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I have $80k in personal property coverage and $100k in liability, with a full replacement value rider for bikes. I'd have more liability if I wasn't so close to judgment-proof. I think it's $700 a year or so in Sacramento. I believe the vast majority of that cost is the bike rider.
It's not germane to bikes, but one thing to consider is: in the event someone sues you and has a meritorious claim with potentially big damages (easy to do if someone becomes permanently disabled from an injury), is the liability policy big enough that they take the policy limit in settlement and walk away? Or is it small enough that the incentive is to take the policy limit and then sit you down for a judgment debtor's exam and start taking chunks of your paycheck, your assets, etc?
Do you have a dog? Make sure there's no dog bite exclusion.
When you're thinking about what kind of liability exposure you're insuring against, think of the maximum exposure and work backwards. If your dog is a sweetheart who would sleep through the Battle of the Bulge, you should still be operating on the assumption that he'll nip the little toe of the burglar breaking in, and the burglar will sue you.
Basically, California is litigious and the policy is there so whatever suit someone brings against you doesn't touch you personally. The policy is there to pay the cost of a defense, in addition to paying a settlement or judgment.
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