We currently have an umbrella coverage policy.

Insurance would cover it, I would pay the deductible, and no assets would be lost.If you are in an area like San Diego where people are more likely to sue, a judge is more likely to find you guilty, and the payout is likely to be higher, then you may consider an umbrella insurance policy.

It was not a major increase in price.I also just bought a personal umbrella policy to cover for any situations that go beyond the coverage amounts of the MTR policy, which is something else to consider.

In the background we are setting aside reserves for maintenance, and separate reserves for insurance and taxes for the paid off properties that used to be handled by the mortgage company.Other expenses you might not think about that we carry include an umbrella policy for liability coverage, as well as life insurance policies on each other to cover the buy out / pay-off of the properties in the event one of us dies.

We are not planning to put these properties into LLC yet(we have a good umbrella policy for now).My question is how do I get a business checking and savings without a LLC?

Just get the standard insurance coverage for an investment property then tack on an umbrella policy for yourself.

I've heard that a good alternative would be to get an umbrella insurance.3) I read that I would need to change the name on the property insurance to be the living trust.

I ended up renting an umbrella and two chairs for the season to add value to my guests.  

Then you have to pay corporate stock tax on top of all that (a PA law, maybe others).I've also heard own the properties in your own name and set up a C Corp to lease the properties to and have it manage them for you.Just get an Umbrella policy.Trust Deed them to someone you really trust (who's not family) and set it up so they can do nothing with the property with out your permission.Ugh... the list goes on and onWhat have you done to protect your assets?

I've seen A FREAKING UMBRELLA ON A ROOF BEFORE!