Insurance would cover it, I would pay the deductible, and no assets would be lost.If you are in an area like San Diego where people are more likely to sue, a judge is more likely to find you guilty, and the payout is expected to be higher, you may consider an umbrella insurance policy.

While an LLC can offer liability protection and tax benefits, it’s not essential for a single property—personal liability insurance and an umbrella policy may suffice for now.

Get replacement cost hazard insurance along with an umbrella policy of at least $1M, probably double in your area.

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

Insurance would cover it, I would pay the deductible, and no assets would be lost.If you are in an area like San Diego where people are more likely to sue, a judge is more likely to find you guilty, and the payout is expected to be higher, you may consider an umbrella insurance policy.

-Have an extra umbrella policy-Speak with my real estate attorney to make sure I did enough to limit my liability. 

And all the tenants' security deposits and all the buyers'Earnest Money Deposits don't need my asset protection, as they are not my funds, and are certainly not covered by any of our Umbrella Insurance Policies. 

I have umbrella insurance under my personal names currently so I'm wondering if the umbrella insurance would cover me in the event of some liabilityQuestions:- Am I better off keeping the rentals in my name since I have umbrella insurance?

@Jessica Seppo,Many people take the cost of an LLC and funnel it towards more insurance and an umbrella policy.

For structuring your business, consider whether you actually need an LLC or if umbrella insurance might be a simpler alternative.