Posted for Tom Harris <tomharrisnorthcarolina@yahoo.com>:

Ground only (but no in-flight) coverage will satisfy
the insurance requirements at some airports in order
to be able to qualify for a hangar and should be
attainable even for a IV.  This, of course means, you
would assume all in-flight risks out of your pocket,
but the reality is that commercial policies only do an
adequate job of covering the plane itself and and
injury to property on the ground, but do an absolutely
lousy job of covering bodily injury or pain and
suffering, so your liability exposure is great with
regards to personal injury even with a commercial
policy.   --