The amount of liability coverage you decide upon depends on multiple risk factors. Ask yourself what the chances are of accidents happening at your rental space. If you never invite guests over, it might not be a major concern. However, if you regularly invite guests to your place, it's a good idea to carry at least $100,000 worth of liability coverage, which is typical of a renters insurance policy.
A renters insurance policy, on average, costs about $187 per year. Raising your liability limits doesn't cost much. You may supplement your policy with umbrella coverage, which extends the coverage limits of an existing policy.