There are quite a few differences between the pros and cons of renting or owning a home, but both should be adequately ensured for your protection. Here are some key things to consider when making a decision.
The Considerations of Renting
Renting allows you to move any time you choose, and getting renters insurance is much cheaper than home coverage. You can also experiment with housing types and neighborhoods. Getting a rental requires a few landlord checks, and buying a home involves lender approval and loans. Renting also makes the landlord liable for making repairs, while owners must handle them personally.
What To Know About Home Ownership
Owning a home allows you the freedom to change the home without landlord approval. It should also be considered that a homeowner can sell the property anytime, forcing you to move to a new home. One of the best perks of owning a home is that you are making an investment that can be sold at any time or passed on to a relative if you desire.
Home and Renters Insurance Are Essential
While renting and owning have benefits and drawbacks, having insurance is a must. Home insurance covers the owner’s interiors and exteriors to minimize out-of-pocket expenses. Renters’ insurance protects the tenants’ possessions should an incident occur. Both policies should cover the inside and outside of the home. Coverage should also protect the occupants’ belongings and persons against injuries.
Insure Rental and Homes with Exceptional Coverage
Regardless of whether you opt to rent or own, it’s important to have the correct type of insurance in place. Rental policies differ from homeowner policies, so be sure to discuss these with one of our experienced agents at Lee Insurance Agency LLC in North Carolina. We’ll help you find the coverage that best suits your needs.
