You could add an umbrella insurance policy.If you have equity you could open a HELOC against the property.

An umbrella policy does not cover anything special, it only increases the amount that will be paid out in the event of a liability claim. 

I would suggest getting umbrella insurance.

I think holding in your personal name with an umbrella policy may be similar risk wise to holding the property(ies) in an LLC but with perhaps lower overall costs after factoring minimum taxes and fees associated with an LLC.Perhaps an atty could tell you what the process would be for transferring properties into an LLC, but I don't imagine it would be difficult. 

I'm trying to find a broker that can bundle all 6 properties into one plus put in place an umbrella policy.

I immediately obtained a $2M umbrella liability policy. 

Is an umbrella insurance enough?

This includes an umbrella policy in addition to insurance for the dwelling. 

My insurance agent called me today to tell me that my personal umbrella policy covers up to 4 units, and that now that I have 7 units, it won't cover any of them.

Account ClosedHi Mackalyee, I won't be running this property out of an LLC (will be using umbrella insurance to cover personal liabilities) so i assumed that lenders would be more willing to lend at 20%, but i re-ran the numbers at $25k down which makes the deal appear to be closer to a 10% cash return in Y1.