I was looking at a drone and Google, being smart, also gave me a link to a Bloomberg Business story about drone insurance. My first thought was “what?” Drone insurance? But as I read the article and started to consider it, I thought it was interesting.
Drones, as you may know, are regulated by the FAA. As such, there are some federal regulations that apply. However, there is not a requirement that you have insurance. So, what happens if your drone is either damaged or causes damage?
The first question is easy. Most of us are spending $75 to $100 on a drone. In that price range, if your drone is damaged, you would just replace it. Even if it is covered by your homeowners insurance, this would be under most people’s deductibles. So you just replace it and move on.
The second question is more interesting. What happens if your drone hits a car and damages it? Or your drone hits a kid and hurts him? Now you have a drone bodily injury claim.
The Academy of Model Aeronautics has one solution. For $75 per year, you can join and they provide you with access to a $2,500,000 liability policy. This would cover property damage and most, if not all, injuries caused by a drone. This would allow the injured person to receive compensation.
But, what if you do not want to spend the $75 on joining this group? Your homeowners insurance SHOULD provide coverage. I say should because every homeowners policy is different. You need to read your policy. If you have questions, you need to call your agent and ask, specifically, if injury or damage done from a drone is covered by your policy. Each insurance company is going to have a different policy. My agent told me that my policy will cover a drone caused injury. But your insurance company may have a different interpretation.
Of course, if you are injured by a drone, talk to an attorney about your rights. You may have a claim against the drone operator!