Currently I have an umbrella policy, and i was going to get standard rental policy quotes for insurance, but is there something else I should be looking at? 

Since you can't use an LLC in this situation, I would buy what is called an "umbrella" insurance policy.

I really prefer the personal asset protection offered by the llc and don't really want to deal with the headache of umbrella insurance and all the exclusions to that policy, nor do I have any interest in fighting with an insurance company down the road if I ever need to use my coverage.

I have not converted mine into an LLC but do have a good umbrella insurance policy which is almost as good. 

I have had several conversations and ultimately ended up just getting an umbrella policy and putting wills in place per my discussion with my CPA, which lead to doing the latter 2. 

Then we cancelled the commercial insurance & went with with cheaper $450/yr umbrella coverage. 

From a liability standpoint make sure your insurance is for a rental and that you have umbrella coverage for liability. 

All that said, I want to say that it would have been much easier to get financing and obtain an umbrella/liability insurance if we kept them in our own name.  

For the latter, a great home owners policy with + a large umbrella insurance should mitigate it.

Make sure everyone is at least 20% members but that will create the umbrella necessary to get everyone “credit” on paper and allow them to start their investment journey.