.
- Check to see what your insurance company covers during the building phase such as the receipted value of the kit and components (engine, avionics, specialized tools, and jigs) of your aircraft project, and be sure to keep any needed receipts. Remember to make the necessary adjustments to the insured value as you add more components to the project (tires, propeller, wiring, etc).
- In most cases, insurance companies will provide coverage for your documented labor costs. This is an important and valuable part of your project so make sure this will be included in your aircraft insurance coverage and that you retain the necessary documentation.
- During the building of your plane keep on top of what qualifications your insurance company requires for you to fly the plane and keep flying to meet those requirements. Budget your time and finances so you meet the requirements to fly your plane when it is completed.
- Advise your insurance company who will be flying off the restrictions to verify you have the appropriate coverage.
- Many insurance companies offer different coverage for each of the three phases of your build progression – from parts through flight testing. We recommend having a conversation about the various options available and when changes in coverage need to be implemented.
But above all, have fun with your project, and know that your outlay for materials and time spent have been adequately insured.
Own or building an experimental airplane at home? Start your homebuilt aircraft insurance quote here.
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