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Do you need to buy insurance for your Drone?

 

Drones have become incredibly popular in the past year. With high-end options such as camera and video recording equipment, the use of drones has exploded for hobbyists and photographers and has become a heavily gifted item for special occasions, or just for fun.
Before you go and spend money on a drone,  check if your drone is covered. Will you use drone recreationally or commercially? If you planning to use drone commercially reach out to our office at 201-204-0825 to purchase a special commercial policy for drones.
If you planning to use recreationally there are ways to insured your sophisticated toy. Drone can be covered under your homeowner's or renter's insurance policy under personal property coverage (limited coverage and deductible can apply), but according to Insurance Information Institute, only 40% of renters carry renters insurance. When you decide to add a drone to your homeowner's or renter's policy, most of the times these type of coverages have no deductible and the policy premium varies on the value of the drone (on average $75 per $1,000). If you have homeowners or renters policy please check your policy carefully in personal liability section for any exclusion as policies can vary carrier to carrier and some of the coverage to check are personal injury, invasion of privacy, damage to public or private property, and medical expenses.

You may be surprised to know that there are many instances of drone-related accidents documented in the US already. Many of them involve accidents when the drone runs out of power, or incidents where the operator lost control of the drone.

Here are some examples of drone accidents that can help you to make the right decision.
•    Imagine your drone hits an electric line and puts an entire neighborhood in a black out. The cost of repair to the electric lines, the damages to all the citizens of the area, these are not minor incidents, but they can happen easily.
•    In the UK, one man was flying his drone in what he considered safety until he lost control and it hit a toddler's eye and sliced it. The medical expenses and damages he could be held liable for are extreme.
•    Picture yourself flying your drone when it suddenly loses power crashing onto your neighbor's roof or car. Your drone is destroyed, and their property has been hit too!  Who pays for all the damages?

If you have any questions or you are looking for coverage for your drone call our office at 201-204-0825.

 

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