USAA, who I have umbrella coverage with and love working with, said they may be able to put something like this through their underwriting once I am up for renewal in March but I don't want to wait to fill the property or go without coverage in the meantime.

Or, time spent operating a umbrella business for my art/studio sharing that would qualify for a 51% owner occupancy loan? 

I am not an insurance agent or an attorney but you could call your insurance company and they can let you know your coverage and options.I also carry a personal umbrella insurance policy as added protection just in case.  

Nobody has an umbrella that big. 

Also possibly consider a higher umbrella policy if you have one (sounds like you might be renting right now?). 

In terms of protection a property under an LLC with S corp option would most likely give you both the best legal protection as well a give you the best tax advantages, coupled with strong property insurance and possibly umbrella insurance.

I dump all mine  into a umbrella policy , very cheap around 400 a year for S.F.H houses and cars  .You will have to up your coverage on your cars when you buy a umbrella .

With good tenants and good up front and communicated expectations at move-out, you can often do same day or 2 day turnovers easily.Q3 - Do your first 2-3 deals in your own name and get a $1mm umbrella liability policy from your insurance agent for about $300/year. 

I am leaning towards 1 mil in liability insurance and 2 mil in umbrella as my rental asset is worth about 250k.

HAVING TROUBLE FINDING A REASONABLE UMBRELLA POLICY AS I OWN 19 RENTALS.GEICO ETC SAID THEY ALLOW ONLY THOSE WITH A FEW RENTALS.