How much liability coverage do you recommend having for a rental property?

[Dustin Faeth]

Is half a million enough liability coverage for a rental property, or should I carry $1M or even more? Or does it depend on the bedroom count and how many tenants may be living there?

Does this remain constant for properties I purchase to rehab and will own for a shorter period of time?

[Joe Bertolino]

The pricing difference between $500k and $1m is usually so small it doesn't make sense to go with lower limits. With my lead carrier here in CA, it is $8 a year.