age

Apache is functioning normally

Inside: Do you want to make quick money? If so, you’ll love this collection of ways to make cash in one day. Start these tasks and start making extra cash fast.

In today’s world, there are many ways to make quick money in one day.

The internet and technology have created opportunities that were non-existent just a few years ago. You can now make money in your PJs from the comfort of your own home! I do!

We all have those times when we need cash fast. Maybe it’s for an emergency car repair, an unexpected medical bill, or a last-minute plane ticket home.

Whatever the reason, there are plenty of ways to make quick money in one day.

We will include some of my personal favorites as well as methods I researched.

In today’s blog post, we will outline the best ways to make quick money in one day.

How can I make immediate money?

If you need immediate money, you need to look for ways to get cash in your hand quickly.

This would be by selling your possessions, participating in focus groups, find a gig job that pays cash tips.

These ideas will get cash in your hand within 24 hours.

How much money can I make in one day?

Many people wonder, “How much money can I make in one day?”

The amount of money you can make in a day depends on a variety of factors, such as your job, side hustles, and financial opportunities.

With a bit of hustle, creativity, and smart financial decisions, it is possible to make up to $1,000 a day.

However, you need to develop a smart strategy for achieving this goal. Investing in education will help you put that money to work growing for you.

This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.

50 best ways to make quick money in one day

Making money quickly is possible with some time and effort.

There are a lot of ways to make quick money in one day. In fact, many ideas center around how to make money online for beginners.

Here are 50 of the best methods that you can use to make some extra cash.

1. Work on freelance projects

Working on freelance projects can help you make quick money in one day by providing you with one-off jobs that can benefit from your skill set.

With the percentage of freelance workers in the workforce climbing steadily, there are many online marketplaces that make it easy to connect with businesses and individuals who need your services.

  • Sites like Upwork, Fiverr, and Toptal allow you to create a profile and showcase your work, making it easy for you to set your own rates and decide on the length of the project.

Additionally, the more experience you get, the more you can charge and the higher your demand will be, potentially leading to full-time work.

2. Sell items on consignment

Selling items on consignment can help you make quick money by providing an easy, fast way to earn a profit from gently used items.

With consignment shops, you can take your clothes, electronics, jewelry, musical instruments, or even your car to be sold without having to take an active role.

For a cut of the profits, your items will be placed in front of buyers, allowing you to make quick cash.

3. Take on odd jobs

If you’re looking for ways to make money quickly, odd jobs are a great way to do so.

Think of day laborer types of jobs. You can use an app like TaskRabbit to find work in your area.

Some of the common odd jobs you can consider include:

  • Gardening – you can offer to do gardening work such as weeding, planting, mowing, and trimming.
  • Furniture Assembly – if you have experience in assembling furniture, you can offer your services to people who need help.
  • Cleaning – you can offer cleaning services to keep homes and offices tidy.
  • Painting – you can offer your painting services to those who need help with their walls.
  • General Handyman Work – if you are good with your hands and have experience in repairing and fixing things, you can offer your services to people who need help.
  • Moving Gig – people are always looking for help with moving.

4. Trade Options

If done correctly, trading in options can help you make quick money and generate substantial returns in a relatively short period of time.

However, trading options come from experience and should not be taken as a get-rich scheme. Personally, I trade options for a living.

You can make quick money trading options if you know what you’re doing. The key is to identify when the market is going to move in a certain direction and then make the right trades to capitalize on the profits.

Here is the one and only investing course I recommend.

5. Become a rideshare driver

Becoming a rideshare driver can be an easy and convenient way to make money quickly.

All you need to get started is a valid license, active insurance coverage, and an approved vehicle. With Uber and Lyft, you can set your own hours and receive a base rate plus tips and distance or time-based bonuses.

From one of our rideshare drivers, we learned some tricks of the trade such as working in peak hours or in areas with popular nightlife scenes or active airports.

6. Offer house cleaning services

Nowadays, people don’t want to learn their own house, so starting a house cleaning service is a great way to make quick money.

With countless opportunities available online or on local job boards, you can easily find a job that works for you. There are even ways to market yourself so potential customers can find you!

If you have a background in cleaning and don’t mind physical labor, you can make up to $25 an hour or more.

Becoming a housecleaner is a great way to make extra money on the side and you can even make up to $200+ per weekend.

With a bit of effort, you could have a great side-hustle in no time!

7. Rent out your parking spot

If you live in a busy area and have a spot that’s in high demand, you can easily rent out the space for a premium price.

This can be especially profitable if you live near an event center and can offer parking to visitors who don’t want to pay a premium to park in a lot or parking structure. You can put your parking spot to work with services like Just Park or Neighbor.com and earn up to $300 per month.

Renting out your parking spot offers a great way to make extra money while utilizing unused resources or space.

8. Proofread documents

Whether you are a stay-at-home parent, a teacher looking for extra income during summer vacation, or someone with a passion for grammar and punctuation, you can make up to $65,000 a year by proofreading documents.

Make sure to take a Free Training Course: Caitlin Pyle offers a free workshop on how to use the most popular proofreading tool and how to become a work-from-home proofreader.

With some hard work and dedication, you can start earning quick money as a proofreader. Good luck!

9. Walk dogs

Walking dogs can be a great way to make some quick money.

Apps like Rover provide pet owners with a platform to find dog walkers in their area and pay for their services.

A dog walker can make $15-18 per 30 minute walk, with occasional bonuses for boarding or pet-sitting. This is a simple way to get your exercise and make cash.

10. Take an online survey

Companies and websites are always looking for consumer feedback in order to improve their products and services, and offer incentives such as cash, rewards, and gift cards for filling out surveys that can take as little as a few minutes.

Popular survey sites like Survey Junkie and Swagbucks offer these incentives, enabling individuals to make a few quid in just a few minutes of form filling.

Most surveys will only take a few minutes, so you will have to do a bunch to add up to serious cash for your feedback.

Here are the top legit survey platforms:

11. Sell your old junk

Are you looking for an easy way to make some extra money? Why not start by looking around your house and attic/basement for things you no longer use?

You can turn those things into cash by selling them online or having a yard sale.

With a little effort, you can easily make hundreds of dollars by selling your old stuff. It’s a great way to declutter your home and make some extra cash in the process.

Make sure to list your items with attractive descriptions and photos to draw in potential buyers.

12. House sitting

House sitting is a great way to make quick money. It allows you to watch someone’s home while they are away and take care of tasks such as feeding pets, watering plants, and taking out the trash.

You can usually make between $25 to $50 per day depending on the market demand in your area. It’s easy to start, with most sites having a minimum age requirement and a sign-up process that takes only minutes. Payment is typically made when the job is completed.

More importantly, beyond making good money, you are able to housesit in beautiful locations that you may not be able to do otherwise. Personally, this is something I want to start doing.

Build your profile on Trusted Housesitters now.

13. Babysit

Babysitting is a great way to make extra money, especially for those who are looking for flexible jobs that match their availability.

Whether you’re an experienced babysitter or a novice looking to give it a try, there’s no doubt that you’ll find plenty of opportunities available. With a little bit of effort and a lot of dedication, you can make a great living out of babysitting.

Most babysitters earn way more than minimum wage making this a great gig.

14. Deliver food orders

Delivering food orders can make you money quickly by taking advantage of the increasing trend in the popularity of food delivery apps.

With driver-friendly apps like Instacart, DoorDash, and Uber Eats, all you need is an insured vehicle and a smartphone to start delivering food to customers in need.

The pay per delivery can go even further if you work on busier nights like Friday or Saturday. With many apps, you can also choose your own hours and the flexibility to work as much or as little as you’d like. This can be a great way to make some fast cash on the side.

15. Earn money with eBay

eBay is an amazing platform for anyone looking to make some extra money by selling items they don’t use. Whether you’re looking to get rid of an old phone, clothes, or books, eBay is an easy and accessible way to do so.

  • You can start by selling items you don’t need or don’t use anymore.
  • You can also consider buying items at a low price with the intention of selling them at a higher price.

If you’re looking to make a full-time income from home, selling items on eBay could be a perfect way. You can start small by buying a thrifty item for a low price and selling it at a much higher price.

With the right knowledge and resources, you can make money on eBay easily. So get started today and watch your earnings grow!

16. Write articles for websites

Writing articles for websites can be a great way to make quick money in one day.

