Renters policy per person liability limits

[JimNtexas]

Can anyone point me to an insurance company that will sell me a renter's policy with a per person limit higher than $100K.

Avemco used to be $250K, but at some point in the last few years they lowered my rental policy per person limit to $100K. AOPA is also $100K/person. I get another $100K/person from my club's policy.

This limit is laughably low. I already am pretty much unwilling to give rides to anyone but close family and other club members.

I'm really starting to question my flying hobby. I really love flying, but I don't love the idea of wiping my family out financially after an accident.

 

[weilke]

A couple of years ago, there was a company out of TX called 'Aggressive Ins Co' that offered higher limits. Well, looks like they were too aggressive and couldn't sustain their business model.

I am not aware of a consumer grade non-owned policy with higher sublimits.

 

[FORANE]

I own apartment buildings. Just this last year I had a policy not renewed. I was not informed of that fact. After discovering it I went searching for a renewal policy only to find either outright refusal to offer a quote, rates equal to 5-10% of property value or minimalist coverage. It seems that much like I have found with dental insurance, other types of insurance are getting to the point that the coverage is not worth paying for.

 

[steve_il]

I have AVEMCO currently and also was looking for a renter's policy with a higher limit. CV Starr (available via a broker) looks like they offer a $200k per person sublimit/$1 million aggregate on a non-owner's policy. Below is a PDF that I found via google of their application via a broker:

www.air-pros.com/pdf/STARR FW Application.pdf

I plan to change from Avemco to a broker than can offer this CV Starr policy with a $200K sublimit during my next renewal.

If anyone else finds other options, please let the board know! Thanks.

 

[igorek82]

also would be interested...

Looked at Starr application - its interesting that 1mil/100k is $200 and 1mil/200k is $525... wonder why 2x the limit (100k->200k) warrants ~2.6x premium increase? the insurance companies seem to know something general public does not...

hope someone chimes in

 

[weilke]

Looked at Starr application - its interesting that 1mil/100k is $200 and 1mil/200k is $525... wonder why 2x the limit (100k->200k) warrants ~2.6x premium increase? the insurance companies seem to know something general public does not...

hope someone chimes in

That is because 100k is not a sufficient limit for the type of risk we create by flying rickety little airplanes we dont own. If they increase the limit from 100 to 200k, there will be a couple of 199k claims to be paid out.

The inflection point is at 2.5-5mil liability, iow it is much cheaper to increase your limits from 5mil to 10mil compared with increasing the limit from 1mil to 2mil.

 

[igorek82]

anyone knows of an umbrella policy without GA exclusions ?

 

[weilke]

anyone knows of an umbrella policy without GA exclusions ?

If you find one, let us know.

They have all smarted up. The ones that didn't have the exclusion in their policy form have put it there for new policies.

 

[JimNtexas]

I have AVEMCO currently and also was looking for a renter's policy with a higher limit. CV Starr (available via a broker) looks like they offer a $200k per person sublimit/$1 million aggregate on a non-owner's policy. Below is a PDF that I found via google of their application via a broker:

www.air-pros.com/pdf/STARR FW Application.pdf

I plan to change from Avemco to a broker than can offer this CV Starr policy with a $200K sublimit during my next renewal.

If anyone else finds other options, please let the board know! Thanks.

AOPA has a million dollar liability per person for non-passengers, but only $100K for passengers. I think AOPA renter's policy is a bit cheaper. I might buy both.

 

[PPC1052]

also would be interested...

Looked at Starr application - its interesting that 1mil/100k is $200 and 1mil/200k is $525... wonder why 2x the limit (100k->200k) warrants ~2.6x premium increase? the insurance companies seem to know something general public does not...

hope someone chimes in

Seems like you would be better off buying to 100K policies from different sources. Just make sure the policies stack.

 

[mrkbbd]

Seems like you would be better off buying to 100K policies from different sources. Just make sure the policies stack.

The general language is that every policy is excess on any other one that would cover it, so you'd likely have a big fight about who is primary and who is excess..they also may say they will cover up to the first 100k on the claim, not anything over it and if another pays 100k, then they owe nothing...insurance companies aren't stupid and it's all pretty much re-insured by the same people (AIG).

The KEY is READ READ READ the policy, especially the definitions and exclusions...

 

[NoHeat]

a renter's policy with a per person limit higher than $100K.

There aren't any that I could find when I was renting. I think there were only two or three companies that offered renter's insurance, and they all had a $100k per person limit. AVEMCO, AIG (or whatever it is called now), and maybe one other company.

A $1 million or higher per person limit is available for planes that you own. My policy includes coverage for planes that I rent.

Here's a scheme to consider: I suppose you could buy a plane just to get owner's insurance that covers rentals. It would be interesting to know if you could buy a rusted hulk for next to nothing, just so that you could insure it for this purpose.