For example, I have seen many people with $3 million in assets and no supplemental umbrella coverage.

Many insurance companies have left Florida and the state sponsored policy has such serious coverage gaps that many may not be able to afford to rebuild.  

Also once you decide whether or not you are going to rent out your home make sure to change your coverage so that it is a landlord insurance policy and require your tenants to get renters insurance with you as an additional insured on the policy.  

To get any chance of comprehension we must look at the whole, and how all the parts impact the various parts. 

(Not giving legal advice I'm an insurance agent not an attorney) If you are sued and they allege negligence on your part they can pierce the LLC protection anyway is my understanding but you have to ask your attorney about that part.My bigger worry is in a claim situation with you having a policy in your personal name but the legal ownership in an LLC is the potential for the claim to be denied (at first) for not having insurable interest - you could fight thru to show you are the owner of the LLC thus the property owner and have an "insurable interest" entitling you to coverage BUT... do you really want to jump thru those hoops if the house burns down?

If you are unfamiliar with the term it is Debt Service Coverage Ratio, a long winded way of saying rents/expenses.

if you had to rebuild differently, ask your agent about Ordinance and Law coverage for the additional costs.

You could go conventional investment property, which would require 20-25% down anyway, or depending on the deal you could get a Debt Service Coverage Ratio loan where they base the loan off the income the property generates. 

The Insured asked for coverage under his title policy, and I denied liability because the policy had exceptions for survey matters and parties in possession. 

I would keep the security deposit the same and if you don't already have Renter's insurance with the Landlord as additionally insured coverage, require it now.