Is 1 Million Liability enough?

[Shawn S.]

So my standard property insurance has 300k liability. For 55 more per year I can get up to 1m. Is this the way to go? At this point we have not done an LLC, and we are unable to get any sort of umbrella insurance I've been told because we don't have our auto coverage with this company. We are buying out of state so of course have no vehicles there.

Thanks

[Rob K.]

The "rule of thumb" is to have liability insurance for double your net worth. Usually, one million is a good number to have. Once your net wortth creeps up towards a million, have your liability insurance raised to two million. The costs difference from one million to two million is very low.

To the OP, I would go with the million instead of $300K.