I have a few of them in LLC's, and I have an umbrella policy as well.  

You generally get a landlord fire dwelling policy which protects your property against damage and all perils, enough coverage for my personal belongings inside the property (appliances and any other furnishings), and enough liability coverage based on how much personal assets you want to protect (I cover the total value of my personal assets using an umbrella policy and a landlord policy combined).

From everything that I've read so far on BP and abroad it seems like there is a questionable argument for LLCs vs Umbrella Insurance. 

Umbrella insurance if you get sued.

Should I create an LLC, or get an umbrella policy?

Since I am an investor with several LLCs owning property, an umbrella S-corp to own all of the LLCs may be the best way to allocate income to the most advantageous taxable income category.

After hearing the premium quotes I decided to buy an umbrella liability policy, beef up my auto insurance and self insure for my home past the basic fair plan.  

Once you are no longer living there then putting it in an LLC or an umbrella policy could be needed.

And if it ever came down to going after the property in question, my CPA tells me the umbrella insurance policy we have should protect us 🤷🏼‍♀️

C) Create an umbrella LLC that owns each individual LLC and have a master bank account for the umbrella that handles all cashflow in/out?