My question is whether or not it is a smart idea to try to transfer both mortgages into an LLC or try to wrap everything into an Umbrella insurance policy?

It had been vacant for 6 years and had become a safety hazard for the neighborhood.

If there is an existing title policy the title underwriter is the best party to start with.

The only way to really know if it's a competitive premium is by shopping the policy.

I would also check on a vacant dwelling policy with a high deductible and limited coverage for the building (Actual Cash Value & Named perils).

Last November 2019, tenants agreed that they have to vacate the property this summer for owners to renovate the property due to safety reasons — property is an old house that may collapse anytime (foundation is not good). 

Last November 2019, tenants agreed that they have to vacate the property this summer for owners to renovate the property due to safety reasons — property is an old house that may collapse anytime (foundation is not good). 

Insurance Agents are licensed on a state by state basis so an agent in Charleston would be able to write a policy in Georgetown.

I don’t know of such a policy and will wait to hear others input( I’m going to google this too).

Look at their policies regarding "records" and see what other residents are allowed to review.