How much insurance is recommended?
Hello all! Just signed up yesterday...
First post, first question:
I'm a newbie, looking at a 1 BR condo I can get fairly cheap, and the rent payment would cover the mortgage payment right away, making it cash-flow positive...
But I'm terrified of the nightmare scenario where someone falls down the stairs, breaks their leg, etc, or whatever the scenario, and I get sued and get wiped out financially. How much insurance is a safe amount to cover such an event? I'm guessing maybe $300k-$500k, but I'm not sure if that's on the high side, or maybe not quite enough. What would you folks advise when it comes to protecting yourself insurance-wise?