With the increasing amount of new content created daily, business owners often don’t have the time to create content for their websites themselves.

Freelance writers can fill this gap by providing quality content for clients in exchange for payment. Depending on the complexity and length of the article, writers can make anywhere from $25 to $500+ in a single day.

By specializing in a niche, writers can showcase their work as samples to potential clients. Furthermore, writers can establish relationships with other bloggers in their niche, guest blogging, and approach websites in their niche with their writing services to further increase their chances of finding work.

17. Become a pet sitter

Personally, I have a friend who makes money by being a pet sitter and has help from her kids.

With Rover, pet owners in your area can easily find and hire pet sitters for their pets. Dog sitting is the most popular pet sitting activity, and it can earn you around $20-35 for overnight stays.

Plus, you get to decide when and how you want to work, and you can fit it around your own schedule. With the right amount of communication and excellent service, pet owners may even offer you recurring gigs.

18. Participate in focus groups

Participating in a focus group can be a great way to make quick money in one day.

Focus groups are usually based on interesting products or services, and they can pay participants anywhere from $50 to $400 for their time. Not only is it a great way to make money quickly, I have found many focus groups can also be a lot of fun.

The hardest part with focus groups is it is not a steady stream of income as you may not qualify for each opportunity.

19. Do yard work

Just like housecleaning, this is a popular job to be hired out.

Yard work such as basic gardening and landscaping, shoveling snow or salting walkways, and even cleaning gutters can all be done for a fee. Advertising your services through flyers, door knocking, or posting on local job boards can help you find potential customers.

By doing quality work, you can turn this into a weekly gig for quick money.

20. Shop at thrift stores and buy low and sell high

You buy items for a fraction of the cost and resell them for a higher price. For example, you can find brand-name clothing, electronics, antiques, and children’s toys at thrift stores that you can resell on online platforms such as eBay, and Facebook Marketplace.

You can also look for items marked as “free” on the side of the road and spruce them up to sell for a profit.

Shopping at thrift stores can help you make quick money in one day, and with time and experience, you’ll discover which items sell the fastest and for the most money.

To make money flipping items, you must do your research upfront and know how much you can pay for something while still turning a profit. With time and experience, you will learn which items sell the fastest and for the most money.

21. Photography gigs

You can make money with photography in two ways:

  1. Turn your photographs into cash by selling them through stock image websites such as Shutterstock or iStock.
  2. Offer your photography services for family sessions, birthday cake smashes, and even weddings.

Either way, you are able to turn your passionate hobby into a way to easily make a decent income in one day.

22. Participate in sweepstakes

Participating in sweepstakes can help you make quick money in one day by giving you a chance to win big.

Yet, this option comes with a lot of RISK!

There are a variety of competitions and prizes available, ranging from online product giveaways and gift vouchers to big-money TV game shows. You want to look for sweepstakes that are free to participate in and not pay money.

This one ranks up there with the left hand itching principle.

23. Use your Writing Skills

Are you looking to make money with your writing skills? There are lots of opportunities available that pay you to write. From blogging to freelance writing, to reviewing music, you can find the perfect job that allows you to utilize your writing skills and get paid.

You can also make money by helping people refine their writing. If you have a good grasp of grammar and can help people write in a more engaging and structured way, then you can charge for your services.

Publications often hire freelance writers, so that’s another avenue to explore.

No matter what you decide to do, there are plenty of ways to make money with your writing skills – all you have to do is find the right opportunity for you.

24. Become a home staging stylist

Becoming a stylist can help make quick money in one day by offering services to those who are in need of help staging their homes for sale.

Realtors often hire outside help to ensure that the home is presented in an attractive and appealing way, and these services can be provided for an hourly or flat fee.

This is a great part-time gig.

25. Donate plasma

You can make money quickly by donating plasma.

Plasma is the liquid part of the blood that contains antibodies. It can be used to create medications and other medical products. Plasma donation is a safe procedure that can help people in need.

Typically, you walk out with cash immediately.

Check with your local blood bank or hospital to learn more.

26. Host workshops

Hosting workshops can be a great way to make money in a short period of time. There are endless webinar ideas you can try, such as live-at-home fitness classes, cooking, a writing workshop, an Excel class, nutrition coaching, or even a first-time homebuyer class.

With the rise of video conferencing, it’s easy to set up webinars to teach people your skills and knowledge.

Typically, you will need to build an online presence with a social media following to hold successful workshops.

27. Trade Stocks

Trading stocks can be a lucrative way to make quick money, but it is essential to understand the risks involved.

With the help of online market trading platforms, anyone can start to trade stocks with a minimum amount of money.

Learning how fast you make money with stocks, but realizing you need to learn to trade stocks is like going back to school for a stock trading education.

Although trading stocks has the potential to generate quick money, it is important to note that all trading involves risk and that you should only invest what you can afford.

28. Become a courier

Being a courier is a great option for flexible income, as they allow you to set your own hours and work as much or as little as you’d like.

Think outside the box of UberEats or Instacart. This would likely be for a local business that needs to move documents from location to location.

You will need to be reliable and trustworthy.

29. Deliver Pizza

Even today, this is a classic gig to make quick money by delivering pizza!

Businesses are desperate for workers, so finding a job should be fairly easy. However, be prepared to work more than one day.

30. Repurpose your skills

Those skilled in writing, graphic design, coding, bookkeeping, or any other number of computer-based skills, can use these sites to find freelance jobs that require their skills.

Additionally, those with knowledge or experience in a particular field can create and sell an online course via a platform like Teachable or Podia.

Too often, we overlook the things that we are the best at, yet repurposing your skills us a great wat to make money.

31. Dog groomer

The income potential as a dog groomer is considerable.

According to the American Pet Products Association (APPA), pet owners spent $136.8 billion on their pets in 2022.

Dog grooming is a easy way to make money.

Over to pick up dog poop and you can double how much money you make.

32. Sell your unwanted items

Selling unwanted items on eBay and Amazon can be a great way to make quick money.

By scouring online retailers, local thrift stores, and yard sales for hidden treasures, individuals can find consumer goods for cheap and then resell them for extra profit.

  • Selling on Amazon also provides an opportunity to source products for fulfillment.
  • Additionally, apps like LetGo, OfferUp, and Facebook Marketplace make it even easier to make extra money, as people jump on items quickly.

For those with a strong entrepreneurial spirit, buying items at a low price and then reselling them at a higher price can generate a decent side income.

33. Sell Printables

If you’re creative, you can create and sell digital products like ebooks, courses, templates, and graphics.

Digital downloads are also becoming increasingly popular, as they require no shipping or fulfillment costs and you can easily make them once and sell them hundreds of times over. Depending on the craft and the demand, your potential earning potential can be quite high.

In fact, selling printables is a popular summer jobs for teachers!

So why not give it a shot? With the right strategies, you could start making a few hundred dollars a month with very little effort.

34. Crafts and handmade goods

One of the best ways to make money quickly is by selling crafts and handmade goods on websites like Etsy.

From jewelry and candles to sourdough bread to quilts and custom T-shirts, there is a huge variety of items that you can make and sell. You can also design and sell custom stationery, pillows, tote bags, coasters, cosmetics, and more.

35. Dropshipping

Dropshipping is an online business model that allows entrepreneurs to start an online shop without having to keep a product in stock. Instead, a business makes a sale and then passes the order along to a third party, known as the dropshipper, who ships the product directly to the buyer.

Dropshipping is a great way to make money quickly, as it requires minimal upfront investment and overhead.

With dropshipping, you can add products to your store without having to buy them in bulk, and you don’t need to worry about shipping or fulfilling orders.

36. Affiliate Marketing

Renting out your property can help you make quick money in one day by taking advantage of the services offered by websites like Airbnb.

Affiliate marketing is a way to earn money by promoting other companies’ products or services. You can do this without a website, by sharing affiliate links on social media, a blog, online forums, post comments, and with friends or family.

When someone buys a product or service via unique affiliate link you provide, you get paid a commission.

It is possible to make money quickly if you have a social media following or a website, as you can start promoting all sorts of companies, products, services and offers online.

37. Work for tips

Making money quickly by working for tips may sound intimidating, but it is actually very achievable with a bit of hard work and determination.

Tips are normally paid in cash, which is exactly what you need.

Jobs that pay tips:

  • Waitstaff
  • Bartender
  • Bellman
  • Drivers
  • Casino dealer
  • Golf caddy
  • Babysitters

Also, many jobs that pay weekly work for tips.

