If you're going the umbrella insurance route, make sure it will cover you for several things including just the routine slip and fall (like mold or earthquake).

As has been said many times here, usually a sufficiently high umbrella (liability) insurance policy (obviously in combination with underlying liability insurances for the properties) is usually much more useful if push comes to shove.Then again, there are many situations where an LLC makes sense or is even required (e.g. commercial lending).In any case, you need to contact a knowledgeable attorney who will be the only person able to give you proper advice for your individual situation (and especially state).

Trying to weigh the costs and benefits of LLC vs an umbrella policy for a long term rental?

While I hate increasing expenses, at this point, I already have separate LLC's set up with Insurance policies as umbrella policy, so it makes sense to keep as is. 

Plus an umbrella just in case.Get a damage deposit as well.

If I am forced to let her and the dog stay, will insurance and umbrella policy allow a banned breed?

If you're going the umbrella insurance route, make sure it will cover you for several things including just the routine slip and fall (like mold or earthquake).

You could just get an standard umbrella policy to cover your landlord liability/assets and buy under your own name esp as you are starting out.

You may need some additional documentation, etc. that may push your closing date.Also consider purchasing an umbrella policy that covers up to $1 million if you keep the property in your personal name.One of my former tenants tried to sue my property management company for my rental, but I was very responsive to their issues and could prove I sought to resolve every issue.

I have made the choice of getting umbrella insurance on my properties just to protect myself because I have mortgages on them.