If you are going the LLC route you can put them all under one policy but I would highly recommend throwing an umbrella on top of that policy.Something to keep in mind with insurance and condos.

The property I close on this month will continue to cash flow with the fees charged by the property management company.2) Should I obtain a LLC or just have an umbrella policy to cover my assets if something were to happen on my rental property?

.- I have Umbrella policy of $2 million.Ideally, I'd like to have 1 LLC per property but California LLC are one of the most expensive in the country.Can really use your help and inputs!

Currently being sued for a frivolous lawsuit by ex-tenant and the suit was being handled by Insurance Company (top name) whom I have both Landlord's insurance and Umbrella insurance through. 

@Ian Middleton I have an LLC(Om Realty Properties LLC) for my flip investments  separate from my rentals which is owned in our name with Umbrella on them. 

I currently have an umbrella policy under State Farm. 

Most insurance mention on bp is umbrella insurance.

Some choose to simply have an umbrella policy for protection, some do both.

Things to consider:1) Depending on the state you live in, an LLC may not provide as much protection.2) If you don't keep your finances perfectly separated (and even then it's not a guarantee), an LLC may not provide you protection.3) You'll end up paying more in your mortgage and your LLC costs.For those reasons, especially for your first one, it's generally fine to just get a lot of coverage in umbrella insurance (or a lot of personal liability coverage in the property insurance that you'll carry).However, I'd be very interested to know if any BP member can say that an LLC did prevent them from losing money or getting personally sued at some point -- I haven't seen that posted.

I've looked into umbrella policies but because our primary residences are in NYC and not PA, some companies can't offer it to us.Thanks for any insight!