liability insurance minimum

[Mel Hayes]

Hi BP,

Is 500k enough liability on a 2 bedroom single family rental property?

Thanks for all and any answers.

[Jeff Bridges]

You need to talk to your insurance agent about finding the right liability policy and umbrella policy. Liability is about protecting your assets against a possible lawsuit. I have 500k policies for my units (required in order to have my umbrella policy), but I also have an umbrella policy equal to the value of my personal assets/ net worth so I'm protected in case 500k isnt enough. however slim of getting sued for over 500k, if they do and win, it will protect them from taking away your other assets like your house and bank account balances etc. get an umbrella policy in consultation with your agent.