LLC vs. Umbrella - Specific Scenario - Need help

[Michael Sheibar]

I know this topic has been hammered, but still cant decide whats best. Looking for feedback on a real world example. 

-Singled Family Rental Property

-Rented to College Students Sept-May, and on a weekly basis in the Summer

-House is valued at $600,000. House is paid off, no Mortgage.

It seems going the LLC route, even with a umbrella policy on top of that, leaves me extremely exposed based on the equity in the home.

Would it not be better to have no LLC and take out a very large umbrella policy ($3M-$5M)?

Peace of mind, protecting my equity and personal assets is paramount. I'm less concered about paying a premium for policy, the house generates substantial yearly revenue. The cost of a $3M umbrella policy is the same as the yearly LLC filing fee in my state, but again, cost of protection is not my main concern.

What would you do in this situation?

Thanks!