Umbrella Policy for Multifamily Properties

[Vasundhara Ranjani]

We now have several multifamily buildings - each with its own robust insurance policy. However, it was suggested by a friend that we should get an umbrella policy for each building.

I inquired with our agent and he advised that we do either of the following:

1.) Increase liability coverage per building

2.) Get an umbrella policy per LLC (apparently we can't get it per building?)

The latter is significantly more expensive, however, which option would you recommend given our situation?

Also, each of our buildings is in its own LLC and so what is the best organizational structure you would recommend that will protect us best?

Would having the buildings/LLCs in a trust or several trusts (anonymous?) help? If so, how?

Thanks in advance.