renter/lease insurance question

As a renter of the local FBO 172, should I obtain personal renter insurance?

What are the pro's and con's?

Where would one get such coverage?

Thanks,
Fred

Frederick Wilson wrote:

As a renter of the local FBO 172, should I obtain personal renter insurance?

Yes. The FBO's insurance policy protect them, not you. It is possible
that the insurance company, after paying the claim, will come after you
for money they spent repairing any damage.

Furthermore, there is also the issue of liability. Who is going to be
on your side when a property owner or other ground-based recipient of
your aircraft comes knocking on your door with a lawsuit. Not the FBO's
insurance company.

What are the pro's and con's?

I can't think of any cons. Like any policy, the pros are that you will
sleep better and fly with less distractions.

Where would one get such coverage?

When I rented, I purchased a good policy from Avemco. I believe I paid
about $350 for the year. Prices will be different depending on the
varying values of liability and hull value of the aircraft.

http://www.avemco.com

--
Peter










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Almost makes me scared to fly.

How does flight time factor into this. Where I guess I am most concerned is
that I am over 1200hrs in helicopters but only around 200 in fixed wing.

Or look at it this way, Comm IA in rotorcraft and PP-ASEL.

I know I know! I should get my IA and Comm in airplane but I have not seen
the justification yet. Although it is a small dream to be a CFI one day but
that does not fit the schedule right now.

Fred


"Peter R." wrote in message
...
Frederick Wilson wrote:

As a renter of the local FBO 172, should I obtain personal renter
insurance?

Yes. The FBO's insurance policy protect them, not you. It is possible
that the insurance company, after paying the claim, will come after you
for money they spent repairing any damage.

Furthermore, there is also the issue of liability. Who is going to be
on your side when a property owner or other ground-based recipient of
your aircraft comes knocking on your door with a lawsuit. Not the FBO's
insurance company.

What are the pro's and con's?

I can't think of any cons. Like any policy, the pros are that you will
sleep better and fly with less distractions.

Where would one get such coverage?

When I rented, I purchased a good policy from Avemco. I believe I paid
about $350 for the year. Prices will be different depending on the
varying values of liability and hull value of the aircraft.

http://www.avemco.com

--
Peter










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Frederick Wilson ) wrote:

Almost makes me scared to fly.

Ah, these days there is liability from the moment we step outside of
our houses. More and more people are looking for the quick, free money
and an opportunity to sue someone is the golden ring. Flying is but one
of many activities where we place our neck on the chopping block of
litigation.

That's why we carry home owners, auto, umbrella, and business policies, or
so the insurance company would like to have us believe!

Use your fear to remain proficient!

How does flight time factor into this. Where I guess I am most concerned is
that I am over 1200hrs in helicopters but only around 200 in fixed wing.

I don't think it does. I was able to get a renter's policy from Avemco
with a mere 80 hours and a freshly printed private pilot certificate.

--
Peter












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Peter R. wrote in message ...
Frederick Wilson wrote:

As a renter of the local FBO 172, should I obtain personal renter insurance?

Yes. The FBO's insurance policy protect them, not you. It is possible
that the insurance company, after paying the claim, will come after you
for money they spent repairing any damage.

Although is about as likely as being hit by lightening. My broker has
been insuring FBOs for 30 years and has never had this happen with any
of his clients.

What are the pro's and con's?

I can't think of any cons. Like any policy, the pros are that you will
sleep better and fly with less distractions.

Just like any decision you must do a cost/benefit analysis. Certainly,
it is not worth the premium for some students. If your FBO has full
hull and you have limited assets, what are you trying to protect with
a renter's policy???


Where would one get such coverage?

When I rented, I purchased a good policy from Avemco. I believe I paid
about $350 for the year. Prices will be different depending on the
varying values of liability and hull value of the aircraft.

It is a very rare case where you will need to insure the hull value of
the aircraft. You are usually looking at what the insurance does not
cover. Things like deductable, lose of use, etc. Check the FBOs policy
to see what part of the hull they do not cover. If the FBO is stupid
enough to not buy hull and mistaken enough to think that having
renters buy renters insurance to replace the airplane, they will
eventuall lose their shirts anyway.

Robert M. Gary ) wrote:

If your FBO has full hull and you have limited assets, what are
you trying to protect with a renter's policy???

Future earnings?

--
Peter












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"Peter R." wrote in message
...
Robert M. Gary ) wrote:

If your FBO has full hull and you have limited assets, what are
you trying to protect with a renter's policy???

Future earnings?

Yea for the next 7 to 10 years!



--
Peter












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Peter R. wrote in message ...
Robert M. Gary ) wrote:

If your FBO has full hull and you have limited assets, what are
you trying to protect with a renter's policy???

Future earnings?

In accounting we call those "assets".

Robert M. Gary ) wrote:

Peter R. wrote in message
Robert M. Gary ) wrote:

If your FBO has full hull and you have limited assets, what are
you trying to protect with a renter's policy???

Future earnings?

In accounting we call those "assets".

I believe they call them assets in legal circles, too!

--
Peter












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As a renter of the local FBO 172, should I obtain personal renter insurance?

Yes. Your airport may not require insurance (mine does) but always
remember that the airport or FBO is insuring itself and doesn't care a
hoot about you.

It might come after you for the deductible (probably not a big
matter). Someone you injure might decide to sue you, as well as the
airport. Etc.

I pay a bit less than $600 a year for a million-dollar liability
policy, $25,000 hull insurance. You can ask the FBO for leads.

AOPA has an insurance broker. I buy mine from a private insurance
agency that represents AIG.


all the best -- Dan Ford
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