Home and auto insurance

Homeowners and renters have a lot in common. For example, neither are homeless. Both usually pay monthly housing costs. Both are even responsible for the utilities for their respective living spaces. But beyond that, homeowners and renters have very little in common. Below are just three of the ways that you can tell a renter from a homeowner.
One Cares More
Owning a home is an investment. When individuals choose to purchase a home. they often take out a 30 year mortgage. However, renters typically commit to just 12 months. This means that homeowners often do much more to keep their housing looking nice. After all, landscaping adds to their bottom line. Renters, on the other hand, can tend to be careless because the value of the property doesn’t necessarily affect them. One demonstration of a homeowners level of care is how often home owners utilize insurance services. ORC International says that 95% of homeowners have homeowner’s insurance while 37% of renters have renter’s insurance. Much like commercial property insurance, homeowners and rental insurance ensure that if bad things happen, there is a pot of funds to pull from. However, its a good idea to get insurance, especially considering that there are many affordable insurance options.
One Moves More
It should go without saying that homeowners are locked in. In 2012, 7.2% of insured homes had a claim out on their home. But this is just one of many things that keeps home owners glued to their places. The other, of course, is their big mortgages. Renters float about and change things up much more frequently, which has its disadvantages too. For example, when they pay their rent, renters aren’t investing in anything. Also, they deal with changing car insurance rates and utilities bills that fluctuate as they move communities.
One Decorates More
If you look at the fine print in your lease, you’ll probably find that you can’t paint or install shelves or change a sink or do anything fun. Home owners, however, have the liberty of doing whatever they wish. Home insurance companies, like commercial property insurance, will even cover when tornadoes or hurricanes mess it all up.
As a rule of thumb, a person shouldn’t purchase a place if they don’t intend to live there for five years. So, in which camp o you sit? For more, read this link.