General Liability limits on Landlord insurance policy?

[Cassie Jones]

Hello!

I am purchasing my first rental property in a few weeks. I have gotten several quotes for Landlord insurance but only one quote included General Liability limits of $1M occurrence and $2M aggregate. Is it necessary to have $1M in occurrence? All other quotes were $500,000 per occurrence and most companies I got quotes from either do not go above $500,000 per occurrence or want to charge a very high premium to have $1M.

Thank you!

[Chris Campeau]

You had me so interested that I contacted one of my insurance agents.  I had noticed that every single policy I have had (I have 24 multi unit buildings) they are all at the $1 Million per Occurrence and $2 Million aggregate.  At first I was guessing that maybe in Massachusetts where I am that the State may have minimum insurance requirements but after speaking with my agent she said simply that the price difference between $500k and the $1 Million was so negligible that the $1 Million simply made sense.  She has always been up front and honest with me so I did not press her on the actual price difference but rather took her for her word.