Are Drones Covered by Homeowners Insurance?

Are Drones Covered by Homeowners Insurance?

Did you purchase an expensive drone for your family to use only to find out that it was stolen or lost in its first take off? If so, homeowners insurance may offer some types of coverage if it is considered a model or a hobby aircraft. If you purchase a drone, here is what you need to know about how to properly protect your investment from losses like this and when home insurance does not apply.

Homeowners Insurance Coverage for Drones

Most insurance policies do not include coverage for aircraft. In some situations, then, your homeowners insurance policy may not include coverage for your drone. Take a look at the exclusions listed on your home insurance policy. This will list specific types of items or perils that do not have coverage.

However, many home insurance policies cover hobby and model aircraft. In most cases, a drone can fit this qualification. It will not apply if you use it for any type of illegal activity. It also will not cover any type of drone that is used for commercial reasons. If you are unsure if your drone can be classified as a hobby product, you will need to provide more information to your home insurance agent. He or she can learn more about the specific model you have to determine if this component of your coverage may apply.

There are some situations in which your drone will cover losses. For example, if your drone crashes and it causes damage to another person, then your home liability insurance may apply. In this case, it would cover damage done by you or someone in your home operating the drone that causes damage to another person, who does not live within your home. Liability claims for drones can be hard to prove, though, which is why it is important to contact your agent as soon as possible.

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Household Insurance Has Deductibles – And Why They Matter

One key factor to consider is your home’s deductible. This is the portion of any claim the insurance company does not pay. It is your responsibility to pay this upfront before the rest of the costs can apply to your home insurance policy. For example, let’s say you have a $400 drone. It is lost in an accident, but your insurance policy will cover it as a model aircraft. However, you have a deductible that is $500. In this case, you would not receive any compensation for filing the claim as your drone’s value is under the deductible level.

What Is Contents Coverage on Your Policy?

Contents coverage provides financial protection to property owners for the items they have within their home including your personal possessions. In some cases, drones qualify as this, but there are limitations to every policy. Most will not cover airplanes like this outright. If your policy does offer coverage, it is likely to include coverage for losses related to fires, theft, vandalism, or even someone crashing it to the ground. Your home insurance policy will list the amount of contents coverage you have in two ways. There is a per-item limit, which can impact those who have very valuable drones. There is also an overall limit, which impacts the total value paid out for all of the contents in your home.

Will Property Insurance Cover Theft of Your Model Airplane, Drone, or Other Gadget?

If your drone is stolen, you may feel at a loss to get it replaced. The problem is, if your drone lands in someone else’s yard, they may easily take it from you, leaving you unable to claim your device. If it is stolen, you may be able to file a claim with your home insurance company about the loss. In this situation, if the insurance company is willing to cover the drone itself, it would include theft. You may have to file a police report to obtain this type of coverage.

How to Get Home Insurance Companies to Cover Expensive Electronics

If you do have a valuable drone that you want to know is covered, call your home insurance company. Let them know about the type of drone you have and its value. If it is older, have it appraised. Your insurance company can add your drone as a rider to your existing home insurance policy. By doing this, it can help eliminate at least some of question about the value of the drone and its insurability.

Any time you own something very valuable, it is essential that you have it properly included on your home insurance policy. Homeowners insurance coverage for drones and other valuables is more likely when your policy names the item directly. Your agent can help you to add this type of valuable item to your policy at any time.

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