I have paid about $6.00 per month per location for the umbrella policy, They said they received an industry-wide as well as nationwide rate increase from their carriers on the umbrella policy and said if I want to keep the umbrella policy, I have to pay more than $100 per property more!  

Never mind all the above that I pulled off the recent post section to help you out.Enjoy dreaming of tropical beaches and little umbrellas in your drinks.

I have considered asset protection and the plan is to form an umbrella LLC which will own an LLC specifically for each investment.  

Do we have to set up an umbrella company with companies underneath?  

I'm gathering that umbrella insurance for outside protection, landlord insurance, and flood insurance are necessary. 

There should be a misc charge estimate for items like accountant/CPA, LLC ($800)), umbrella policy, various office costs (pc, quick books, printer/scanner/copier/fax), etc.  

A lot of times you can accomplish a lot without the LLC, and just get an umbrella insurance policy to give you enough protection in the event of legal action.

You want to be sure the costs are not going to rise and/or there will be difficulty writing the coverage.You may want to investigate the costs of Umbrella coverage regardless of what you do for the ownership. 

Just get a large umbrella policy if you are concerned about protection on your first property.

After looking into the question of whether or not to create an LLC for our investment properties, we decided the better option for us was to simply get more liability insurance, specifically an umbrella policy to cover all properties up to a few million dollars.