Protect Personal Assets while being a short term rental manager

[Michael C.]

Hi, I am trying to figure out how to best protect my personal assets. My spouse and I are full time property managers focused exclusively on Airbnbs. 

- My spouse and I own 3 properties.

- Spouse owns 2 properties in State A and are held in personal name

- I own a property in State A held jointly with a business partner

- Homeowner insurance for the 3 properties cover short-term rentals

- Spouse is the managing member of an LLC, which is a property management business. The LLC leases apartments in State B and rents them out in Airbnb. The LLC also manages the properties in State A.

- LLC has a commercial general liability policy up to $2M ($1M per incident)

I would like to protect our personal assets from lawsuits from the property management business. What specific strategies should be employ?

- moving the properties to LLCs

- More insurance. Would an umbrella policy protect us from commercial claims if our coverage isn’t enough? Or the insurance denies the claim?

- Moving the assets (properties, stocks, other investments) into a trust for our child