If you have rental real estate or expect to invest in such property, you should create a business entity to own the property. Then if a tenant or other person sues you for an injury they sustained while on the property, only the assets in the company (the property itself) will be available to pay the claim. Your other personal assets, home, cars, bank accounts, will be protected.
Mind you, the company is not a substitute for insurance but merely an additional step to protect your other assets. Probably the best type of entity for this purpose is a Limited Liability Company. With a LLC you will get all the benefits of limited liability protection together with the benefits of pass-through taxation that you cannot get with a corporation. And, if you own multiple properties consider having a separate LLC for each one.