I am in the process of closing on my first investment property and am looking for guidance on liability insurance amounts and what an adequate amount of insurance would be on a property.
The property is going in my personal name so I read some guidance on getting an umbrella policy for additional coverage.
If anyone has any suggestions on this topic, please feel free to share. It would be greatly appreciated!
@Kristen Buckley I have at least $1 million liability on each property. I dont have an umbrella policy.
With my clients, I suggest carrying nothing less than $300k.
Preferably $500k or $1M, thought.
Liability insurance is fairly inexpensive and is completely worth the extra investment.