Is $500,000.00 in Personal Liability Addequate for Owner Occ MFR?
As you know, we live in a society where you get sued for looking at somebody the wrong way. As I am shopping for insurance, I can't help but ask myself, "what is adequate coverage for my owner occupied, 3 family home?". Most quotes I receive default to $500,000 in personal liability - is this adequate?
Keep in mind that this home, my $6,000 car and my 401K are the only notable assets that I own. The house is not under an LLC. What are your thoughts? Thanks!