It is from this principle that Illinois courts, as well as a host of other jurisdictions, identify tenants in
the absence of specific language to the contrary, as coinsureds under the landlord's policy of insurance.
"After that, if I got rent from two tenants in one month, I considered myself lucky."
Once you have tenants in place, it's a good idea to set up an incentive for timely rent checks such as discounts for early payments or penalties for late payments--if your state allows it.
If such provisions are not included, insurers will pass the increased risk along to landlords in the form of higher premiums and landlords, in turn, will pass along the higher premiums to tenants in
the form of increased rent.
Most tenants in
this market have definite preferences pertaining to location, for example, New Jersey Turnpike versus the Garden State Parkway versus Route 78 access, etc.