RAF has been working for the last several years to encourage local state volunteers and pilot associations to revise each state’s recreational use statute to include operation of aircraft.
“I’ve been told that insurance for an airpark is not required. Is this correct?”
Do you have a packet and/or links to information for bank officials who are familiar with fly-in communities?
Taxes on a piece of real estate – home, airpark, etc., nationwide averaged around 1% of the property’s assessed value.
Are there any lenders that understand lending or specialize in lending to purchase an airpark property?
I live on a modest little airport community 18 mi. north of Tampa FL. called Tampa North Aeropark (X39). Before this Sub-Prime Mortgage Fiasco hit the fan the market value of my 4 bedroom 3 full-bath country-style hangar home was approximately $440,000. Now I can’t get an appraisal up over $250,000.
The hangar, as it is not a living space, is not considered in the valuation for a home mortgage.
What we need some help on is a thru the fence agreement between one of the property owners and the HOA.
My questions are about Liability Insurance and what kind of cost would be average. I would also like to put it on your web site and any other thing I may need to know on thing to do.
Just wanted to let you know that LWYP saved our Homeowners Association almost $1,000 in insurance premiums this year. The past several years we had been paying Air Capital Insurance of Wichita, Kansas, $2900 for a $500,000 liability policy.
Liability coverage for residential airparks and individual homes is readily available from a wide variety of companies.
In the event of an “incident” leading to litigation, most likely occurring on the runway, the situation becomes even more unclear.
Recently we asked insurance firms to tell us about liability insurance terms and fees for residential airparks. We received responses from Jon R. Shimer, Jr. of Aviation Insurance Resources and Norma Joyce of AUA. The information they provided is below together with the contact information.
I’m looking for financing companies for aircraft hangers at our private airpark, Mogollon Airpark.