That issue is commonly referred to as asset protection. Everyone has heard scary stories about runaway juries and activist judges. As people lose their hard earned property to huge court awards, others are trying to prevent it from happening to them. You don't have to be a lawyer to figure out that the first step in asset protection is to stay out of court. Unfortunately, that's not always possible.
Insurance is important, too.
But, insurance policies come with a lot of fine print, and you know what that means. Some asset protection techniques are relatively simple. Attorneys often recommend putting real estate into family limited partnerships, for example. This is one way to give up ownership without giving up control. Aside from potential income and estate tax benefits, this may make property less attractive to plaintiffs.