Drone Insurance: pros and cons

[Rick W]

I am a relatively new drone pilot and I took the time to get my Part 107 certificate. My flying will mostly be for pleasure, however if an opportunity to fly commercially occurs, I will take it.

I would enjoy to learn the opinion of some of the more experienced pilots on this Forum about “Drone Insurance”. Best companies? Importance of having? Key elements to look for in policy and coverage (for the non-attorney).

 

[erkme73]

If it is an insurer that issues a personal articles policy (PAP), like State Farm, be aware that any claim you file will have the same impact on your insurability and risk rating, as filing a homeowner's claim. And because these types of policies report to Lexis-Nexis/ChoicePoint, that claim will follow you regardless of who you use for insurance on your home. A third-party term policy (like the DJI Refresh product) will not have this kind of reporting/risk.

If you have been with your home insurer for years, and do not plan on switching companies, then going with a SF policy and filing a claim likely won't affect you. But if you shop around at renewal, a new provider will have no first-hand knowledge of your history. So they rely heavily on the ChoicePoint records - and a claim for a lost drone would very likely disqualify you from receiving the best rates. At least that's what I've been told by two separate SF agents - one in Tampa, one in Orlando.