What is the minimum required insurance coverage for bodily injury and property damage per occurrence?

The minimum required insurance coverage for bodily injury and property damage per occurrence is set at $100,000. This figure is established in industry standards and reflects the basic level of liability protection recommended for individuals and businesses. It is designed to ensure that, in the event of an incident involving personal injury to others or damage to their property, the insured party has a sufficient financial safety net to cover potential claims.

This level of insurance is critical as it helps to protect assets and provides peace of mind to the policyholder. If a claim exceeds this limit, the insured would become financially responsible for the excess amount, highlighting the importance of maintaining adequate coverage to avoid significant out-of-pocket expenses.