Get an umbrella policy (if you have considerable net worth) 

Personally I don’t have enough assets yet to be too worried about financial liability and have structured myself to be covered with the insurance on my properties and a very solid umbrella policy, an additional $2 million.

If not, is the umbrella insurance good enough?

Hi Friends, I recently got my first rental. now I have liabilty for it, but should i place it under an umbrella coverage?

I am looking to get an umbrella Liability insurance policy for our business and all of our real state related matters.

I carry 4 million. 2 million per property and another 2 million on a personal umbrella policy.

If you are really concerned about liability just pay for a $1m umbrella policy (or higher if you want).

A lot of lenders don't care for the cash out aspect and will offer to just do an "umbrella" or "cross collateral" of the properties. 

LLCs  have expenses associated with them (which depending on the state can include annual filing expenses, and filing fees for holding properties in other states, etc), but for just getting started or owning a small number of properties , you likely do just as well to just have some extra umbrella liability insurance.  

We have that policy in place then we put an umbrella policy over all of our assets for the additional coverage.