How to decide on Insurance Coverage amounts?

[Brian Bower]

Hello everyone, 

I am at a loss at guessing the proper about of insurance coverage for my properties. Does anyone have a metric or advice on how to arrive at a proper number? 

Any studies/reports on what the average property related lawsuit settlement is? 

My wife and I have 2 properties with 4 units(one is our primary residence... ). 2 units are long term rentals and one is an Airbnb. We are having to change our coverage due to the short-term rental not being covered by my current insurer. 

We had normal homeowners and an umbrella policy for 2 million and are re-evaluating what the appropriate coverage amounts are. 

Both properties are under our name and we don't have any LLC's set up. We would appreciate any help!