In addition to that price, 1M umbrella policies are in the $300 and up range to.  

I have my first rental property and have been considering getting umbrella insurance on the property and not setting up an LLC for it.

Your landlord insurance policy's limits can be supplemented by an umbrella policy with additional coverage.   

The new property management LLC will begin hiring/paying the contractors in order to protect our assets and put all the renovation work under the larger umbrella.

He said if your worried about liability then double your umbrella overages on all your rentals.

I am looking to purchase car, house, and umbrella as a bundle; so it would be easier at one shop.Any guidance or recommendation is greatly appreciated!

Either way you stand to risk losing everything inside the LLC, and if you're just starting out and that 1 home inside the LLC is the only item of significant value that you own, then the LLC didn't really protect you from anything.An umbrella insurance policy on the other hand would stop you from losing the home if you got sued unless you have significant assets. 

There are no mortgages and I already have the insurance under control by purchasing a separate umbrella liability policy . 

Account ClosedYea I already have a property here in CA and bought that under my name with umbrella insurance.

@Sean PloskinaYou can get umbrella policies which cover multiple properties under 1 policy