We have a primary LLC that acts as an "umbrella" for the others.

My homeowners insurance has $1M liability coverage and I am also looking at a umbrella policy.

Hi,I recently just learned about umbrella insurance. 

Keep $300,000 liability on each house and have a $1 million umbrellas policy in place over all of your property for protection.

You'll see from a lot of other investors on here that purchasing in an LLC won't completely block you from liability.I'd recommend buying in your personal name, obtaining landlord insurance & if you were that concerned about liability then you could also add an umbrella policy for extra coverage & protection.

Insurance would cover it, I would pay the deductible, and no assets would be lost.If you are in an area like San Diego where people are more likely to sue, a judge is more likely to find you guilty, and the payout is likely to be higher, then you may consider an umbrella insurance policy.

Talk to a CPA and a civil litigation attorney after you make sure you get or confirm you have a liability umbrella insurance policy.

If you have a high net worth, get a sizeable umbrella liability policy.You do not need to have the LLC and the property be in the same state, but that may require additional filings. 

Just keep the property in good repair, get the homeowners/landlord insurance, and get an umbrella policy (which really is pretty cheap for what it offers) and you should be fine.Whether you use the equity in your home is up to you. 

NV rental properties are under my personal name with umbrella insurance.2.