Recently had a conversation about Glacier and a friend asked, “What happens if you slip and fall while hiking? If you get seriously injured, Jeff, how would you cover your medical bills?”
This former Disney colleague lives in a subdivision with a $1,000,000 insurance liability policy in case someone gets injured or worse at their three community-shared spaces.
It’s a small subdivision, 100 lots.
They are not worried about slipping off a cliff, but he did raise a great point about unexpected, and expensive, vulnerabilities.
His Homeowner’s Association (HOA) is prudent to have multiple policies, each covering the HOA for various categories. One covers the Board of Directors, for example, against negligence, or acts of omission. Another policy for personal injury (or worse) or accidents at their community lakefront lot, small kiddie playground, and shared entrance. Alligators, venomous snakes, dark murky water. No one ever plans on drowning, that’s why it’s called an accident.
We had an unexpected, yet enlightening conversation about how far one-million dollars goes these days.
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