If you still want additional protection, get a million dollar umbrella insurance policy - mine is just under $20/month.

We are wanting to gain information about incorporating, an insurance umbrella, rolling all our properties into an LLC, and protecting our personal assets from a lawsuit.

Your personal umbrella is the next safeguard.

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

Correct me if I'm wrong but this is how I see structuring my company1 set up corporation here in Canada2 use Canadian corp. to set up US C corp3 use US C corp to set up holding LLC4 use holding LLC to umbrella various state LLC's to function as company's that would be used for wholesaling, buy and holds and flips.

I would bring an umbrella and a light jacket, but you'll probably not have to use them--especially if you stay in Waikiki (or any outer parts of the island) because it's nearly always sunny!

During this process we have heard about flood insurance & umbrella policies - aside from the standard insurance policies - but not much more.

As a general contractor, my company and the subcontractors that I used were required to carry at least 1M umbrella policy, unless the contract required additional coverage.

There is a lot of prep that goes into it, all things which you may not necessarily do now as a LL or investor: 1 - You NEED to be an entity (LLC, etc.) for liability, for taxes, for validity - $5002 - You NEED an abundance of insurance E&O, buiss. liability, umbrella, etc. - $2,0003 - You need to be licensed (depending on state) - $1,200+4 - You need to set up special dedicated bank accounts escrow, operational, etc.- $200 (<-- your time and effort)5 - You need to draft or send your existing documents leases, agreements, etc. for attorney review - $500+ (<-- even if you don't you'll have to modify them/ time and effort)6 - You certainly need to establish your Tenant approval criteria and get attorney approval - $2007 - Property management software... no not excel, or cozy... serious software that allows you to have owner portals, tenant portals, maintenance, 'pull' funds from tenants bank accounts, send 1099's to owners, etc. -------- $600 - $3,000/yr.

Look into an umbrella policy that deals with owners of rental properties and you will be fine.