How much liability insurance is enough?

[Steve Buchanan]

My partner and I recently purchased a single family house to rehab and I'm considering keeping the property in mine and my partner's names instead of in an LLC so that we can get conventional financing and so my partner can GC some of the project himself.

How large of a liability insurance policy would we need? $1M? $2M? I want to be covered against some freak accident occurring that could wipe out the rest of our assets. Is that possible?

We also would be getting a builder's risk policy.