Do people hold rentals in their personal name so they can get more favorable rates/terms/lengths on the financing and just pile on an umbrella insurance policy for protection?

So, I'd get sued personally anyway, whether an improper party or not.I've also read that good insurance and a good umbrella policy should provide sufficient protection under most circumstances.  

To get tax benefit, you need a C-corp where corporate tax rate might be lower than your personal as well as being able to move revenue around from one calendar year to another, but for small number of rental properties, it's not worth it.For me, to feel safer, I'd spend the money to increase the liability coverage and get an umbrella insurance.Even if you have multiple properties, putting them all in one LLC still expose you to the risk of loosing them all, unless you have individual LLC/property.

I would also follow it up with an umbrella policy for between 1-6 million dollars.

In the past, my property and umbrella insurance has provided enough piece of mind for me, though if I am overlooking some other major benefit of the LLC verses the cons, I will reconsider. 

I am a big fan of the peace of mind that comes from insurance and in particular an umbrella coverage (I am not an insurance sales person). 

A commercial umbrella policy might mitigate any liability concerns, and they are pretty inexpensive for the coverage offered.

(LARGE) liability insurance policy on the house and then have that backed up with a LARGER umbrella policy.  

In our own portfolio, as their housing needs change, some of our tenants have moved two and three times in and out of our properties just to stay within the umbrella of our management.

In this case I am looking at an umbrella policy to protect myself.