My main concern is converge for wind / hail / storm damage.I think a basic umbrella for personal / extending it to the property's would be adequate.Anyone else consolidated under one main policy and then actually had to DEAL with a claim?

The investments need to be done under the umbrella of the IRA, with no direct or indirect benefit to/from you - so all expenses are paid by the IRA and all income received (tax-sheltered) by the IRA. 

He said I would not need more than this since my net worth is less than $1M, however, I am having him look at quotes for an excess liability umbrella policy for these as well.

In that case, a big umbrella policy might be your best bet in the short term until you have more to protect. 

Umbrella policy and good judgment. 

If you are looking for additional coverage, you can purchase an Umbrella policy to add $1M on top of each of the $500k liability policies for $250-$300 per year

An umbrella liability insurance.

For asset protection, consider a Landlord's Insurance Policy with some liability protection ($300,000 or $500,000) and an Umbrella policy that tops out at 1 or 2 million dollars.

If you do, I highly recommend taking out a personal liability umbrella policy for at least $1M should something happen.

Hi @Eric Armstrong this isn't a lien option but umbrella insurance is pretty good coverage to have to protect you're equity.