Reading here I realized it’s safe to have umbrella policy, just in case.

I did however get very very good insurance on the property and purchased an umbrella policy above the original policy.  

But again, each property is properly covered with my insurance and umbrella policies. 

Can you bring the project under the firm's umbrella and maybe manage things with the help of senior principal/managers? 

I had thought that this would be a nice added layer of liability protection in addition to our landlord insurance policy and my personal umbrella policy.

What are your strategies specifically toward insuring properties held by an LLC, do you insure each property individually, do you just use a large umbrella for all, what have you found works best for you?

I do not have an umbrella policy yet.

@Natalie KolodijIn regards to protection, I was advised by an attorney to keep them under my name (not that I have a choice anyway since they all have an active mortgage) and to get umbrella insurance.

I also carry an Umbrella Liability insurance policy ($1,000,000 in coverage, for about $150 a year).

But, to save time...often we just lump commission, fees, and prepaids all under one umbrella of "closing costs."