Owning an aircraft hangar, whether it's for personal or business use, you are going to need insurance. Due to the typical large size of aircraft hangars, they are generally built using lightweight materials making them susceptible to damage from high winds. Depending on what you plan on storing in your hangar, different insurances would be recommended.
For instance if you plan on storing fuel or tools/machinery in your hangar these two will require a different type of insurance. In order to protect your hangar you will need what's called hangar structure insurance. This will make sure damage to your hangar from natural causes like high winds, will be covered. If your hangar is to be used as a business from either maintenance or storage or planes you may want to consider business property insurance as this will cover tools and machinery used inside your hangar. As a business it is generally recommended to have general liability insurance which covers any third party injuries that may happen like falling on steps. If you have planned on storing any fuel or combustibles in your hangar you may want to consider pollution liability insurance incase of spills creating environmental damage.
However if you own an aircraft hangar it is considered to be your personal property which means you can have it insured so if someone breaks in you can have things like that covered. Airplanes and materials that come with it are expensive so if you have one it's best to get coverage, but it is not real property meaning the land you are building it on is leased. You have options to rent one or to build one but even with building there's tons of things to be accounting to such as content liability meaning you can get certain items in your hangar to have replaced if an accident occurs. An example would be having expensive machinery broken by someone in an accident while moving things around that machinery could be covered but comes with a deductible amount. Meaning if your machinery was about $3000 and you wanted it replaced well you would want some evaluating it and then giving an amount the minimum is $1000 in deductible- they will give you the $3000 but need $1000 for the deductible and the rest is yours to replace it.
Learn more about insurance for aircraft hangars by consulting with us or by obtaining a free online quote.