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how much should i do for Personal liability - each occurrence

I'm buying my first condo.
it worth about 120k ( cash buyer)
i don't know how much should i get for personal liability..
300k? 500k? 1mil?
any suggestion? 
thank you
  • January 07 2014 - South End
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Answers (1)

Personal liability insurance is generally cheap.  You should probably get as much as you can and possibly even consider an "Umbrella policy" for more.  The same could be said for car insurance, but that is more expensive, so budgetary considerations may come into play.


Some people will tell you that you should get liability insurance equal to your net worth, or the value of  your assets.  That is total nonsense.  Someone with a $2,000,000 claim against you is not going to accept $250,000 if you have $250,000 or insurance and $250,000 of non-exempt assets.  They will want more, and the only way to make sure they don't want something of what you have is to have enough insurance to cover the loss.
  • January 07 2014
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