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Fellow renter here, what avenues do you have if your renters insurance is cancelled? You don’t have the risk of the main building, but what if your unit suddenl

Fellow renter here, what avenues do you have if your renters insurance is cancelled? You don’t have the risk of the main building, but what if your unit suddenly becomes a fire hazard area and you’re dropped? You’re (and I) are an idiot for renting because after you’re done renting you have no equity. Now compare the rental and mortgage similarly sized units and you’ll realize for about 20% more money you’re suddenly not igniting it on fire every month.

paulcole 3y ago
> You’re (and I) are an idiot for renting because after you’re done renting you have no equity Not a good argument. This only holds true if your rent equals what your mortgage would be. I personally don’t care about similarly sized units — why would I compare those? I specifically choose to rent small and inexpensive apartments and put the savings (compared to a mortgage) into other investments. So I do have quite a lot to show for myself after 20 years of renting. I’ve been paying under $1,200 in rent for 10+ years in a neighborhood where houses are now pushing $800,000. > Fellow renter here, what avenues do you have if your renters insurance is cancelled The same as the homeowner does, shop for other options. Fortunately w/ renting it seems like insurance companies (thus far) don’t care that much and use it as an incentive. My partner’s car insurance provider reduced her total bill when she added rental insurance.
- tekknik 3y ago
  > I’ve been paying under $1,200 in rent for 10+ years in a neighborhood where houses are now pushing $800,000. You’re either rent controlled or bullshit. Either way your situation is far from the norm and had you bought a house 10 years ago that’d put us right on the tail end of the crap housing market and you still would’ve ended up better buying. Since you can’t seem to do math well, 10x12x1200=$144k just gone. If you had bought a house, and I’m correct on the 20% number, then you would’ve spent about $173k and still have the equity. Meanwhile my father-in-law bought a house around that same time for $350k and is sitting on about $1.2mil in equity now. > The same as the homeowner does, shop for other options. Fortunately w/ renting it seems like insurance companies (thus far) don’t care that much and use it as an incentive. My partner’s car insurance provider reduced her total bill when she added rental insurance. I don’t even know what you’re saying here. Above you claimed this was the downside of having a house, and now you’re saying you’ll just shop around. That would invalidate your first complaint about risk. You clearly are too young to know what you’re talking about. I really hope you’re not actually investing with this mentality because if so you’ve just been getting lucky so far.
  - paulcole 3y ago
    > You’re either rent controlled or bullshit. Neither. Shitty apartment and a lot of hunting lol. And it was under $1k until COVID started. Going to be $1300 at my next renewal in July. > 10x12x1200=$144k just gone Yes. I'll admit I'm not familiar with the logistics but I assume the government refunds the homeowner's property taxes and reimburses for costs like appliances, repairs, landscaping, etc. when the time comes for them to sell? > Meanwhile my father-in-law bought a house around that same time for $350k and is sitting on about $1.2mil in equity now. Good for him! I both can't buy a house in my neighborhood due to the cost and have no interest in owning a single family home. > You clearly are too young to know what you’re talking about Like I said, just stupid. I'm over 40.
    - EricE 3y ago
      >I assume the government refunds the homeowner's property taxes and reimburses for costs like appliances, repairs, landscaping, etc. when the time comes for them to sell? So you think your landlord is eating those costs and not passing them on to you in your rent? You seriously think they are running a charity?!?
      - paulcole 3y ago
        > So you think your landlord is eating those costs and not passing them on to you in your rent? You seriously think they are running a charity?!? Obviously not, but since my rent is low enough then I don't care. They can only be passing $1200 in costs along to me because that's what I'm paying. My rent being lower than costs for homes is what works in my favor. I lose money forever but it's a relatively small amount of money. The rest of my money can go somewhere else.
    - tekknik 3y ago
      Yea this just doesn’t make sense. You live in a market with $800k houses down the road but your apartment is $1300/mo? Do you live in a dirt pile because free markets say rent can be charged what it’s worth. If your apartment isn’t worth what the market can charge it may literally be unlivable. But then you go on to claim you have a lot in investments, or something along those lines as it wasn’t clear. Your story’s dots aren’t connecting. Thing is, I think you’re actually desperate to own a home, as am I. And now your justifying your desperation with this flawed idea that renting is somehow cheaper. There is no reality in which this is true, that’s why you see the bulk of people flocking to buy and all of us complaining that the party is over. You’re wrong.

