Insurance-Goldilocks question

[Jason Krick]

I'm hoping to get my first rental property under contract within the next couple days.  I'm getting a bit antsy regarding insurance coverage.  I'm not going to get into pricing, as I know there are many variables for that.  Let's just say my quotes were higher than expected.  It's certainly not a deal-breaker, and I will shop them around.  

The property needs a rather large amount of rehab. It's more than cosmetic, but less than a "full rehab". I already have a quote for builder's insurance which includes vandalism, theft, etc. It's a SFR, and it will be held in an LLC. These quotes are for a commercial policy (can you cover an LLC property with a personal policy?). IT is a row home with an ARV of $75,000.

So, given that info and my coverage stated below, can you tell me if the coverage amount is too much, too little, or just right?

PROPERTY POLICY ($1,000 deductible)

-Buliding:  150k

-Rental income including extra expenses: 24k

-Liability each occurrence: $1million

-Liability General Aggregate: $2million

-Personal and Advertising injury: $1million

           --(I don't know what this is)

-Damages to premises rented: 100k

-Medical expenses: 5k

I was also quoted a $1million umbrella policy.

I was referred to this broker by a trusted source and I plan to shop around, but I need some advice on whether or not this is the amount of coverage to shop around.  My first thought was to increase the deductible, since I would be budgeting for maintenance and repairs anyway, it wouldn't take much to have a $2,500 deductible. 

Any guidance and recommendations would be appreciated.