For background, there is some termite damage on it,that should be taken care of prior to close, as well as some other minor fixes to the roof, basement, etc.I received a quote for the building for an After Cost Value (ACV) policy, which was about 40% of the Replacement Cost policy.  

It's not a big deal though, as an umbrella insurance policy probably gives you more protection than a simple LLC (any lawyers can chime in here and tell me I'm wrong).  

Look at your own risk tolerance and stay within your own comfort level. 

He recently shopped my policies and did lower my overall premium.

How best to use it will depend on your goals, you need for cash flow, your risk tolerance, your overall current financial situation, and your personal strengths and interests. 

Hey Eric,  I would suggest getting a quote to add the rental as a second location on your existing home insurance policy (be sure to disclose that this home is a rented dwelling).   

But More importantly, they will often not search for and miss “nonrecorded” liens that a thorough title search would reveal....and these will be exempt from your title insurance policy under section B Exceptions.

Add as an additional insured on your policy B. make them get their own policy with you as add'l insured and your lender listed as primary lien holder, your note in 2nd placeC. keep your policy and make them get their ownThe lender is where insurance gets tricky on wraps.

Even if it was, it would be 10x's the cost of what the mortgage company would charge for the 15 days.The mortgage company's insurance policy incurred the risk of covering your property while you were uninsured. 

The question I have is, I have an umbrella policy through my main insurance company, is there any issue with having the rentals using a different company?