If I have homeowner's insurance and umbrella insurance, how badly can I get burned?

[Vik C.]

Let's assume I have both homeowner's insurance on a SFH rental as well as personal umbrella insurance. The SFH is owned in my name, not via LLC. Let's assume my umbrella policy covers me up to $10MM in liability, just to be super-conservative.

My understanding is that if I am sued for more than $10MM, the remainder is out of my pocket. Fair. Two part question for other situations:

• Given the protection I outlined above, what can possibly happen that can make me lose money due to damage/lawsuit, other than vacancy and out-of-pocket deductibles? What kinds of things are typically not covered by these policies. I understand each policy is different and one must read the fine print, but I am looking for answers that discuss any items that are "typically" not covered.
• Assume I get sued for $5MM. What is a ballpark range for deductibles? I know that depends on the policy, but are we looking at around $50K out of pocket or more like $5K for a typical policy?

Thanks a bunch. It seems like the answers to the above are absolutely necessary to have before risking net worth on a buy-and-hold real estate investment. There is risk in everything but understanding the risk is the first step to managing it.