Renting or Owning a Home: Which Is Better?

The Differences Between Rent and Buy

Some people dream of owning a home and everything that acagencies it, while others are more suited to renting their living spaces. To help you decide which option might be right for you, the insurance experts at American Tri-Star Insurance San Diego offer a few comparisons between the two.

Do You Want the Ability to Customize Your Space?

If you want to make your home your personal canvas by painting your walls and switching out your laminate countertop for an artistic piece of granite, home ownership is the choice for you. As a homeowner, nobody can tell you what to do or not to do with your house. For rentals, your landlord decides what can be modified in the house, and a consultation with him or her is a must before any change is implemented.

Do You Want the Option to Leave Easily?

Home ownership reduces the flexibility to move since you have to sell the house to do so. However, a tenant can pack up his or her belongings with just a 30-day notice and move somewhere more preferable. Loss of a deposit is the worst-case scenario that can happen for a renter, but a homeowner who needs to move quickly may have to sell the house at a loss.

How Much Responsibility Do You Want?

Unless willing to pay for a professional, fixing a leaky faucet or any other maintenance and repairs have to be done by the homeowner when he or she takes over the house. Tenants only have to inform their landlord of an issue or report to a predetermined maintenance agency for their problems to be solved.

How Does Insurance Factor into the Equation?

Home insurance policies are designed to cover the contents and structures in a home as well as the liability that comes with being a homeowner. Renters insurance is meant to covers a tenant’s personal belongings since the landlord’s home insurance should cover damage to the actual home. Another major difference is that renters insurance is not required, but most lenders will require you to have home insurance in San Diego if you are financing your home.

If you need affordable homeowners insurance, contact American Tri-Star for a policy that can best suit your needs. We also offer auto, health, bond, and business insurance in San Diego. Call 619-272-2100 today for more information and a free quote.