Here's a plea to anyone who's on the fence to please, please, PLEASE take the time to buy an umbrella insurance policy.  

With this in mind, unless you have a lot of money and other assets, an umbrella insurance policy may suffice. 

Personally, I think it's a good idea, but many people would say you're better off just holding in your own name and getting a larger umbrella insurance policy.That being said, nearly everything I have read (especially Garrett Sutton's "Start your own Corporation) recommends if you are holding an asset, to do so in an LLC and if you are doing more "operations" such as management, wholesaling, flipping that is best done through an S corp.  

@Rich CeeI have a 2 million dollar umbrella policy with State Farm so though I get my normal liability coverage of 1 million, it also goes under the umbrella for an extra 2 million if I ever needed that much. 

Bryan,Let's assume I pay cash and carry adequate insurance (both on the property and an umbrella liability policy).  

I have also heard about a series LLC since I want to be able to purchase several properties and keep them under the same umbrella. 

I was considering getting a $1M umbrella policy for $22 a month.

I currently hold umbrella insurance for myself in the event I have a liability claim in any of the houses I currently own to protect my personal assets.  

Is it worth it to get umbrella as well?

Also, make sure that you are placed as additional insured and have your own umbrella policy.