Getting umbrella insurance provides better protection, is usually cheaper and doesn't have the maintenance requirements of an LLC.

You can mitigate the risks with additional insurance through an umbrella policyMeanwhile, owning the property under your own name allows you to tap into better rates in conforming loans, being able to go to court yourself (assuming you choose to) just to name a couple for exampleGetting a loan under a LLC will still require you to personally guarantee it, and it will be a commercial loan.

Some carriers won't go beyond $500k or so on the liability and then they'd really like for you to get an umbrella policy on top of that. 

NREIG is an option but the coverage is basic and if you want to put an umbrella over it that makes it difficult. 

Do this along with a big fat GL insurance policy and umbrella on top of everything. 

I am assuming you have an umbrella above the $1m liability and require (and verify) renters insurance?

You can increase the liability coverage on your regular homeowners insurance and also get a supplemental 'umbrella' policy, with can increase the liability limits further.

I would also recommend an umbrella policy over a LLC just starting out for liability coverage.

However, my real advice to every investor-clients would be to always have a premises-only Umbrella policy for an extra $1 million in coverage.

I'm aware of the possibilities for either transferring a property I own in my own name to an LLC or using a land trust to hold title however I'm looking into this more deeply for now while planning to buy an initial property in my own name and start renting it out as soon as possible (I will be getting an umbrella policy).