Just get good insurance on the property and  an umbrella policy from a reliable insurer that exceeds your net worth and sleep well at night.

I am not moving the house over to a LLC, I plan on getting an umbrella policy that would cover me in case something did happen.

I read in many posts that some investors have the umbrella liability coverage (500k, 1m, 2m, whatever) and also a personal umbrella policy for another 1m or 2m or so.

The goal is to eventually own multiple investment properties/individual entities-LLC (commercial, non-commercial in various states) and be under one Umbrella Company. 

Also, an LLC in CA is min $800 so its common to opt to get more insurance instead, higher liability plus an umbrella policy...a lot more affordable than you might think.Best of luck!

If you know of any reputable insurance companies that cover properties in the NE Philly area, please let me know~I have heard that getting a general umbrella policy to protect myself in the case of lawsuits & exorbitant legal fees would be a good idea, if you have any input on that.I also plan to make renter's insurance a necessary item in future leases with new tenants as a way to further reduce personal liability, and to protect the tenant's personal assets with insurance coverage. 

Should we go with a lower aggregate to save on the premium and then take out an umbrella on ourselves?

Also wanted to add that I do currently have a 2 Million dollar umbrella policy. 

These properties are all in my personal name, and will be under an umbrella policy very soon.Friends and family are now reaching out wanting to invest witnessing the decent track record I have developed. 

Insurance, including umbrella policy, is sufficient.