How Big of an Umbrella Policy???

[Eric S.]

Let's just say a real estate investor owns a number of properties in their personal name and is unable to move them to an LLC or some other entity due to some 1031 exchange considerations. All of these properties are owned free and clear and the overall value is in excess of 7 figures - how big of an umbrella policy is wise with this sort of scenario? I would think the policy would be in excess of a million dollars although how much?

What are your thoughts?  Your responses are appreciated. 

Thanks in advance.