Ask any new pilot: when your new drone arrives it’s one of the most exciting days ever. Ask anyone who has crashed a drone and it’s also one of the scariest. Many new pilots have shared their stories of first flights gone wrong, or the sheer terror of not being entirely in control as you slowly learn how to fly your new drone.
Recreational drones like DJIs Mavic Pro and Phantom series start at $1000 and up, so new pilots have a lot of money at stake should they lose their drone to a crash or fly-away before they’ve even had a chance to master it.
Now that drones are becoming so popular, companies like State Farm are offering insurance to protect you from lost, stolen or crashed drones. Sort of.
What is State Farm Drone Insurance
First off, that’s a bit of a misnomer. While it does cover your drone, it’s actually just a Personal Articles Policy.
A Personal Articles Policy (PAP) covers your possessions that may not be fully protected by your homeowners or renters insurance. According to the State Farm website, items that may be covered by a PAP include:
- Cameras
- Collectibles (dolls, model trains, sports cards, etc)
- Computer equipment and software
- Fine art
- Furs
- Hearing aids and medical devices
- Jewelry
- Musical Instruments
- Silverware/goldware
- Sports equipment
So it looks like drones likely fall into the Cameras category.
What does State Farm Drone Insurance Cover?
When you insure your personal article under this policy State Farm will pay the cost to repair or replace the item, without deduction for depreciation. The policy also insures against theft and accidental direct physical damage with only a few limitations and exclusions.
Unlike your homeowners or renters policy, which will vary from company to company, State Farms drone insurance applies anywhere in the world.
State Farm drone insurance does not cover you for liability. If your drone causes damage to a person or property that liability may attach to your homeowners policy.
Is there a Deductible?
Generally there is no deductible, although it is available if desired.
How much State Farm drone insurance cost?
It all depends on what you paid for your drone. Drone pilots have been sharing their coverage details with us and it looks like it’s around $2.75 per $100 insured, sometimes with a $60 mininum. One Mavic Pro owner advised us that his $1300 Mavic Pro Fly More Combo was fully insured for $60 per year.
The agent will ask you for a receipt for your drone so the insurance is priced properly. Once you’ve paid your premium you’re good to go.
Based on how inexpensive these policies are, it makes a lot of sense to put it in place. If you’re thinking about buying State Farm drone insurance, we recommend you do the following:
- Check your homeowners or renters insurance to find out if you have liability coverage for your drone. If you don’t know, or don’t understand the wording in your policy, call the company and get it in writing. If you aren’t covered for liability, you need to fix that. (It may eventually be mandatory)
- Find your drone receipt and make a photocopy.
- Contact your local State Farm agent, and clearly explain that you want to purchase a Personal Articles Policy for your drone. He or she may already be familiar with it.
- Keep a copy of your PAP in a safe place, with a digital copy in the cloud.
- Read any subsequent changes to the policy that you may receive from State Farm.
Insurance companies often come out with policies and coverages before they have truly determined the economics of the risk. Once they figure out what their costs actually are they begin modifying their risk by changing the policies with limitations or exclusions.
When you receive any correspondence on your policy it’s critical that you read and fully understand any changes.
We think State Farm drone insurance is one of the best deals out there, and judging by the comments in the forums we’re not alone.
If you have more info to share on your own experience with liability or personal articles coverage with your homeowners or renters policy, let us know in the comments. We have thousands of readers who would benefit !