38. Rent out your property

These services allow you to rent out a room, a condo, or your own home if you’re away on vacation.

Airbnb has revolutionized the hotel industry by allowing everyday property owners to lease their place to travelers. By creating an account and listing your property, you can immediately start earning passive income.

With the right location, you can create a steady stream of income that can help you make quick money in one day.

39. Join a MLM

Joining a Multi-Level Marketing (MLM) company is one of the most popular ways to make money these days. With an MLM, you can potentially make a lot of money by building a team and earning commissions from their sales.

But you need to be careful and do your research to make sure it’s an opportunity worth pursuing.

MLMs can be profitable, but it can take a lot of time and effort to get them off the ground and make them successful. You need to be prepared to take the time to build your team, train and support them, and provide them with the resources they need to succeed.

Personally, I have tried making money with an MLM and found out that it was not worth the time or effort.

40. Collect and sell scrap metal

Collecting metal items such as old swing set parts, metal toys, and other bits of metal can be sold at scrap yards or redemption centers for a small sum of money.

Iron, steel, aluminum, brass, and copper are the most commonly traded types of scrap metal, and the prices vary depending on the type and amount of metal.

This is a simple way to make money if you put in the resources. Just don’t steal metal because that can get you in severe trouble.

41. Deliver for Food Delivery Apps

This industry is booming with no signs of slowing down. You can easily make $100 a shift by delivering food!

  1. Sign up for driver-friendly apps such as Instacart, DoorDash, and Uber Eats. These apps allow you to set your own hours and work as much or as little as you’d like.
  2. Make sure you have an insured car, truck, bike, scooter, or motorcycle. Depending on what you choose to use, certain apps may have different requirements.
  3. Go to the restaurant and pick up the order. You’ll be paid a flat delivery fee, an additional fee per item ordered, and 100% of the tips customers choose to give you.
  4. Deliver the food to the customer.
  5. Get paid instantly, usually within the same day.

Maximize your earnings by delivering for multiple apps at once. This will give you access to more orders, and a larger area to deliver in.

42. Become A Virtual Assistant

Virtual assistants are in demand right now.

Consider becoming a virtual assistant with no experience to help small businesses with tasks like scheduling appointments and managing emails.

Typically, small businesses are looking for someone to take a short-term 3-month stint or a long-term relationship.

If you have marketable skills, you will make an outstanding virtual assistant.

43. Cook and deliver food

Cooking and delivering food can make you money in one day, especially since the demand for convenient delivery is increasing.

If you are cooking food on your own, you need to check with your local state and city regulations to see if you are allowed to sell food from a home kitchen. These food regulations are tough, so make sure you comply with these regulations.

However, many busy families are looking for a personal chef and are willing to pay for the service.

44. Trade-In Programs

Trade-in programs are a way for people to get quick money by selling their old phones, tablets, and other electronics. These programs give customers the opportunity to receive cash or gift cards in exchange for their unwanted devices.

You can trade in your own unused or unwanted electronics or for neighbors who don’t want to deal with the hassle themselves.

When selling through a trade-in program, customers are usually asked to provide a description of the device and its condition. The amount of money received depends on the device and its condition.

Plus you are helping the environment by keeping old devices out of landfills.

45. Become a social media influencer

If you have a large following on social media, you can make money by becoming a social media influencer and promoting products or services.

There are a number of ways to make quick money as an influencer. You can promote products or services by posting about them on your social media account.

Obviously, you must thrive using social media.

46. Flipping items on Poshmark

Making money on Poshmark by flipping items can be a great way to make cash.

You can find items to resell from big box retailers, online retailers, local thrift stores, yard sales, flea markets, eBay, Facebook Marketplace, and Craigslist. Potential items you can flip for profit include brand-name sneakers, clothing, and purses.

You should also figure out which items sell the quickest and for the most money.

Poshmark also has a “bundling” function which allows you to group similar items together for a discounted amount. This is a great way to make more money as you can sell multiple items in one go.

This platform allows followers, so it is easy to build return buyers.

47. Start a small business or side hustle

Small businesses and side hustles can be a great way to make money quickly. Consider your skills and interests and start something that can help you turn a profit.

No matter how you do it, starting a business can be a great way to make money and meet new people.

Building your side hustle to a full-time income will not happen overnight, but you will make progress with hard work and dedication.

48. Take advantage of Swagbucks

Swagbucks is an online rewards and survey platform that provides numerous opportunities to make money.

With Swagbucks, you can earn money by completing surveys, watching videos, playing games, and even shopping online. With each task, you can earn anywhere from $0.40 to $2.00 in SB points which can be redeemed for cash back or gift cards.

Plus, when you sign up, you get a $10 bonus and can even get 500 SBs for referring a friend.

49. Tutoring

Tutoring is a great way to make quick money while using your knowledge and expertise to help others. It involves providing instruction to an individual or a small group on a particular subject, usually to help them improve their understanding.

Tutors can work with students in person or online, depending on the subject and their availability.

No matter your educational background, you can make money tutoring as long as you have a deep knowledge of a subject. With the right resources and platform, you can find tutoring gigs in your area and start making quick money today.

50. Make money with your phone

Making money with your phone is possible with a little bit of effort. You can sign up for apps to complete small tasks and earn money quickly.

Alternatively, there are plenty of mobile apps such as Ibotta, Rakuten, Shopkick, Swagucks, or Receipt Hog which can help you make some extra money with simple tasks.

You can also take on odd jobs through apps like TaskRabbit to make cash.

Finally, you can trade stocks on your phone.

There are so many ways to make money with your phone today.

FAQ

Yes, it is possible to make passive income. This type of income is earned with little effort or direct work.

It can come from investments such as returns and dividends, as well as from sources like stocks, rental properties, and online businesses.

With some creativity and diligence, anyone can create multiple sources of passive income. It may take months or even years to build up these streams of income, but the potential rewards are worth the effort.

Many of the statistics are leaning on the fact that you need a side hustle to make ends meet or get ahead financially.

I started a side hustle to make money to afford what we wanted to do. Personally, my side hustles are blogging and day trading stocks.

The best side hustles are the ones that you are passionate about. More than likely, you will be spending time on them in your free time, so you want to enjoy them.

Regardless of what type of side hustle you choose, you can make extra money on the side. To maximize your earnings, you can even combine several different side hustles together to create multiple income streams.

I always say, if I can make $100 a day, then I am making $3000 a month. That will make a difference in my personal finance situation.

Before you can make $100 a day, you need to find out how you will make money. Look for opportunities that match your skills and interests. Some examples of this include driving for Uber, selling your skills on freelancing sites, creating an online store, or even starting your own blog.

Learn how to invest 100 to make 1000 a day.

When looking to make $1000 fast, you need to up your game – specifically, the time and energy to make your goal happen.

You could start by looking for high-paying side hustles such as trading stocks or options, becoming a freelance writer, setting off as a virtual assistant, or by selling products online.

The key is to make $1k a day consistently. Then, you will be working on how to turn 10k into 100k.

Which Quickest Way to Make Money in a Day Will You Choose?

There are many ways that you can make quick money in one day.

Whether you want to start a side hustle, do some odd jobs, or make money online, which option is best for you?

Whichever option you choose, make sure that you choose something you will enjoy doing as well as the quickest way to make money.

We covered fifty options to make cash and start making extra money today!

Which one is your favorite?

Mine are trading and writing. Comment below on which method you will choose.

Know someone else that needs this, too? Then, please share!!

Source: moneybliss.org

Apache is functioning normally

Life goes by quickly. One minute you’re walking into your first day in kindergarten, the next you are getting ready to leave the workforce and enter retirement. If you are one of the 30 percent of Americans who are almost at retirement age with no savings to speak of, it’s time to act. As intimidating as it may seem to start saving when everyone around is shaking their head and saying it’s too late…a start is better than nothing at all. In fact, with a bit of careful planning and a lot of hard work, you may find yourself in a position to retire comfortably in less time than you thought.

1. Tighten your purse strings – hard

Before retirement comes and you find yourself holding up grocery lines so you can count out change, you need to take long look at your spending habits. Start a diary of your expenses, either by writing them down or using online resources. This will help you to better understand where your money goes every month. You may find that a lot of what you buy can be downsized or even reduced entirely.

