I own a rental property. How much liability insurance should I carry?

As an owner of a rental property, it is important to have adequate liability insurance to protect against unexpected events that may occur on your property. The amount of liability insurance coverage needed may vary depending on a number of factors, including the size and location of the property, the number of tenants, and the level of risk associated with the property. In general, it is recommended that landlords carry at least $1 million in liability coverage, although some experts recommend higher limits of $2 million or more. This coverage can help protect you from financial loss in the event of a lawsuit or other claim brought against you by a tenant, guest, or other individual who is injured on your property. In addition to liability insurance, landlords should also consider purchasing property insurance to protect against damage to the physical structure of the rental property, as well as any personal property or furnishings that are provided as part of the rental. A comprehensive insurance policy can help ensure that you are protected against unexpected events and can provide peace of mind as a rental property owner.