What you need is good liability insurance and an umbrella policy.

Get a liability umbrella policy.

That is what the properties’ liability insurance would cover, along with any umbrella policy.

@Joseph Harper I do not know about the tax implications with a licensed agent but if you are just wholesaling and flipping, a good umbrella policy might be easier to cover risk.

PROPERTY POLICY ($1,000 deductible)-Buliding: 150k-Rental income including extra expenses: 24k-Liability each occurrence: $1million-Liability General Aggregate: $2million-Personal and Advertising injury: $1million --(I don't know what this is)-Damages to premises rented: 100k-Medical expenses: 5kI was also quoted a $1million umbrella policy.I was referred to this broker by a trusted source and I plan to shop around, but I need some advice on whether or not this is the amount of coverage to shop around.

Should I also get umbrella policy?

Get a cheap umbrella policy if you are worried about losing your assets. 

Then let them make their own choice.If you are concerned about protecting yourself or your investments, get a good umbrella policy.

Take out a large umbrella policy to cover contingencies;  if/when you find some success, then go for the LLCs or other title-holding entity.Good luck to you on your adventure.

We got great insurance coverage, and also got an umbrella liability policy for $2M.Good luck.