2. Stop being so generous

Studies have shown that the majority of people of retirement age are still supporting either children or parents. It’s time for tough love. Try to avoid handouts by gently letting your loved ones know that you are preparing to retire and need to start looking out for yourself. Or, if you do continue to support family members, make it clear that you simply can’t continue helping out forever.

3. Think smaller

You can save a great deal of money by moving to a smaller home in a different area. After building equity in your home and enjoying where you’re situated, moving to a tiny space in a less than desirable neighborhood can be a heavy sacrifice. However, the money you can earn through wise real estate decisions can do a great deal to alleviate sentimental pangs.

4. Don’t count on your home

You may have decided that all you need to retire on is the equity in your home. Sadly, this is one of the biggest mistakes people make. The real estate market is highly volatile. What may be worth over half a million one year can be reduced to less than a third the next. Do not consider your home to be your safety net. The best advice is to ignore its worth entirely and focus more on saving wisely and reducing your expenses.

5. Cut up your cards

Carrying debt into a time in your life where you will have little or no income is financial poison. Before you retire, you must do everything you can do rid yourself of your credit card debt. If you are being careful with your spending, you should be able to start to make lump payments that will allow you to happily slice up any cards that might tempt you in the future.

6. Set up a meeting with your boss

If you’ve realized that you simply cannot afford to take all the necessary steps to retirement, and you believe that you deserve it, it may be time to ask for a raise. Plan your meeting with your boss by preparing a list of accomplishments and contributions that you can present, sing your own praises and hopefully your employer will show their appreciation by increasing your income.

7. Get some on the side

Was the door shut in your face when you asked for a raise? It may be time to consider clocking some extra hours to increase your monthly income. If you‘re not interested in working outside the home, there are plenty of online opportunities to supplement your income. Many sites offer freelance positions such as essay writing, data entry or blogging. Although the pay isn’t stellar to begin, with a little effort you can certainly make a decent wage.

8.Stuff your retirement savings accounts

Ideally, people should start contributing to 401K and IRA savings before their mid thirties. The reality is that most people are too busy starting families and deciding on a career at that crucial stage in their lives. As a result, there are many people over 50 who have absolutely no savings in preparation for retirement. If you see yourself in this group, you need to start making these accounts a priority. Start small and remember, money not seen is money not spent.

9. Look at your assets

One of the best ways to build your retirement fund is through investment. Playing the market is an art however, and you always run the risk of losing more than gaining. Conversely, being too prudent can cause just as much damage. Therefore, your portfolio needs to be well diversified. Consider domestic stocks and international bonds, which are fairly secure but give a reliable and often lucrative return. Make sure you avoid the safety of fixed income stocks and focus instead of creating a portfolio of many different stocks from a variety of sources.

10.Get Help

Getting the help of a trained financial advisor or stockbroker can make a world of difference when it comes to planning for your retirement. There is no shame in asking for help. Employing a qualified advisor to help you make the most of your money can mean the difference between celebrating your retirement on a cruise ship or opening up a can on ham and sticking a candle on it.

Life is full of important milestones. From an early age, we start to anticipate these major shifts and how our lives will change. . Perhaps the biggest shift is into retirement. It is prudent to prepare yourself, both emotionally and financially for this switch. As dull as it may seem now, you’ll be glad to make the preparations you did.

This post was written by the Frugal Dad. FrugalDad.com is a personal finance site that offers coupons & deals to help consumers save money.

Related Posts

Source: biblemoneymatters.com

Apache is functioning normally

It has now been a whole year since the MMM family made the jump to a low cost / high-deductible health insurance plan, so I figured it would be useful to provide an update on how the year has gone.

The one we ended up with was called the “Saver80”, a barebones but useful plan provided by Golden Rule, which is a subsidiary of the very large United Healthcare. We found it through the insurance search engine called ehealthinsurance.com, using its “sort by price” feature.

At the time of the article I received many speculation-based complaints that are now worth addressing:

Complaint: “Those Ehealthinsurance quotes are all fake window dressing – once you sign up, the real premium is much higher”.
Diagnosis: Mostly False.
 In our case, the original quote was $219 per month for our 3-person family, and after “underwriting” they raised it to $237 after noting the costly birth of our son (since if we chose to have more kids, they would statistically incur higher costs). Not too bad. And after the Affordable Care Act is fully activated in January 2014, past medical history will no longer be a factor.

Complaint: “They always jack your premium way up after the first year”
Diagnosis: False. We just got the renewal notice for the plan. I was frightened to open it, expecting a doubling of premiums. And indeed it was a premium increase notice. Our costs are rising $4.24 per month, or 1.8%. One penny of this is the “standard increase” and the other $4.23 is the “age increase”, as Mrs. MM and I are a year older and, sigh, closer to our eventual death. If we account for inflation at 3%, the premium has actually gone down.

Complaint: “High deductible insurance is risky – you’re better off with full coverage”
Diagnosis: False in most cases. Although there is plenty of statistical variation involved, on average you win when you self-insure. For example, as usual this year I went to the doctor once for an annual checkup and it was covered by the plan under preventative maintenance. Now pushing 40, I feel better than ever, and I like to say that bikes, barbells and salads are my primary health plan. Mrs. and little MM each caught two bacterial infections over the course of the year that required antibiotics, and we had to pay for the doctor visits and prescriptions out of our own pockets. This raised family health care costs for the year to about $600 (plus the $2844 in insurance premiums, of course). The high-deductible plan was still the clear winner even in this unusually bad year.

Complaint: “Your plan will not be available after the Affordable Care Act comes in”
Diagnosis: True and False. Existing plans purchased in 2013 or earlier will often be allowed to remain in effect until at least the end of 2014, and checking ehealthinsurance, I can see my plan is still available today, for the same price. It will probably disappear at the end of the year.

According to my correspondent Xiao Sun who is part of a small business insurance firm called simplyinsured.com, high deductible plans are not going away, just being thinned out due to stricter rules. Xiao’s summary:

Some older plans are grandfathered in, so they don’t have to change. The main rule that high deductible plans have trouble with is the 80/20 rule, which requires at least 80% of premiums to be spend on medical expenses rather than SG&A and marketing. Plans that don’t spend 80% of premiums on medical expenses are supposed to provide rebates back, though many insurers are responding by not offering the high deductible plans anymore. More on that situation on this Kaiser Health News article.

OK, What about the Affordable Care Act (aka Obamacare)?

Although some misguided souls continually spread fear and doubt over it, this new law actually has some great potential. Remember, we’re starting from one of the worst healthcare cost situations in the rich world (Canadians pay about half of what we spend per capita for full universal coverage for life – including vision). So by moving the US closer to these more successful systems, we all have a good chance at saving money over time.

For an early retiree like myself, the option for a $10,000 deductible fades away after 2014. The new limit seems to be $5,000, which seems silly to a Mustachian (after all, who couldn’t rustle up $10k in a rare medical emergency!?), but necessary in a country where most people don’t even have a grand. Running through ehealthinsurance.com again for a 2014-compliant plan, I see this as my best option:

$460 per month, with a $5000 individual deductible, $10,000 family, and $12,700 annual out-of-pocket maximum.
This is for the “Kaiser Permanente Colorado Bronze” plan. Colorado residents can also do the same search on the state-run connectforhealthco.com (where the same plan is listed) and any US resident can search on healthcare.gov* (which just lead me back to the Colorado exchange).

Update: As of January 2015, more competitive providers have entered the Colorado market and I can now get a better-looking plan from Colorado HealthOP which includes children’s dental coverage for $408/month.

So we would be increasing our premiums, but cutting the deductible in half, as well as gaining prescription drug coverage (a $20 copay after deductible) and some other goodies. And the new plan is HSA-eligible, which means all costs will be covered with pre-tax money. More insurance for more money – not my favorite bet to make, but also not completely devoid of value.

But now that I’ve got you braced for a costly-yet-manageable worst case scenario, I can reveal the good news: Most Mustachian-level early retirees will get virtually free health insurance under the new law.

When you select a 2014 plan, a little box pops up: “check if you are eligible for a subsidy on this plan”. Working through the options, here is what I see for my own family:

Whoa. So although I could pay a maximum of $5520 per year for this new and improved coverage, in reality I will only pay this much in years where my annual income is over $80,000. For incomes below that generous level, the federal subsidy kicks in and my net cost drops, until I get to the point of free health insurance somewhere around $26,000. With annual living expenses of about $25,000, we could in theory live this current lavish lifestyle and get fully subsidized health insurance simultaneously, if our ability to earn money somehow dried up someday**.

