The recent phenomenon of flying drones has spread across the country. Also known as unmanned ariel vehicles, drones have gained an incredible amount of popularity and can now be seen almost anywhere. The Federal Aviation Administration has predicted that the number of consumer drones will increase from 1.1 million in 2016 to 3.55 million by 2021. Because of the increasing numbers of drones, people are asking about how they can be insured.
At the present time there is no law that requires drones to be insured but insurance is still a good idea in case of theft, damages, or any legal issues involving a drone.
Homeowners or renter’s insurance can provide some coverage for drones. Things such as the drone being damaged or stolen during a storm. Medical or legal expenses caused by an incident relating to a drone may also be covered. There are also some accidental invasion of privacy issues that may be covered.
There are some things that will probably not be covered by homeowners or renter’s insurance as well. If you’re using your drone for business purposes your insurance will probably not cover anything that happens.
If you will be using your drone for business purposes, there are drone specific policies offered by some insurance companies. Having your drone insured when you are using it for business not only helps in the event of an accident but being insured is also preferred by many clients. Drones can be expensive so even if you plan on using your drone only for recreational purposes, it’s a good idea to have that additional coverage just in case.
As with auto insurance, there are many different types of policies. Everything from commercial to pay-when-you-fly insurance is available. Drone insurance will also vary in cost depending on your skill and safety level.
If you have, or are planning on owning a drone, contact your insurance agent to find out more about how to cover your new investment.