Umbrella Insurance with Friends?

[Brett Parker]

I can't find anything about Umbrella Insurance among a group of investors. 

Me and two others are looking to invest in a SFH property. We don't want to form a LLC due to the poor finance options out there. Per the posts I've read, Umbrella insurance is the way to go. 

After talking to my agent, he said each person would need to get umbrella coverage because its tied to your personal assets. That would be around $400 per person or $1,200 total which would effect our Cash Flow analysis. 

Is this the case? Are there other options I'm not thinking about?