So far I’ve covered these changes from my own narrow perspective: a young high-income family with considerable savings and no health issues. But the Affordable Care Act is really designed to help people less fortunate than us – students and seniors, people with existing conditions, the unemployed and quite notably self-employed entrepreneurs. With this new law, you can now drop the decades-old tradition of great fear and dependence on your employer for health coverage. You can quit your job, switch to another one, or create your own, with no more worry about who will cover you, because cost is affordable and minimal at lower incomes.

This is big. If you’ve read this blog for long, you know how excited I get about small business, self-employment, and the General Starting of Some of your Own Good Shit. It provides variety, challenge, and an early escape from The Man. And if you could see my email inbox, you would see just how many creative people are afraid to go out and do exactly that – over the mundane issue of health insurance fear. So I am going to place my bet that the Affordable Care Act will be VERY good for entrepreneurship in the years to come.

And just to maintain this country’s libertarian principles, you still retain the choice of opting out of the whole program. The penalty for failing to sign up is fairly painless – $95 for lower-income single people and rising to about $900 for a family of three making $100,000. So despite all the talk of lost liberties, your range of choices with the new health insurance law are better than ever.

Further Reading: Ezra Klein is a rather brilliant Washington Post columnist who has been digging into this and other neat policy issues for years in a column called Wonkblog. Here’s a link to everything his team has recently written on healthcare.

*Wow, I notice that the healthcare.gov site is snappy and fast now. Despite widespread controversy in the news about the supposedly catastrophic launch of this new website. Again the Low Information Diet prevails: stay calm, tune out of 24-hour-news cycle talking heads controversy, check site again a few weeks after launch, get health insurance quotes quickly.

** Unfortunately, I have to admit that this year we will have a household income above $80,000 and thus would not be eligible for a subsidy. Higher-than-forecast investment and Lending Club returns, rental house, carpentry, and real estate income plus this blog have all contributed to this.  Please don’t tell the Early Retirement Police. If this terrible condition persists into 2015 and we are kicked into a new plan, I guess we will have to settle for a slightly lower savings rate. What an oppressive country! 

Source: mrmoneymustache.com

Apache is functioning normally

By Peter Anderson 9 Comments – The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Learn more about how we make money. Last edited October 30, 2008.

Time to take the plunge and get a new car

The transmission on my old car decided that it no longer wants to continue shifting as it should. After getting several repair estimates, we found that to fix the car would cost us over $2500 in repairs, along with another $1000 or more in other needed repairs in the near future.  We decided that we just didn’t want to pump that much money into a car that wasn’t worth much more than $2500.

So now we’re looking around to find a good, reliable used car that will last us another 5 years and around 100,000 miles.   I haven’t bought a car in about 5 years, so I had forgotten what an ordeal it can be, and how many things you need to remember.  Here’s a list of some things that are important to remember when looking for a used car.


credit: Ben Grogan

Things To Remember When Shopping For A Used Car

  • Use the power of the internet: With the advent of the internet the consumer has a whole new sense of empowerment when it comes to car shopping.  Using the internet you can shop around for a good price and play dealers against each other. Doing this is a whole lot easier than it used to be.  Use online automotive websites like carsoup.com, autotrader.com or cars.com to narrow the field of possible cars, and then get price quotes from dealers that you can compare.  Let the dealers know when you’ve found a better deal, they may match it, or even beat it!  (Dealers hate Internet customers because they usually are well informed, and end up getting a better deal).  Also, use the internet to research your next vehicle through information sites like Edmunds.com where they have exhaustive reviews, customer feedback and true cost to own stats for all makes and models.
  • Used cars have a history:  Make sure that you always check a vehicle’s history report before even doing a test drive.  For a fee you can do unlimited vehicle history reports through services like Carfax.com or Autocheck.com.  All used cars have a history, and for some cars their history is more colorful than others.  For example, when I was searching for a car this time I found what I thought was an extraordinary deal on a used car with low miles and a great price. After doing a history report on the vehicle I discovered that the vehicle had a salvage title and had been in an accident. Big time red flags!   Some of the things you can tell on a history report include accident history, odometer readings (to make sure there hasn’t been an odometer rollback), whether or not the vehicle has a clear title, ownership history (including whether it was a rental car or a taxi) and a variety of other things.   Vehicle history reports are a must have for any used car shopper!
  • Check for signs of tell-tale vehicle damage: Even some vehicles that have a clean history report may have some hidden damage that was never reported, and thus doesn’t appear on the vehicle’s history.  Because of that you will want to make sure that you  inspect the car carefully to make sure it is sound.  Carmax has an article about how to find some tell-tale signs that the car has been repaired.  Signs include: vehicle has been repainted, clamp marks on the frame, welding marks and body filler, engine noise, misalignment of hood, doors or trunk, checking bolts to see if they’ve been removed.  Check the article for more ways to determine if the car has been repaired.
  • Make sure to take a vehicle for a test drive: In the internet age, you’d be surprised at how many people are now buying vehicles before even taking them for a test drive.   (Ebay anyone?) A test drive can be invaluable because it allows you to see the car in action, hear any noises the car may make, and feel how the car performs under normal road conditions.I just test-drove what I thought was a great steal of a car last night, and the brakes turned out to be bad, there were stains on the seats and the car’s shocks were shot.  All of these things I found out on the test drive.    Some things to check when you do a test drive include the interior of the car (check for excessive wear), the tires and brakes, the shocks (press down on the car and see if it bounces back quickly without too much bouncing), steering and acceleration without too much noise, and just listen for foreign sounds.  If your gut tells you something isn’t right with a car, pass on it.
  • Pay for a vehicle inspection by your mechanic: If you really want to make sure that a car is mechanically sound before you buy, take it to a trusted local mechanic who can tell you if the car is in good working order or not. Our local mechanic does a thorough inspection for about $30, but it is well worth the cost. I would especially suggest doing this if you are buying a car from a private party or buying a car without any kind of warranty (which most used cars don’t have).
  • Don’t play the “monthly payment game”: When you’re at the dealer don’t fall prey to the “monthly payment game”.  This happens when the dealer asks at what price range you’d like to keep your monthly payments.   When you respond with “under $400” or the like, that gives the dealer free reign to put you in a more expensive car or give you a longer finance deal – all in the name of reaching that magical monthly payment number.  Instead of playing that game, decide on how much you’re willing to pay, and stick to that number no matter what.  Tell them something like: “I want to keep the purchase price under $9,000” and don’t respond to their talks of monthly payments.  That way you can ensure you don’t end up paying more than you thought you would, just because you wanted a certain payment.  Figure it out on your own beforehand – and stick to your guns.
  • Bring your own financing to the dealer: One of the biggest ways car dealerships can make a good deal turn sour is by padding the deal for your car with back-end fees in the finance office.  All of that can be avoided if you just get your financing ahead of time through your local bank or credit union.  Or even better, save up for your used car purchase as suggested by Dave Ramsey in Financial Peace University – and pay cash!  That’s what we’ll be doing!  Read my previous article about driving free cars and retiring rich – where I talk about just that – saving for your next used car.
  • Make sure the car is insured:  Make sure to call your insurance company and check rates for the cars you’re looking at, and inform them once you do buy a new car.  Don’t let the insurance lapse!  Check insurance rates with other companies when you buy a new car, it may be as good a time as any to save some money on your insurance rates.

Other Used Car Shopping Resources

Here are a few other good articles with tips on buying a used car, in no particular order:

So what is your used car buying tip?  Have a good or a bad experience buying a used car?  Leave us a comment here and tell us about it!

Related Posts

Source: biblemoneymatters.com

Apache is functioning normally

You could risk it, but why? Starting October 12th, when you list with Homie, you get six months of seller home warranty protection for free. Even the first $65 service charge is waived. 

What is a Seller Home Warranty?

A seller’s warranty covers the seller in the event that something like an appliance breaks or the water heater goes out while a home is on the market. It gives both seller and buyer peace of mind while progressing through the real estate transaction.

Raychel Johnson, from America’s Choice Home Warranty, explains that homes covered by a seller’s warranty increases the perceived value of a home in three ways.

