Trigger Warning- Do you have an LLC? how many of you got sued?

[Ellie T.]

Here's my thinking- we all get told to create LLCs to protect ourselves. But please raise your hand if you ever got sued and the LLC protected you? can you share what happened?

I'm asking because I own 3 properties in FL, under my LLC (which i never even got umbrella coverage for- just insurance for properties), and now I'm looking to pick up properties in other states- so I'm getting told to create LLCs in other states too.

So please tell me- How many of you actually got sued? and did the LLC protect you? is this just a best practice with no real data of law suits by tenants behind it? the costs of establishing, insuring and filing returns for all these LLC's is becoming a concern.

[Kyle Mccaw]

Been sued before. Won. But it didn't feel like it. LLC doesn't keep you from getting sued. From my understanding the LLC just contains liability to that entity. So if you "lost" they can't go after other assets or you personally.

My insurance company represented me. It was a long process because the attorneys know the game. They are just looking for a settlement from the insurance company. You should always have an umbrella. It's too cheap not to.