Under $200k, pressing for sub $165k, with rents of $1,500mnth+There is a few different strategies were engaged in under this umbrella.

Get good insurance, plus an umbrella 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 expected to be higher, you may consider an umbrella insurance policy.

If not, you can get an umbrella policy from just about any insurer.

Not sure if that will be helpful.You could also work with your agent about a big umbrella policy to cover the uninsured parts.

You have a mortgage on it so no one's going to go after you; you'll just need good rental insurance and (recommend) an umbrella policy. $200-300 per month isn't great, so make sure it really makes sense to keep it as a rental.

Probably go with just an umbrella insurance policy.

That’s what I do for my leases.I echo the comment on getting really good insurance with an umbrella policy as well. 

An umbrella policy or other insurance policies can often lend similar desired protections in a much more realistic and simplistic manner.

You may always pick up Umbrella insurance on your property in your name in the meantime.