paulcole 3y ago

> You’re (and I) are an idiot for renting because after you’re done renting you have no equity Not a good argument. This only holds true if your rent equals what your mortgage would be. I personally don’t care about similarly sized units — why would I compare those? I specifically choose to rent small and inexpensive apartments and put the savings (compared to a mortgage) into other investments. So I do have quite a lot to show for myself after 20 years of renting. I’ve been paying under $1,200 in rent for 10+ years in a neighborhood where houses are now pushing $800,000. > Fellow renter here, what avenues do you have if your renters insurance is cancelled The same as the homeowner does, shop for other options. Fortunately w/ renting it seems like insurance companies (thus far) don’t care that much and use it as an incentive. My partner’s car insurance provider reduced her total bill when she added rental insurance.

tekknik 3y ago
> I’ve been paying under $1,200 in rent for 10+ years in a neighborhood where houses are now pushing $800,000. You’re either rent controlled or bullshit. Either way your situation is far from the norm and had you bought a house 10 years ago that’d put us right on the tail end of the crap housing market and you still would’ve ended up better buying. Since you can’t seem to do math well, 10x12x1200=$144k just gone. If you had bought a house, and I’m correct on the 20% number, then you would’ve spent about $173k and still have the equity. Meanwhile my father-in-law bought a house around that same time for $350k and is sitting on about $1.2mil in equity now. > The same as the homeowner does, shop for other options. Fortunately w/ renting it seems like insurance companies (thus far) don’t care that much and use it as an incentive. My partner’s car insurance provider reduced her total bill when she added rental insurance. I don’t even know what you’re saying here. Above you claimed this was the downside of having a house, and now you’re saying you’ll just shop around. That would invalidate your first complaint about risk. You clearly are too young to know what you’re talking about. I really hope you’re not actually investing with this mentality because if so you’ve just been getting lucky so far.
- paulcole 3y ago
  > You’re either rent controlled or bullshit. Neither. Shitty apartment and a lot of hunting lol. And it was under $1k until COVID started. Going to be $1300 at my next renewal in July. > 10x12x1200=$144k just gone Yes. I'll admit I'm not familiar with the logistics but I assume the government refunds the homeowner's property taxes and reimburses for costs like appliances, repairs, landscaping, etc. when the time comes for them to sell? > Meanwhile my father-in-law bought a house around that same time for $350k and is sitting on about $1.2mil in equity now. Good for him! I both can't buy a house in my neighborhood due to the cost and have no interest in owning a single family home. > You clearly are too young to know what you’re talking about Like I said, just stupid. I'm over 40.
  - EricE 3y ago
    >I assume the government refunds the homeowner's property taxes and reimburses for costs like appliances, repairs, landscaping, etc. when the time comes for them to sell? So you think your landlord is eating those costs and not passing them on to you in your rent? You seriously think they are running a charity?!?
    - paulcole 3y ago
      > So you think your landlord is eating those costs and not passing them on to you in your rent? You seriously think they are running a charity?!? Obviously not, but since my rent is low enough then I don't care. They can only be passing $1200 in costs along to me because that's what I'm paying. My rent being lower than costs for homes is what works in my favor. I lose money forever but it's a relatively small amount of money. The rest of my money can go somewhere else.
  - tekknik 3y ago
    Yea this just doesn’t make sense. You live in a market with $800k houses down the road but your apartment is $1300/mo? Do you live in a dirt pile because free markets say rent can be charged what it’s worth. If your apartment isn’t worth what the market can charge it may literally be unlivable. But then you go on to claim you have a lot in investments, or something along those lines as it wasn’t clear. Your story’s dots aren’t connecting. Thing is, I think you’re actually desperate to own a home, as am I. And now your justifying your desperation with this flawed idea that renting is somehow cheaper. There is no reality in which this is true, that’s why you see the bulk of people flocking to buy and all of us complaining that the party is over. You’re wrong.