You can supplement this with an umbrella policy that covers you on the back end for any non property related losses such as a car accident.

It was a flood...an accident. $30k trashing the place?

Many circumstances will be taken into considerationAre your assets that you put in LLC protected when you are sued personally (car accidents with multiple victims and you at fault) – it offers far better protection than sole proprietor (no protection).

This could have prevented a major accident.

You definitely don't want to be underinsured and have to figure out how you're going to cover the difference, should an accident occur.  

I gave the teller $40.00 from my wallet, called my wife who questioned my daughter who admitted to taking the $40.00.And collecting rent money habitually in cash exposes you to robbery, see: Home invasion It was reported that the couple collect rent in cash, had over $5000 rent money, and robbed by people who knew them: Suspects capturedI've been land lording for nearly 40 years, and over a long period, you have to expect accidents and illnesses.

If you are doing anything illegal in the manner in which you wholesale, either intentionally or on accident, then there is not a legal entity on the face of the planet that will save you.

We also only do ceramic wood-looking floors, so accidents aren't an issue. 

Some renter's insurance can cover accidents (bath tub overflow damage) and medical/legal (injury or lawsuit)Renter's insurance is typically less than $200/yr. 

Michigan is a no fault state - for car accidents, divorce, and falling trees.