Also make sure to have owners add you to their property insurance policies, so you have liability protection. 

That's easy compared to trying to fight and erroneous $13k water bill (a real issue we had) or an insurance policy tripling (that too).

How about the increased home insurance cost for a landlord policy?

I have home owners insurance should i buy another landlords policy as well?

Yes I have known it to work because the owner is not a push over, enforces policy and can make it run good......however, do you have the right personality to do this, AND if you move out can you continue to have the house run smoothly with no one in charge.  

They don't understand how to price effectively, study the market, set boundaries with tenants, establish policies and procedures, communicate, and dozens of other things.

Taylor sent multiple email inquiries to our insurance provider asking what risks their policy covered.

That way you wouldn't need an extra policy.

I have decided to send a mailer to ALL my existing tenants informing them of this policy as my existing referred tenants have all been exceptional.

New Jersey is one of the least landlord friendly states in the country - FACT.Liberal policies are not friendly towards landlords- FACTNew Jersey is a liberal blue state - FACTI was nice in my original post.