The Importance of Having Renter's Insurance (For Tenants)

John Doss • August 25, 2024

Protection for Your Personal Property

One of the primary benefits of renters insurance is coverage for your personal belongings. Contrary to popular belief, the landlord’s insurance policy does NOT cover your personal property. Many tenants underestimate the value of their possessions, but when you add up the cost of your clothing, furniture, electronics, and other items, it can quickly amount to thousands of dollars.
  • Renters insurance typically covers losses to your personal property from a wide range of perils, including:
  • Fire or lightning
  • Windstorm or hail
  • Theft
  • Vandalism
  • Smoke damage
  • Water damage from plumbing issues
Without insurance, you'd have to pay out of pocket to replace these items if they're damaged or stolen. Your landlord's property insurance does not cover your personal belongings.

Liability Coverage

Renters insurance provides liability protection, which is often overlooked but extremely valuable. If someone is injured while visiting your rented home, you could be held liable for their medical expenses and other damages. Your policy can cover these costs and provide legal defense if you're sued. If you have a pet, make sure your insurance agent is aware, and ensure that your policy includes protection in the event your pet was to bite someone.



Emergency Living Accommodations

If your rental becomes uninhabitable due to a covered event (like a fire), renters insurance can cover the cost of temporary housing and additional living expenses. This can be a financial lifesaver in emergency situations.



Affordability

One of the most compelling reasons to get renters insurance is its affordability. The average policy costs between $15 to $30 per month, making it a relatively small expense for the protection it provides.



Coverage Beyond Your Home

Renters insurance often provides coverage for your belongings even when they're not in your home. For example, if your laptop is stolen while you're traveling, it may be covered by your policy.


Potential Discounts

Some insurance companies offer discounts if you bundle renters insurance with other policies, like auto insurance. This can make the already affordable coverage even more cost-effective.


In conclusion, renters insurance is a small investment that can provide significant financial protection and peace of mind. Given its affordability and the comprehensive coverage it offers, it's a wise choice for any tenant looking to safeguard their belongings and financial well-being.

Pros and Cons of Investing in Student Housing

By John Doss • June 16, 2025
Student housing has long been a unique and attractive niche within the real estate investment world. With the steady influx of college students each year and the potential for higher-than-average returns, it’s no wonder many investors are drawn to properties near universities and colleges. However, student housing also comes with its own set of challenges and risks. Here’s a detailed look at the pros and cons of investing in student housing to help you decide if it fits your investment strategy. 

Creating a Pet-Friendly Rental Policy Without Sacrificing Your Investment

By John Doss • June 16, 2025
With nearly three-quarters of renters in the U.S. owning pets, offering a pet-friendly rental can give your property a significant edge in the market. Pet-friendly rentals attract more applicants, boost occupancy rates, and foster longer tenancies—especially among working professionals and families. However, opening your doors to pets also introduces risks like property damage, noise, and liability concerns. The key is to craft a smart, balanced pet policy that protects your investment while welcoming responsible pet owners. 

The Pros & Cons of Furnished vs Unfurnished Rentals

By John Doss • June 16, 2025
What is a Furnished vs Unfurnished Rental?
out of state landlord

How to Market Your Rental Property Online for Maximum Exposure

By John Doss • May 25, 2025
In today’s digital-first rental market, getting your property noticed online is essential for attracting quality tenants quickly. While hiring a professional property management company is the most effective way to maximize your property’s exposure and streamline the leasing process, many landlords choose to manage marketing themselves. If you’re taking the DIY approach, here’s how to ensure your rental stands out and reaches the right audience. 

Tips for Long-Distance Landlords: Managing Properties from Afar

By John Doss • May 25, 2025
Being a long-distance landlord can be both rewarding and challenging. Whether you’ve relocated, invested out-of-state, or simply want to expand your portfolio beyond your local area, managing rental properties remotely requires a strategic approach. The most advisable option for long-distance landlords is to hire a reputable local property management company. A professional manager can handle tenant relations, maintenance, emergencies, and legal compliance—giving you peace of mind and freeing up your time. However, if you intend on managing your property yourself, here are the key things you should keep in mind to ensure your investment stays secure and your tenants remain satisfied:

Basic Landlord Rights in North Carolina: What Every Owner Should Know

By John Doss • May 11, 2025
Owning and managing rental property in North Carolina comes with a clear set of rights and legal protections. While landlords must meet important responsibilities to ensure safe and fair housing, understanding your rights as a landlord is essential for protecting your investment, maintaining control over your property, and fostering a healthy landlord-tenant relationship. Here’s a detailed overview of the basic rights North Carolina landlords enjoy under state law. 

Basic Tenant Rights in North Carolina: What Every Renter Should Know

By John Doss • May 8, 2025
Renting a home in North Carolina comes with a set of important rights and protections designed to ensure safe, fair, and habitable living conditions for tenants. Whether you’re leasing an apartment in Charlotte, a house in Greensboro, or a trailer in a rural county, understanding your basic tenant rights is the first step to a positive rental experience.

What Is The “Buy, Borrow, Die” Investing Strategy?

By John Doss • April 28, 2025
The “Buy, Borrow, Die” strategy has become a cornerstone of tax-efficient wealth-building for savvy real estate investors. This approach, popularized by tax law professor Edward McCaffery, allows individuals to grow, leverage, and transfer wealth while minimizing tax liabilities. In this guide, we’ll explore how this strategy works in real estate, its benefits and risks, and how to implement it effectively. 

Understanding 1031 Exchanges

By John Doss • April 20, 2025
For savvy real estate investors, building wealth isn’t just about buying and selling properties—it’s about maximizing returns, minimizing taxes, and making every dollar work harder. Two of the most powerful tools for achieving these goals are 1031 exchanges and reverse 1031 exchanges. When used strategically, these exchanges can supercharge portfolio growth and play a critical role in the popular “buy, borrow, die” generational wealth-building strategy. Here’s what every investor should know. 

The Benefits of a Move-In/Move-Out Property Assessment

By John Doss • April 13, 2025
As a landlord or tenant, ensuring transparency and accountability during the rental process is essential for maintaining a positive relationship and avoiding disputes. One of the most effective tools to achieve this is the property assessment form, completed at both the start and end of each tenancy. This document serves as a detailed record of the property’s condition, protecting both parties and setting clear expectations. At Doss & Spaulding Properties, we strongly enforce this practice, and in this blog, we’ll explain why it’s in everyone’s best interest to make property assessments a standard part of your leasing process. 
More Posts