Hangar insurance is offered from a number of different companies and organizations. Although some firms specialize only in this type of airport property insurance, others offer hangar insurance in conjunction with aircraft insurance, which is a popular combination.
As previously said, arguably the most essential part of purchasing hangar insurance (or even something like cirrus aircraft insurance for GA pilots) is not so much about who is purchasing it as it is about ensuring that it adheres to the defined criteria of an organization such as the National Hangar Insurance Program (NHIP). Having said that, using insurance from a major organization like the AOPA or the EAA has a number of significant advantages to obtaining insurance from a smaller organization. These groups have considerable power in the business and possess substantial financial resources. You, as the purchaser, may fairly anticipate that the whole weight of these organizations will be behind your purchase. One disadvantage to consider is that customer care may not be as personalized as it would be if you were working with a small, independent company.
The importance of geography cannot be overstated. When you opt to live in a region that is prone to major hurricane damage, like as the western shore of Australia, you may expect your insurance coverage and rates to rise. This is not some sort of buried tiny print; in fact, most of the firms investigated make this clear in their frequently asked questions sections. Amounts of evidence have emerged in recent weeks to demonstrate why this is the case, with massive devastation caused by hurricanes demonstrating the point.
Boats, golf carts, all-terrain vehicles, and even sports cars are commonly stored in hangars by aircraft owners who want to use their hangars for other activities. These will not be covered by hangar insurance because they are outside of the hangar. Although this does not rule out the possibility of continuing to store such things in a hangar, any damage to such items will not be covered by hangar insurance.
Hangar owners who rent out space for a profit can add loss of revenue coverage to their hangar insurance policy as an optional coverage.
Aviation insurance is something that most people forget about until the situation necessitates the need for it. It is possible that an airplane is the most expensive asset to possess that is also the least used, and the process of protecting such an asset is extremely complicated and difficult. Furthermore, the related ground support equipment (GSE) required to maintain aircraft operations is unique and costly. Aircraft insurance covers just the aircraft itself, and in most cases, only while it is in service.
A hangar insurance policy is essential since many airplanes are damaged by natural catastrophes, fires, and theft while sitting idle in their hangars. In addition to insuring the aircraft itself, owners should take great effort to properly study and select the most appropriate insurance plan to cover all of the assets that make their aircraft fly. In any case, we wish you blue and clear skies!