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.

-walkerRather than owning the properties in an LLC, borrow as an individual first to get the lower cost money and protect yourself with an umbrella liability policy. 

Your first line of defense against loss is going to be insurance on the property, then an umbrella or excess-lines policy on the company. 

Then buy a liability umbrella over all of that.