Posts Tagged ‘ renter’s insurance ’

Buying vs. Renting – What’s better?


What’s the best bang for your hard earned bucks? Buying or renting?

1st time home buyer

Both have merit depending upon your individual situation. We’re all seeking a comfortable, safe place to call home and it can be difficult to determine whether it’s best to rent or buy a home. Here are a few things to keep in mind when you’re faced with making that important decision:

Realities of owning your own home:

  • You feel pride of ownership
  • You build equity in your home
  • You have a sense of community, stability and security
  • You’re free to change the decor and landscaping
  • Sometimes you must pay a neighborhood or association fee
  • You’re not dependent on a landlord to maintain your property
  • There is less mobility than renting since you can’t mnove immediately until you sell your home
  • You’re resonsible for property taxes
  • You may receive tax incentives
  • You must mow the loan, clean the gutters, rake the leaves, and remove snow

Realities of renting:

  • You have little to no responsibility for maintenance
  • It’s easier to move, depending upon your lease term
  • You can start investing now since you don’t have to save for a down payment
  • If your rent is low enough, renting could be a better investment than buying a house. You could invest monthly savings in long-term certificates or other savings vehicles.
  • There are no tax breaks
  • You do not earn equity
  • You have no control over rent increases or if the landlord sells the property

If you are thinking of purchasing a new home, meet with one of our Mortgage Specialists. They’ll help you get an idea of how much home you can realistically afford and the types of financing available. It’s also a smart idea to get pre-qualified for a mortgage before you start your home search. Call us at (800) 283-2328, ext. 6026 from 8:30 a.m. to 5 p.m., Monday through Friday.

For more tips on buying vs. renting, click here.

Renter’s insurance a back to school need for college students


College students renting apartments should have renter’s insurance.

Do you have a student heading back to college? If renting an off-campus apartment is part of the back-to-school plan, then as a new or inexperienced renter, the importance of renter’s insurance can’t be stressed enough. A landlord’s insurance only covers his or her own dwelling/property, not the student’s. Students have enough to worry about with classes and paying tuition. Don’t rent without the right coverage.   Students should have peace of mind in knowing they have some added financial protection available to help them cover the loss or replacement of their personal items if there is a fire. Students may have extended coverage under their parent’s policy but it’s best to check the available limit to make sure the coverage is adequate to cover the amount of your personal belongings. This is also a good time to review liability limits to make certain your student’s exposures are taken into consideration.   

Anyone who has insurance should take the time to review their insurance policies and premiums. You could be paying too much. You may have too little insurance. Our Insurance Services team can help you with free quotes, comparisons and with sorting out all of the policy details. Whether your insurance needs range from renters, homeowners and personal auto to dwelling fire, flood, wedding, personal umbrella and more, we offer flexible payment options to fit everyone’s budget. Members 1st Insurance Services is available to PA residents only.

Call or request a free quote today.

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