A simply umbrella policy of 1-2 million would also suffice for a small time investor and give the same protection for less money.Not all investors have the ability to self manage or do their own handyman work nor do they live near their investments, nor do they all want that type of work load.

Due to this I have to get an independent umbrella policy.

Just get good insurance, to include an umbrella policy (you can usually get a million dollars worth of coverage for about $200-300/yr), and operate your business legally and responsibly and you should be okay.

Would it not be better to have no LLC and take out a very large umbrella policy ($3M-$5M)?

I have a 2 million umbrella policy to protect me from liability.

Can we buy Personal Mortgage for Commerical Properties, based on my reading an umbrella insurance will suffice.

I was wondering how the mortgage umbrella would look.  

They both said their umbrella goes up to 4 rental properties (how weak!).

… hold the property in his own name and use umbrella insurance.

As we are having a hard time finding a residential lender who allows the deed to be in an LLC name, we've decided an umbrella policy will accomplish what we want for now.