Should I invest in a personal umbrella policy?

[Nick C.]

I just put a duplex under contract which I plan on living on one side and renting out the other. I also own an SFR in my name (that I'm renting out) and a house used as a fraternity in an LLC. My question is this: since I now how two renters in properties that are owned personally under my name should I look into an umbrella policy? My insurance broker just quoted me one as an add-on for my homeowners for $240 more annually which provides me $1 million in personally liability coverage. Is it worth getting the insurance for the time being until I move everything to LLCs?