For every million dollars over the Homeowner’s Association (HOA) one-million dollar policy, it’s easy to figure out the financial liability.
$10,000.00 for each million dollars owed the defendant(s).
If the HOA is sued for $3,000,000, then the HOA must cover the two-million dollars the policy doesn’t cover.
Now, each lot owner’s liability increases to $20,000.00
In a litigious world, being sued for $10mil, or $20mil, could happen.
Let’s play out the lower $10mil scenario.
This is $90,000.00 per lot to cover the nine-million not covered by HOA insurance.
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