  1. Sellers with a home warranty are more apt to fix problems ASAP, so prospective buyers may not notice a malfunctioning dishwasher when they look at the house.
  2. If the buyer or home inspector finds a new problem, it’s fixed quickly with a deductible payment rather than through renegotiations.
  3. A buyer who knows that a seller’s warranty is covering the home during the listing period feels their future investment is protected from harm. Not only has the home been well maintained in the past, but if something goes wrong between offer and closing, it will be fixed by the warranty.

To sign up for a free seller policy, call 888.495.2249 and tell them you’re with Homie.

How you use your Homie seller’s home warranty

Financially speaking, a seller’s home warranty coverage is a smart move. From the first day you start showing your home, plus the entire time you’re under contract, all the way until possession of the home transfers to a new owner, you’re responsible for keeping everything in prime operating condition—including plumbing, electrical, and appliances.

With the America’s Choice Home Warranty (free to all Homie sellers), all you pay is a $65 service call fee to have covered items repaired—far cheaper than replacing appliances or lowering the sale price. With America’s Choice Home Warranty, you can choose your own professional repair person, which beats telling prospective buyers to ignore the mess in the bathroom while you finish snaking the toilet. And you can even use it to do a tuneup of the heating and/or air conditioning unit. It’s all covered.

One more thing: don’t confuse a home warranty with homeowner’s insurance. While homeowner’s insurance covers major problems such as fires, hail, property crimes and certain types of water damage that could affect the property, a home warranty covers specific components within the home. Your homeowner’s insurance policy will never pay to repair a broken dishwasher.

Adding a buyer’s home warranty

A buyer’s home warranty lets buyers know that if something goes wrong after they move in, they don’t need to come up with the cash to fix it. 

“The buyer’s home warranty protects the buyer after they complete the purchase,” said Johnson. “Many sellers make this investment for the buyer. The low price—between $300 and $500—makes the situation much less stressful for both buyers and sellers.”

The addition of a buyer’s home warranty typically equates to:

  • An increase in the final selling price
  • Shorter time on market
  • A boost in traffic to an older home

That said, Johnson indicates the age of a home shouldn’t determine whether it has a buyer’s home warranty or not. “Even if the appliances are covered under a manufacturer’s warranty, buyers still have a possibility of a pipe leak or something happening to the sump pump or electrical system in a newer home. Or you might just want an AC tune-up,” she said.

Most buyer’s home warranties cover the first 12 months after purchase, although America’s Choice Home Warranty gives Homie buyers (and sellers purchasing for buyers) an optional second year for 25% off, if you purchase the warranty through Homie’s Provider Marketplace.

Protect your home and your sanity. Call 888.495.2249 for your free seller warranty and ask about your options for a buyer’s warranty today.

Source: homie.com

Apache is functioning normally

It’s the stuff of nightmares: You’re footing the bill for an important dinner, only to be quietly told by the server that your card has been declined. That’s one possible outcome of attempting to charge above your card’s credit limit.

Credit card issuers determine your credit limit when you apply for a card, basing their decision on your personal financial information including income, other debts and payment history.

Sometimes, though, an extra-expensive month or unanticipated major purchase means you risk going over your credit limit. (Having a low credit limit to begin with also puts you at risk of exceeding it.)

But depending on the terms of your card, you may be able to charge above your credit limit — although by just how much is unclear. And even if the charge goes through, you may face other consequences.

Here’s what happens when you go over your credit card’s credit limit.

🤓Nerdy Tip

A credit limit is the amount you can charge to your credit card during any given billing cycle. With most cards, once you pay your credit card bill — even if you make a payment that’s lower than the total due — you can charge up to the credit limit again during the next billing cycle. Over time, the card issuer may adjust that limit if there are changes to your income level or spending. You may also be eligible for a credit limit increase just by requesting one.

A declined charge or over-limit fee

If you attempt to charge beyond your credit limit, it’s possible your credit card will be declined at the point of purchase, which can make for an embarrassing moment. But that’s not always the outcome.

Some credit card issuers will allow you to go over your credit limit at their discretion or if you opt in to the ability to do so. Capital One, for example, won’t charge you a fee for over-limit purchases when you opt in to this service, while Chase may let you opt in but in some cases will charge a fee. However, the amount that you’re approved to go over isn’t predictable, and this isn’t an open invitation to keep adding charges to your account. The issuer may put other limits on your account until you make a payment. (See below.)

The Credit Card Act of 2009 put some rules in place to curb over-limit fees, and these fees have become rare. In any case, card issuers can’t approve an over-the-limit purchase — and charge a fee for it — unless the cardholder opts in to allow it.

A higher minimum payment or more immediate due date

Even if an issuer allows you to exceed your credit limit, the company may increase the minimum payment due by the amount you charged above your credit limit. This means the over-limit charges must be paid at the end of that billing cycle, and you can’t carry that as part of your credit card balance.

You might also be on the hook to immediately repay the excess amount (or even the total balance due), without the ability to wait until the bill arrives as usual.

🤓Nerdy Tip

Note that charge cards work differently from traditional credit cards. A charge card has no set spending limit, so there’s generally no credit ceiling to “exceed.” However, unlike with credit cards, a charge card requires you to pay your bill in full each month. You typically can’t carry a balance.

A pause on more charges

Some issuers will stop you from putting additional charges on your card until you make a payment that puts your account back below its limit. This can also include other transactions like cash advances or balance transfers.

Changes to your card’s terms

Issuers reserve the right to change some of your card’s terms at any time, including the credit limit and interest rate. They may also close your account.

A decrease in your credit scores

One factor that’s part of calculating your credit scores is your credit utilization ratio, which is the amount of your total credit limit that you charge. In general, we recommend charging no more than 30% of your limit (and less is even better). Exceeding your credit limit or maintaining high balances can lower your credit scores over time.

An issuer opting to close your account can also affect your scores because losing an account can lower the average age of your accounts and decrease your overall credit limit, making it that much easier to max out other credit cards later.

Ways to avoid going over your credit limit

  • Set up alerts: Adjust your account preferences on the issuer’s website or app so you’ll receive a text or email when your card balance reaches a certain amount. You can also get alerts when your payment deadline is close or when a charge over a certain amount is made on your card.

  • Make small payments throughout the month: You don’t have to wait until the due date to make one big payment. Making multiple smaller payments throughout the month can help you maintain a smaller balance and lower the risk of going over the limit.

  • Ask for a credit limit increase: A low credit limit may not match what you need from your credit card. You can call the number on the back of your card to see whether you’d be eligible for a credit limit increase.

  • Open another credit card: If your current issuer declined your limit increase request, applying for an additional credit card may be the solution. It’ll raise your total credit limit and give you another card to fall back on for unexpected expenses. Just be extra careful because managing multiple credit cards can get more complicated.

Source: nerdwallet.com

Apache is functioning normally

When mapping out both your short- and long-term financial goals, life insurance should often be a key consideration. That is because the proceeds from life insurance can help to ensure that those your loved ones will be protected financially in case of the unexpected.
But, just like any other important planning concept, there is not just a one-size-fits-all solution when it comes to choosing a life insurance policy. Rather, the plan should include the proper type and amount of coverage to fit your specific and unique needs.
Before you commit to purchase a life insurance policy, you should also ensure that the insurance carrier that you’re buying the policy through is secure and stable financially and that it also has a good, positive reputation for paying out its claims promptly. One insurance company that can help you in determining these factors is Progressive.

The History of Progressive Insurance Company


Progressive has been in the business of offering insurance coverage for approximately 80 years. The company was initially formed back in 1937, when its founders, Joseph Lewis and Jack Green, began the Progressive Mutual Insurance Company, to provide vehicle owners with protection and security.
Ever since its very beginning, Progressive has taken a unique approach to offering its insurance coverage. For example, the company was the first insurer to allow its policy holders to pay for their auto premiums in monthly installments rather than annually.
Over the years, the company has grown and expanded exponentially, and it has also added more coverage products and services to best fit the needs of its policy holders. The company also moved out of its mutual status and became a publicly traded entity in 1951. And, by 1994, Progressive had surpassed $2 billion in written premiums.
Progressive makes it relatively easy to do business with them by offering online claims reporting, as well as the ability for its policy holders to log in and update their policy information, make premium payments, and more.
Today, Progressive Insurance Company is focused on its core values, along with diversity and social responsibility. The company also has a wide array of honors and recognition to its credit, such as being listed on Advertising Age magazine’s annual list of the world’s most influential and creative thinkers, being recognized by Training Magazine on its Training Top 125 list, and being ranked as the #1 car insurance website by Keynote Competitive Research. Progressive is headquartered in the Cleveland, Ohio suburb of Mayfield Village.

