Why do I need renter insurance?
Many flight schools require students carry renter insurance. Even if they don’t it is likely in your best interest to protect yourself and your assets. Flight schools hold a policy to protect their business from liability and economic damages. But this does not necessarily protect you as the pilot.
Let’s say you are on a cross country and return at night to a dark ramp. By accident, you taxi the airplane hitting another plane with your wingtip. The rental agreement you signed with the flight school likely stipulates you are responsible for returning the plane in the same condition you departed and therefor you are responsible for the cost of repairs. As the cost of even minor damage can be in the thousands, it is in your best interest to have a policy. Affordable coverage from providers such as Avemco can protect you with minimal cost.
More serious events including substantial damage or injury rapidly escalate costs. Flight school policies protect the business’s interests but not necessarily you personally. Should lawsuits ensue you want a policy that protects you as policy holder with adequate liability limits appropriate to your financial condition.
Regulations, policies and procedures all help to minimize incidents and accidents but they do happen. An appropriate amount of coverage really depends on the individual and school so be sure to have a candid conversation with school management and ensure you are adequately protected.