Since this is your first property, it might be worth putting it in your name for now and get an umbrella policy.I'm also a new investor with 2 small multi-family properties and both are in my name, I also have them insured with umbrella coverage.

I just bought a rental SFH in Atlanta and I am considering between LLC and Umbrella Policy for liability protection.

You can increase your liability coverage with an umbrella policy (provides coverage if the limits on your home or auto policy are exhausted in a claim).  

My lenders would not let me transfer my properties to my LLCs, so I just got a large umbrella insurance policy.

To protect him, we got an extra $2MM in a separate umbrella policy.  

There seems to be an active debate at my workplace as to whether small investors really need LLC’s as opposed to having adequate insurance and umbrella policy to cover those.  

Plus he thinks we should have a corporation that is the umbrella over the smaller LLC's. 

If it’s a liability issue, simply get an umbrella policy.

Topped off with an umbrella.

You could also keep the property in your own name and get an umbrella insurance policy to protect you from liability.