Progressive Life Insurance Review

Today, Progressive has written more than $18 billion in auto insurance premiums. The company continues to come up with innovative ways to give its customers attractive policies and quality service for meeting their needs.
The company runs well-recognized television commercials, featuring the character Flo, who is the Progressive Messenger, touting the many benefits of its coverage, and its ease of using the price quote system to help with finding the right coverage and price.

Insurer Ratings and Better Business Bureau (BBB) Grade

Based on its financial backing and track record, Progressive is considered to be a stable insurance company. When it comes to life insurance, though, this insurer does not provide the policies directly.
Although Progressive is not an accredited company via the Better Business Bureau (BBB), the company has been given an overall grade of A- by the BBB. This is on a grade scale of A+ through F. Efinancial has been an accredited company of the Better Business Bureau since June 1, 2000. This company has been given a grade of A+ by the BBB.
Over the past three years, Progressive has closed out 1,697 customer complaints via the Better Business Bureau, of which 153 have been closed out in the past 12 months. Of the nearly 1,700 complaints, 1,180 had to do with problems with products and/or services, 424 were related to billing and/or collection issues, 57 were with regard to advertising and/or sales issues, 22 were referred to guarantee / warranty issues, and the remaining 14 had to do with the company’s delivery issues.
During the past three years, Efinancial has closed out just five total customer complaints. Two of these have been closed out within the past 12 months. Of the five total complaints, three were regarding advertising and sales issues, and the other two had to do with problems with the company’s products and services.

Life Insurance Products Offered By Progressive

In providing life insurance coverage to its customers, Progressive partners with the company Efinancial. So in the life insurance arena, Progressive does not underwrite the coverage for its customers, but rather just promotes the policies and acts as the conduit for marketing and getting the information to the customer.
There are a variety of different policies to choose from – including both term and permanent plans. With term life insurance, there is death benefit coverage provided, but no cash value or savings build up. This can help to keep the premium more affordable.
As the name suggests, term life insurance is offered for a set term or period, such as 10, 15, 20, or even 30 years. During this time, the coverage will typically remain level, and the premium that is charged will also not go up. Often, insureds are allowed to convert their term life insurance coverage over into a permanent life insurance policy without having to take a medical exam or even provide any additional evidence of insurability.
There are also many different types of permanent life insurance options offered through Progressive / Efinancial. These include whole life and universal life insurance plans. Permanent life insurance provides death benefit protection, as well as a cash value component.
The funds that are in the cash value can grow and compound on a tax deferred basis. This means there is no tax due on the growth of these assets unless or until they are withdrawn. The money from a permanent life insurance policy’s cash value can typically be used for any need or want for the policy holder, such as taking a vacation, paying off debts, supplementing retirement income, or even paying for a child’s or a grandchild’s future college education costs.
The life insurance policy quotes that are provided by Progressive Insurance also include final expense coverage. Final expense life insurance is typically geared towards those who are between the ages of 50 and 85, and the death benefit is usually in the range of $2,000 to $25,000. These plans are often purchased with the intent of having the proceeds pay for the insured’s funeral and other final expenses – which today can range upwards of $10,000.
In many cases, there is no medical exam required to qualify for a final expense life insurance policy – and, once you have been qualified for a plan, the premium cannot be raised, nor can the coverage be canceled (provided that the premium is paid). Final expense life insurance coverage is also often referred to simply as funeral insurance or burial insurance.
There are many different types of life insurance plans that may be acquired through Progressive – so finding the one that best fits in with your needs and with your budget is possible. However, that being said, there can be many advantages and drawbacks to consider when moving forward with life insurance through Progressive Insurance Company. First, although Progressive is not the actual underwriter of the policy, the company does provide customers with web support via the Progressive website.
Also, clients and potential clients can obtain life insurance quotes round the clock by going online to the Progressive insurance website – and, these quotes are provided from some different companies, so that site visitors can immediately compare benefits and costs on the spot.
While buying life insurance through Progressive may be convenient in some ways, it can also make things more difficult, as the company is not considered to be a specialist in the life insurance niche.
Also, should the time come to file a claim on a life insurance policy, the beneficiary will need to contact the actual insurance company – not Progressive – to file a claim and collect the benefits. (The online claims processing services that are offered via the Progressive website are only for auto insurance claims, not for life insurance).
Therefore, it will still be important to check out the actual insurance company that is chosen to determine whether or not it offers additional services that may be important to you, such as grief counseling, assistance with special needs trusts, and overall financial planning.

Other Products and Services Available

While you can get information and quotes on life insurance through Progressive, this insurer is not a life insurance company per se. Rather, the main product that is offered through Progressive is auto insurance.
In the auto insurance space, Progressive has an outstanding reputation – and the company will help you to not only obtain rates for its auto coverage but also quotes from other, competing for insurers so that you can compare and contrast which policy may be the best one for you.
Progressive offers much more than just insurance for your car. The company also offers policies for the following:

  • Motorcycles

  • Boats
  • Personal water crafts
  • Business vehicles
  • Snowmobiles
  • Segway HTs

Likewise, the company can also assist in finding home owner insurance coverage. Through its Homequote Explorer, Progressive offers quotes on homes, as well as for other structures and related needs, such as:

In the commercial insurance arena, Progressive offers quotes on coverage for commercial vehicles, trucks, vans, tow trucks, and dump trucks. And, to protect one’s business, the company also provides quotes for general liability, workers comp, contractors coverage, and professional liability insurance.

How to Get the Best Premium Rates Through Progressive Insurance Company

While you can obtain a variety of life insurance quotes through Progressive, it can often be best to work with an independent life insurance agent when seeking the best policy and premium rate for your needs. By working with someone who focuses on life insurance coverage, you can have your questions answered so that you know exactly what it is you are getting – and why the option was chosen may be the best alternative for you.
If you are ready to determine what type and amount of life insurance policy will be the best for you, we can help. We are an independent life insurance brokerage, working with many of the best life insurance carriers in the market place. We can assist you with getting all the important details that you need for making a well-informed purchase – all conveniently from your computer. You won’t even have to meet in person with a life insurance agent. If you are ready to move forward with the process, then all you need to do is just simply click here and fill out our form.
We understand that the purchase of life insurance can seem a bit challenging. There are so many different variables, policies, and insurance companies to choose from – and you want to make sure that you are heading in the right direction. But the good news is that this process can be done so much easier by working with an ally on your side who can point you in the right direction. So, contact us today – we’re here to help.

Source: goodfinancialcents.com

Apache is functioning normally

Last Updated on February 25, 2022 by Mark Ferguson

Many young adults and even kids have asked me if it is worth it to go to college to be a real estate agent. That is a very tricky question to answer, because the answer is different for different people. I went to college and then became a Realtor, but I did not use much of what I learned in college to sell houses. However, I am glad I went to college, because of what I learned in business. I also met a lot of great people and it helped me mature. If I had not gone to college I probably would not be as successful as I am now, but I also did not know for sure I wanted to be a real estate agent. In fact at that point in my life I knew I did not want to be a Realtor!

Why did I go to college and what did I major in?

My parents both went to college and my dad graduated with a chemistry degree. My sister who is ten years older than me went to college and eventually ended up with a doctorate in physics. It was expected that I would go to college and get a degree in something. In fact, it never even crossed my mind that I would not go to college. I was always good at math, but I was by no means a straight A student. I did not have the greatest attention span in school and I had a few embarrassing moments in class when I woke up from a day-dream realizing the teacher was repeatedly calling my name waiting for an answer to some unknown question.

Because I was good at math I thought civil engineering would be a good fit for me. I ended up being accepted to the University of Colorado in civil engineering and thoroughly hated it as soon as I started. I realized when I was in engineering school that I was really good at basic math and numbers, but I was not good at high level math like calculus or at least I did not have the attention span to learn it. I decided my freshman year that I did not want to spend the rest of my life doing high level math problems and transferred to business school.

I decided an emphasis in finance would be a good choice in business school, because I liked money (I really did not think things through when I was younger). Business school was a breeze after going through engineering. I took summer school to catch up after changing majors and ended up graduating in four years.

What did I learn as a business finance major?

