Are there any requirements for carrying aircraft damage (hull) coverage?
If the aircraft is financed, the bank will require you to carry ground and in-flight hull coverage. However, after the loan has been paid, some aircraft owners may remove the hull coverage to reduce the costs of aircraft ownership. If the cost of ground and in-flight hull coverage can’t be justified, the aircraft owner should at least consider a hull coverage that will cover the aircraft while it’s hangared or tied down. How much should I insure my aircraft for? There’s no single right answer to this question. Each individual’s situation is different, but in general, you should probably insure your aircraft for what it would cost to replace it with a similar like/kind aircraft. This is also known as its “Market Value.” Sources of current aircraft value information are aircraft sales magazines and aircraft price guides. These are only a guide however, since aircraft condition, options, avionics and equipment can vary greatly. Your agent or insurance company should be able to assist you
