Should You Insure Your Drone?

Jul 13, 2017

If you’ve purchased a drone or are considering purchasing a drone, you may be wondering about drone insurance. Drones can be pricey, so you may want to be sure that your equipment will be covered if it becomes damaged. It may also be prudent to make sure you’re covered if the drone hits someone or damages property.

Is Drone Insurance Required?

Drone insurance isn’t required in the U.S. at this time for either personal or commercial use. Other countries may require drone insurance, however. Canada currently requires at least $100,000 liability insurance for commercial use drones.

Does Your Homeowner’s Insurance Provide Coverage?

Some homeowner’s (and even some renter’s) insurance policies will cover drones that are being operated recreationally or commercially by anyone in the home. The coverage may vary depending upon your policy, however, and some policies specifically state that aircraft are excluded. It’s important to find out exactly what’s covered when it comes to your drone.

Even if your homeowner’s or renter’s insurance policy does cover some damage caused by drones or damage to drones, you may find yourself underinsured if the drone causes major damage. It may be worthwhile to purchase an inexpensive policy from an aircraft insurance company to cover any insurance gaps that may come up.

Do You Plan To Use the Drone Commercially?

If you plan to use your drone commercially, it may be in your best interest to insure your drone. Having insurance will give your company a more professional image, potentially attracting more clients.

Using your drone commercially also puts you at higher risk of an accident, as you’ll be using your drone more and likely in different areas. You may crash because you aren’t familiar with the area or you may experience equipment failure at some point. Having drone insurance will protect you if your drone crashes into power lines or causes other costly incidents.

How and Where Do You Plan to Use the Drone?

How you plan to use your drone can have a big impact on the price of your drone insurance policy and can dictate how much drone insurance you should buy. If you plan to operate the drone primarily over open landscapes, for example, you may need less insurance than if you plan to fly primarily over cityscapes with crowds, buildings, and other obstacles. Your insurance company will ask a number of questions to assess how much insurance you will need and how much your premiums will be.

To find out more about insuring your drone, call 800-780-9201 and speak to aircraft insurance professionals today.