Do you think $500K liability insurance for a single family home rental is enough, or should it be covered for $1M?
All our insurance coverages are for $1M per occurrence. We feel this is the right amount to protect our assets in the worst case scenario.
@Michael Broadbear For the cost go with $1M. On a Single family, it might cost $10/yr to go from $500k to $1M.
I do not recommend anything lower than $500k. Too many possible scenarios for a Liability claim to get above $500k.
Updated about 1 month ago
Correction - I recommend nothing under $1M.
I 100% agree with Jason.
Liability is inexpensive so going with $1M is what I would suggest.
I don't think 1 million is enough.
Cost about $13/year here to go from $500 to 1mill. Worth every penny.