Is buying an umbrella policy a standard practice amongst fellow investors?

I spoke with a rep from my rental property  homeowner insurance in AR (Safeco) to get a quote for a personal umbrella policy. 

We recommend one million dollars of business liability coverage and another business liability umbrella of the same amount.For true asset protection proper insurance is the best answer. 

I was told by Gieco properties will loose Umbrella coverage if transferred to LLC.

My personal rule of thumb -If Personal wealth + investment wealth < $1M then $2M umbrella policyIf Personal wealth + investment wealth > $1M then $2M umbrella policy and LLCBest,Terrell

If the lawsuit exceeds that amount, then an umbrella policy would kick in and potentially cover any overages. 

The one downside to this arrangement is the tracking of expenses because so many household & otherwise personal expenses become split expenses: the landscape gardening, the cleaning of house & rental unit if single payment, the utilities, your tax accountant, homeowner's insurance, umbrella insurance, real estate taxes etc.

It’s all falling under the umbrella of “not knowing what you don’t know”thanks. 

Just get a good umbrella policy.  

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.