Liability Insurance for House Hacking

[Ivan Calais Coelho]

Hello BP Family,

My name is Ivan, I live in Miami, FL and am finishing setting up a studio with independent access to rent out long or mid term. I expect to charge $1,000 for it with utilities included. 
I was planning on put together a basic Lease contract with a liability weaving close in other to protect me from any malicious tenant that may want to take advantage. Is that good enough? or will I need to open an LLC just for that and have liability insurance?

Any fellow house hacker in a similar situation that could share your experience or thoughts would be greatly appreciated! 

[Kenny Smith]

@Ivan Calais Coelho

Make sure you talk to your insurance company to get a "landlord policy" and max out the liability coverage..typically it's $1mil.