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We rented while making good money because it's easier to rent. We're now buying a house. I genuinely like fixing and maintaining houses, so it makes sense for

We rented while making good money because it's easier to rent. We're now buying a house. I genuinely like fixing and maintaining houses, so it makes sense for us. However, most people don't. For them, it makes a lot more sense to rent. If you're rich and have a stable source of large income, it's almost always better to rent all your stuff. Not only is rented stuff of higher quality (because you can always have new stuff), someone else takes care of it for you. This is good. My wife and I will soon sell one of our cars, and rent a car if we need it, because a rental car is certainly going to be newer than any car we own, and if it breaks, someone else will fix it. Renting is superior from a user experience perspective. If you can afford it, it is the best. And yes, we're planning on renting out a unit in our home. It will be a very nice unit and the renter there quite lucky (as are all renters) because someone else -- me -- will take on all the risk if anything breaks.

Arcaelyx 7y ago
You don't have to take on any of the risk if anything breaks by forcing them to have renter's insurance. It's something that a lot of newer apartment buildings are doing these days.
- tathougies 7y ago
  You seem to be confused as to the purpose of renter's insurance. Renter's insurance does not cover the cost to repair broken appliances or problems with the apartment that reduce habitability. Not sure where you got that idea from. Renter's insurance covers the renter's property if something in the apartment damages it. For example, if there is a fire that damages your computer, renter's insurance will pay a replacement cost, but will not pay for the repair to the apartment. That is up to the homeowner's policy the landlord pays for. Source: have rented solely in buildings requiring renter's insurance, and have never filed a claim for things breaking in the apartment. The landlord always fixes it. More information here: https://www.ipsagency.com/blog/does-renters-insurance-cover-appliances.aspx https://www.ipsagency.com/blog/does-renters-insurance-cover-...

Arcaelyx 7y ago

You don't have to take on any of the risk if anything breaks by forcing them to have renter's insurance. It's something that a lot of newer apartment buildings are doing these days.

tathougies 7y ago
You seem to be confused as to the purpose of renter's insurance. Renter's insurance does not cover the cost to repair broken appliances or problems with the apartment that reduce habitability. Not sure where you got that idea from. Renter's insurance covers the renter's property if something in the apartment damages it. For example, if there is a fire that damages your computer, renter's insurance will pay a replacement cost, but will not pay for the repair to the apartment. That is up to the homeowner's policy the landlord pays for. Source: have rented solely in buildings requiring renter's insurance, and have never filed a claim for things breaking in the apartment. The landlord always fixes it. More information here: https://www.ipsagency.com/blog/does-renters-insurance-cover-appliances.aspx https://www.ipsagency.com/blog/does-renters-insurance-cover-...