@Chris C.If you want to use an umbrella policy for additional coverage for your IRA-owned properties - you won't be able to use your personal umbrella insurance and would have to buy separate one just for IRA/401k. 

Also, use a title company, escrow and have umbrella insurance. 

LLC yes. 2 million umbrella that oversees everything.I have listings on both VRBO and AirBNB.

If you're going the umbrella insurance route, make sure it will cover you for several things including just the routine slip and fall (like mold or earthquake).

Look into an umbrella policy that will give you additional protection, should you run into trouble.

And having LLC's under an umbrella trust is more common for REI operations than directly nested with the trust, handful of reasons for this. 

Or should I just get an umbrella policy? 

Also note that CA has a minimum annual LLC fee of $800, an umbrella insurance policy of several million may be cheaper and easier to maintain.

I was considering an umbrella policy as well, but I do believe it’s proper risk management to have one or the other in the tail event of a material issue with the property? 

I would factor in having an umbrella insurance policy, get a personal legal policy with LegalZoom.