STR: LLC vs. STR Insurance / Umbrella Insurance Policy

[Corrie Winter]

I see that many people in the BP forums state that you don't need an LLC for an STR, just the right kind of insurance. If I want to be 200% sure to protect my own personal assets and other future rental properties from some guest suing me, wouldn't I want a separate LLC for each STR? Wouldn't this be the best way to protect myself from the absolute worst case scenario?

[Luke Carl]

I think that if you ask your lawyer this question he will say Yes. 

If you’re asking me the answer is “it depends” 

if you’re anything like I was when I first stated and was asking these questions then you don’t have anything worth protecting so it’s probably a waste of time. If you’re sitting on piles of cash and equity then yes you need an army of entities.