LLCs vs Insurance only

[David Floyd]

I inherited some rental properties in Fl and also own some of my own. All of the properties that I inherited never had insurance and were in my fathers name. Some of my properties were insured and after hurricane Irma and a few close calls with tenants threatening to sue, I decided that I needed asset protection and began looking at Anderson advisors and Companies Incorporated for advice and strategies to protect current assets and avoid losing substantial portion of the inherited trust due to a tenant threatening to sue because a cabinet fell on her. The property was recently transferred to my sisters name and it appears that the tenant and her lawyer are no longer pursuing this. During this threat I set up several LLCs to quickly move the properties into and was prepared to do equity stripping through another LLC. After reading discussion on this I now feel that I may be better off just having good insurance and doing what I can to mitigate any liability risk through good management. The problem I most have with the LLCs is all the tax implications. Seems much simpler to just insure them and get an umbrella policy. The drawback is some properties are difficult and expensive to insure. I have also been told that even if I have LLCs I should also carry insurance. If I do use the LLCs is there a way to avoid filing tax returns on each one? I also have a property management LLC that I formed. aTdHvAaNnKcSe