Is 500k liability enough?

[Gurjot Grewal]

Having a hard time finding a policy that covers sump/water backup, but I found one at an okay price. The only problem is the liability coverage is max at 500k. I'm buying with a LP/Corp structure, not a LLC. Unsure if this would change anything. This is the first property that I own. I'm from Canada. Is this enough coverage?

[Jeff Copeland]

In the US, it's typical for your homeowner's policy liability coverage to max out at $300-500k. Additional coverage (usually up to $1M or $2M) is often provided by an umbrella liability policy. 

Note that liability coverage protects you against personal injury or wrongful death occurring at one of your properties, and these types of claims (though somewhat rare) often exceed $500k if/when they happen.