For example we take a booking, they read our zero tolerance policy on partying and noise complaints and then ask us to cancel because they are a bachelorette party and do not want any issues as they do plan to drink. 

(The claim situation)How did the umbrella policy protect you?

If you are worth “something” then you need the umbrella policy.

Also, most Umbrella Policies only pay out if your underlying policy pays out, and the underlying policy will do everything they can to find an exclusion or that you were negligent (which you probably were) in the cause of action to get out of paying the claim.

I have landlord policies for my rental properties in TX and AL states, but I am not able to get an umbrella policy form my current insurance company, because I do not have car insurance and primary residence in US, as I am not a resident in US.

Quote from @Brandon Larson: It's important to have established policies and procedures, but I wouldn't put a lot of effort into that with only a duplex under management.

This policy will provide additional coverage above what your existing policy covers.

Loss of rental income is only covered if it is listed in your policy.  

People with high risk tolerance will have a far different answer than someone who is risk averse. 

Will getting back to a LEGAL immigration policy and action collapse housing, the economy etc.?