Hello Vern, welcome to irv2.com!
Reese Products recommends a minimum of 6 inches clearance between truck-bed sides and the bottom of your 5er overshot. That is my minimum, and I've gotten a scare about every trip.
When/if your 5er makes contact with your truck-bed, you will have damage, how much depends on your reaction speed.
If you plan to tow your 5er to back-country campsites, I suggest you raise your 5er to obtain about 8 inches minimum clearance. This may require re-positioning the 5er axles to under the springs in order to maintain a level towing stance.