Just Bought First House...Liability, Umbrella Policy, LLC?

[John P.]

I closed on a SFH last week. It's a small new construction. The liability on my H/O's policy is almost 4X the price of the house. Is this sufficient for general liability purposes (someone slipping and falling, etc.)? For additional protection, I've thought about an LLC or an umbrella policy to get the coverage in the $1 million+ range. I'd appreciate any advice. I'm particulary interested in advice backed by hard data (i.e., actuarial stuff about actual risks and typical claims). Thanks, John