I have umbrella insurance which is much more efficient and economical.

Do I buy Umbrella Insurance instead? 

He recommended that I buy an umbrella policy instead.

One of the options I considered was utilizing an umbrella insurance policy for protection.

My experience is that investors feel that "good insurance" is the dollar amount or overall umbrella. 

When you do so, you may want to explore the costs of an umbrella policy to increase your Liability coverage.Also, If the new policy does not include Personal Injury (Libel, Slander, etc..) you should get a quote for that coverage.

You will always get the best rate and term with conventional loans.You are correct that you cannot get a conventional loan under the LLC though.You'd be better off with regular Fannie/Freddie loans and an umbrella policy.The only reason to get a commercial loan would be if you are not bankable.

And like @Taylor L. said, being more specific definitely would've helped, as not only does multifamily fall under the umbrella (although of course, I was excluding it in my post), but there might be tailored events to storage unit investing, or trailer parks, or office buildings, etc. 

Also, my attorney reiterated that simply having adequate homeowner’s insurance, especially with an umbrella policy, would be a much cheaper alternative. 

Each home is covered by a general liability policy, and then I also have a large umbrella policy over all of the homes.Last November we received notice that the insurance company was no longer going to work in the California market and that we would need to find another company to cover our homes.