Risk of an umbrella policy vs LLC for a first time investor

[Adam Vo]

Hello - I am looking to buy my first rental property and am considering taking out an umbrella insurance policy in liu of an LLC. This decision is purely about protecting my personal assets. I am planning to finance my property through a large bank and think an LLC would be more trouble at this point given potential challenges obtaining financing. Am I being careless or exposing myself to any risks with this decision? My fear is that I take out $3m of coverage and get sued for $4m. What level of coverage would you recommend on a $120k 2 unit property in the Midwest to sleep well at night?