Regarding no homeowners insurance- this is incorrect. Tenants should purchase homeowners insurance to cover their personal property & liability. Many tenants believe they are covered by the landlord's insurance and this is simply not true.
That is true, but from numbers my sister (who rents) has quoted me, renter's insurance is a good deal less than homeowner's insurance, since you are only insuring the contents.
In that regard, I would likely stash some money in case of emergency, skip the monthly insurance payment, and hope for the best.
Home ownership is usually a good investment, but with increased appraised values comes increased taxes and insurance. I now pay annually for those what I used to pay when I had a mortgage.
Of course on paper, that looks like a good investment (and it is). But between that, replacing the AC last summer, HOA fees, etc., it's still has its drawbacks.
