You should also have a good umbrella policy to handle any smaller claims.  

You will benefit from the additional protection an umbrella policy affords.

You are comparing two things that have no connection whatsoever other than being classified under the very large umbrella of "investments."

@Joshua Griffin I assume you are asking homeowner's insurance and not an umbrella policy.

I'm leaning on just one LLC for my real estate business and getting an umbrella policy to cover.  

look up umbrella insurance.

If getting the prop in my name would I just get liability insurance maybe umbrella including the rental property?

And therefore carry both property insurance as well as a general umbrella policy. 

Your property insurance will change to a landlord policy, your second layer of defense is an umbrella policy.Not knowing anything about the tenants yet, would we be able to start new leases with them as new owners (I would think yes?)

I am looking for a personal umbrella policy which should be under US LI(Do you recommend anybody else).