What is the necessity of additional insurance coverage for STR?

[Mike S.]

I am starting my first Airbnb property in Sedona, AZ. I have seen so many posts that recommend different types of insurance coverage such as property, umbrella coverages,.. for STR from different providers like Proper, Foremost,.. . I know that Airbnb offers $3M for property damage and $1M liability. Vrbo also offers overall $1M. I am planning to post on both patform. My question is why I need any extra coverage and if so, what type of extra coverage? I mean liability, property damage, bedbugs, loss (make up for no occupancy during fixing damage), etc.? As I said I am new and I truly appreciate detailed response