How much liability?

[Murse]

I am currently purchasing my first rental property, the insurance quote I got included liability insurance of "1million per occurrence or 2million in aggregate." It just seems excessive to me. The property is worth about 50k and the rebuild cost they estimate to be about 90k.

[former player]

What if a young wage-earner dies in a fire caused by faulty wiring and leaves two children behind?

A child falls down some steps and becomes paraplegic or tetraplegic, needing a lifetime of care?

Personally, I'd be worrying that those limits were too low.  The insurances I have on my properties in the UK have no occurrence limits for personal injury.

[Murse]

Anyone else have any opinions?

[salmp01]

I have 500k liability on each of my properties then I have a 2 million umbrella policy.   I've been thinking of increasing another million.  I'll probably never use it but it's relatively cheap insurance. 

[Drifterrider]

How much personal assets do you have?  Liability insurance is to protect YOUR assets.  If you don't have much, there is not much to insure.

I carry $500K on each house, no umbrella.