I want another separate insurance policy (like an umbrella) for more coverage in case something happens.

Get an umbrella insurance policy, just in case. 

Consider an umbrella policy if you do not have one. 

(This makes it undesirable to sue you since you have little equity) Once its paid off you might want to do it then.You could add an umbrella insurance policy if you want an other layer of protection.

Hello, I've been talking with individuals loaning under the umbrella of Financial Global, LLC out of San Jose, CA.

In that case, you'll need umbrella insurance because the tenant is not looking for you to waive a month's rent for negligence, but a few million.

The one policy covering all would be called an umbrella policy. 

Consider average cost houses in that area are selling, taxes on the house, closing costs, maintenance costs, umbrella insurance costs, PMI costs until I own 20% of the property...

For asset protection, keep $500,000 liability insurance on each house and a $1 million umbrella policy over all of your rent houses.

So here are the numbers:+$550 — rent- $240 — lot rent- $75 — loan repayment- $50 — vacancy- $50 — maintenance- $10 — umbrella insurance+ $ 75 Cash Flow.The plan is to rent it for about 2 years and then try to sell it with a lease option.