Can someone list the benefits/cons of LLC’s and Umbrella Policies?

Also, I have umbrella policy that covers additional liability exposure for my properties.  

Hoping to hear the pros and cons to an LLC, S-Corp, or an umbrella policy, along with any other suggestions you may have.

Because we are our own company and not a team under the umbrella of a larger company, I can be flexible with regards to commissions and such should you decide to sell. 

RE is under the financial industry umbrella in commerce.

I own five single family homes in the Twin Cities area (Minnesota) and am trying to learn if creating an LLC and transfering these five houses to the LLC is a good decision and worth the time and money for such a small portfolio.I currently have a $1M umbrella policy with my home owners insurance company but am wondering if one additional layer of protection would be prudent.If I should create an LLC, should I create one for each property and another to hold the five LLC's?

@David Hansen as with most personal lines companies, USAA policies start to run into problems for the following;*More than 20 Locations*Mixing personally titled policies with policies under an LLC*Limits to the # of rentals thier  Umbrella policy can go over*out of state rentals For a handle full of rentals, you should not have any issues.Good luck with it

I was thinking of just doing a $1 million umbrella over all of my assets instead.Also, how does the cashflow get taxed as I have heard if you do it correctly you should pay almost no tax on your cashflow?

I have $1 million umbrella policy currently.I'd like to be able to use the assets as collateral.  

Is getting umbrella insurance sufficient.