I'm considering letting it expire when it's up for renewal and just getting a liability policy or umbrella policy.  

My misc is larger than most for various reasons including expensive umbrella policy (for various reasons I expect my umbrella to possibly be near highest on BP per the amount of coverage and I have decent amount of coverage).Net yearly income: If it had never been refinanced it would be having outstanding cash flow. 

We went without LLC and raised our umbrella as we need the financing.  

17 SFHs, 1 LLC, 1 checking account, 1 umbrella policy, 1 Excel spreadsheet, 1 Cozy account. 

I do think you would be okay with not getting an LLC and just getting a solid umbrella insurance policy, but I'd definitely consult with an attorney

Also, I’ve heard about getting umbrella insurance up to $1 mil since my property won’t be in an LLC.

I have an umbrella policy for the liability and figure once I push past 3-4 properties I may begin to establish LLCs.

When do you need to think about umbrella polices? 

There are a couple great podcast episodes on asset protection, the main show ep. 595, and BP Rookie ep. 105 & 106, that give a ton of great information on what LLC's can and can't do for you.For me, I personally use an umbrella policy for my protection but did setup an LLC immediately more so for financing later on down the road.

I found in the 15+ years of doing RE that a simple strategy for anyone starting out or those who still have mortgages on properties to get good insurance with umbrella policies.