Lous areaHard money private money financing creative financing community banks portfolio lender umbrella lending portfolio lending 

Will probably get umbrella policy.

If you are worried about liability, get an umbrella insurance policy, plus regular insurance for the rental property.  

On top of this I have a $1M general liability umbrella policy.

I know many people recommend holding each property in separate LLCs - which we may do in the future, but in the meantime, would obtaining a $1M umbrella policy cover liability on the vacant lots, as well as any extra liability on the rental home?

PROPERTY POLICY ($1,000 deductible)-Buliding:  150k-Rental income including extra expenses: 24k-Liability each occurrence: $1million-Liability General Aggregate: $2million-Personal and Advertising injury: $1million           --(I don't know what this is)-Damages to premises rented: 100k-Medical expenses: 5kI was also quoted a $1million umbrella policy.I was referred to this broker by a trusted source and I plan to shop around, but I need some advice on whether or not this is the amount of coverage to shop around.  

I sought out to find my own references, but wasn't able to find any (even after posting here on Bigger Pockets).For the time being, I'm sticking with a simpler approach of having a good Umbrella insurance policy and one LLC holding the few properties that I own.Would love to hear what you end up doing, Jessica S.

If it's just the fact that you want it in an LLC, I would strongly suggest just dropping the LLC, getting regular financing and taking out an umbrella insurance policy.

When you're getting within a year of the interest rate increase, consider refinancing as jumbo or umbrella loan to cover all of your properties.

If you are concerned more about liability than a tax shelter, consider a large umbrella policy on your homeowner's insurance.