Bought an Owner Occupied 3 Unit Under My Name Instead of LLC

[Tanzim Seraj]

Bought my first ever house witch is an owner occupied 3 unit multifamily house. A couple concerns, the house is from 1814 and I have some concerns of repairs down the line. Also, a concern about the being a liability to tenants. So currently, I bought the house under my name. It's owner occupied so I'll be living in it. I was wondering to put it under an LLC. I have people saying it has amazing tax benefits and I can claim things as a loss and I'll get a bigger return. But other people are saying not to since it will stir things up with my lender and may jack up my mortage and home insurance. Some people say keep it under umbrella insurance. Is that the default insurance when you buy the property or is that a separate entity? I'm confused.