Liability insurance will also protect you in the event anyone brings a lawsuit against you for damage to another person’s property.INSWEBBesides providing protection for your personal property, renters insurance also provides liability protection.

Pre-Approved for FHA, considering creating an LLC to protect mysef against potential future lawsuits with tenants.

You also expose yourself to a lawsuit by the property owner if you manage their property and aren't licensed.Hope this helps.  

If you fail to follow the rules, you may open your personal assets to a lawsuit.

lol, I only know of one real estate investor in Portugal.Ex-Fox News, Fox29 host Clayton Morris leaves country amid N.J. lawsuits over alleged Ponzi schemeEx-Fox & Friends host Clayton Morris seeks $7 million from critic of Indy real estate deals

You become a lawsuit target, and a target for criminal fraud.

Should I go to the lawsuit route? 

@Jason Wray  The purpose of an LLC is to protect the individual from a lawsuit generated by the investment property(i.e. an injury occurring at that property). 

Not only does that give them protection for the tenants personal belongings but it also gives you the landlord protection from things such as lawsuits, and if the tenant damages the property in some cases you can make a claim against their policy instead of having to pay out of pocket for those damages.

So if you combine them you are essentially doubling your liability while also increasing the potential loss if there is ever a lawsuit.