Experts recommend basing your liability insurance coverage on your assets. If you have significant assets—a home, savings, etc.—you will want to buy coverage over the state’s minimum requirement.
How much over depends on a variety of factors, including how risk averse you are, how likely you are to get into an accident (Do you routinely drive treacherous roads at night or have a history of accidents?), the amount of your assets, etc. Only drivers who have a low net worth or income and who can’t afford the cost of more protection should consider trying to get by with the minimum amount of liability insurance.
In such a case, you would still be liable for the damages and injuries from an accident that is your fault, but there might be nothing for the other party to take from you. Consult your insurance broker or agent for guidance.