I have 3 rental properties that are not under an LLC. Would it be wise to get an umbrella insurance policy to cover myself? If so, what would an appropriate amount? My properties are worth roughly $550k.

I have a fourplex that was damaged by fire, thankfully no one was hurt.

For ease of the example, let's assume the following numbers:

Property was purchased for $150k. Insurance check I will get is $80k.

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What kind of insurance do you have on your rental property? (Multiplex) What does your insurance cover? How much are you paying?