Most of business school taught the common path to success. Get a corporate job, save your money, invest it in the stock market and retire when you are 65. If you wanted to be a cut above the rest you could work 80 hours a week, climb the corporate ladder and hope to become a CEO or high level corporate officer and make big money. The catch was you still had to work 80 hours a week even after you made it!

What I was taught in business school did not make a lot of sense, because the chances of making it big seemed so small and the rewards not that great in the corporate world. Then I took an entrepreneur class and I loved it! I was put in a group of five people and we had to do a computer simulation running a company. I took over the simulation and made all the decisions for our team as far as manufacturing, budget, marketing and basically everything. I loved it and I did not care that I was doing all the work for our team, because our team was number one in the class by a mile most of the year.

In the end we ended up being third because the simulation had a flaw. In the simulation if a company sold all of its inventory, all of its land and all of its manufacturing facilities, the stock skyrocketed. Basically a company sold all its assets, received a stockpile of cash and the stock price was suddenly worth ten times what the cash was worth even with no inventory, no manufacturing facilities and no way to make more money. I explained to the teacher (actually teacher’s assistant) why a company with no possible way to make money in the future should have stock value so high, but she did not understand. Even with the disappointment in not winning, I knew I loved running a business and I was good at it.

What did I end up doing after graduating?

After college I still did not know exactly what I wanted to do. I could not find a company that would let me be their CEO right off the bat and I did not have any ideas for starting a business. While I figured out what I should do, I moved back to my home town and worked part-time with my dad in real estate. I got my real estate license, helped him flip houses and 14 years later I am sure glad I made that choice.

I did not find success in real estate right away. In the beginning I treated it as a job and put in the hours without thinking much about what I was doing and why. When I started to think about being an agent as a business, planning my work and setting goals my career took off. Once I started to treat things as a business I started using my contacts from college and ended up hiring my college roommate as my team manager. I contacted my college and have thought about working with them and their real estate department. When I meet someone from my college it also creates an instant connection.

Although college did not directly teach me how to be a real estate agent, it helped me be successful in many ways.

  • I learned a lot about business and investing
  • I learned how little I wanted to be in the corporate world
  • I met a lot of very smart people and made many lifelong connections
  • I matured a lot before I started my career
  • As an alumni I have more contacts and better ability to network with others

Is it worth it to go to college to be a real estate agent?

Going to college or not is a huge life decision and one I cannot make for you. In order to make a decision like this please write out all your options, pros, cons and the costs. It will make it much easier to make the decision when everything is written out and you can see the benefits and down falls. Here are things to consider:

  • Do you love real estate and do you have any experience in it? If you have never been in the industry or around a real estate office you may not like it. Not everyone is cut out to be a real estate agent and some people may enjoy the corporate world or something else much more.
  • How much will each option cost? College is very expensive. I was lucky because my parents helped me pay for school and I went to an in-state college with lower tuition. Tuition was also much less 15 years ago than it is today. Real estate school is much cheaper and in most cases much faster to complete.
  • What are the licensing requirements in your state? Some states require a college degree and some are considering making it a requirement. Check what the requirements are in your state before you make a decision.
  • What type of real estate agent do you want to be? If you want to be a residential Realtor, college will not help you get a job. But if you want to be a commercial agent, a college degree will help you get a real estate job and be much more beneficial.
  • How mature are you? This is a hard thing to assess on yourself. We all think we are mature beyond our age, but most of us are delusional when we are young. Ask your parents, ask your family, ask your friends and anyone else to honestly asses how mature you are and if you are ready to start a career or not.  If you are not ready to take a career serious, but you start anyway there is a good chance you will not have much success. You might end up blaming the lack of success on the career and not yourself. College may be a good thing for those that need more time (I did).

After you have answered these questions you may or may not start to get a clear idea of what is best for your situation. If you still do not know what to do, there is another option.

Can you go to college and start a real estate career?

You don’t have to pick being a real estate agent now or going to college and being one in four years. You can choose a hybrid option that may be the best choice for most people. Many colleges have a real estate program or at least some real estate classes. You can enroll in college, choose real estate as a minor (it is usually not a major option) or at least take real estate classes for your electives. I would suggest something business related as a major, because the accounting, economics and entrepreneurial classes will be huge benefits to any career.

Besides taking real estate classes you could also start looking for internships or part-time jobs immediately. Look for real estate offices who may need front desk help or any kind of help. Start learning the business from people in the business. This is also a great opportunity to see if you like the business. If you find the right company they might help you get your license and you may even decide you don’t need your degree. Or you might work all through college earning extra money and gaining experience. You might also realize you hate real estate and you had better go to college to get a degree for another line of work.

Conclusion

There is no right answer when it comes to going to college and real estate. I am glad I went to college, but I also did not know what I wanted to do after high school. If you know you want to be an agent and nothing else, maybe you don’t need college. Maybe you can spend a year getting your license and working in a real estate office to make sure it is the right career for you. If it is the right career you just saved a lot of money and time! If you aren’t sure about real estate or want the college experience try the hybrid approach and get as involved as you can in real estate while going to school.

Build a Rental Property Empire

Categories Real Estate Agent

Source: investfourmore.com


Browse by Topic

Source: mint.intuit.com

Apache is functioning normally

#ap38404-ww
font-family: Archivo, sans-serif;
#ap38404-wwpadding-top:20px;position:relative;text-align:center;font-size:12px#ap38404-ww #ap38404-ww-indicatortext-align:right;color:#4a4a4a#ap38404-ww #ap38404-ww-indicator-wrapperdisplay:inline-flex;align-items:center;justify-content:flex-end;margin-bottom:8px#ap38404-ww #ap38404-ww-indicator-wrapper:hover #ap38404-ww-textdisplay:block#ap38404-ww #ap38404-ww-indicator-wrapper:hover #ap38404-ww-labeldisplay:none#ap38404-ww #ap38404-ww-textmargin:auto 3px auto auto#ap38404-ww #ap38404-ww-labelmargin-left:4px;margin-right:3px#ap38404-ww #ap38404-ww-iconmargin:auto;display:inline-block;width:16px;height:16px;min-width:16px;min-height:16px;cursor:pointer#ap38404-ww #ap38404-ww-icon imgvertical-align:middle;width:16px;height:16px;min-width:16px;min-height:16px#ap38404-ww #ap38404-ww-text-bottommargin:5px#ap38404-ww #ap38404-ww-textdisplay:none#ap38404-ww #ap38404-ww-icon imgtext-indent:-9999px;color:transparent

Ads by Money. We may be compensated if you click this ad.Ad

ADVERTISEMENT

Finding the best renters insurance policy is what most renters want but aren’t interested in spending a lot of time weighing all the different options.

Worse, a lot of renters don’t know much about it, or think it’s important.

But if you rent the home you live in, whether it’s a house, a condo, or an apartment, renters insurance is no less important than homeowner’s insurance is to a homeowner.

Renters often assume if they experience any losses due to disasters, such as fire and theft, they’ll be covered under the landlord’s insurance. That’s almost never true!

The landlord’s property insurance will cover destruction of the building, but not the contents that are within it. And since virtually all of the contents in a rental property belong to you, the renter, you will be completely out of luck if disaster strikes.

Best Renters Insurance Companies

It would be impossible to say which company offers the lowest premiums on renters insurance. That’s because the quotes you’ll get will be different, based on your personal needs and profile, other insurance policies you might bundle with the renter’s policy, your geographic location, and the type of property you live in.

There’s a wide variation in the premiums for renters insurance between companies competing in the same market. That means it pays to shop!

And while some companies seem to provide additional coverages, it’s hard to know if what they were giving were actual extras, or if they were simply giving more detailed quotes. It’s possible that similar types of coverage are available with all five companies.

What is Renters Insurance?

Renters insurance is a specific type of coverage that insures the possessions that are stored in your rental property. Exactly which possessions are covered depends upon the type of renters insurance you have. Whether you want to protect your prized jewels, new laptop, big screen TV, or a number of other items that are near and dear to your heart, a good renters insurance policy is probably well within your reach.

Renters insurance helps you with replacing stolen or damaged property, but also with protecting yourself from liability on your property and providing you with a backup plan in the event that your home itself is damaged. Let’s take a closer look at those below.

What Renters Insurance Covers

There are three standard provisions that will be found in nearly all renter’s insurance policies:

Personal Property

Similar to a homeowners policy, renters insurance covers the contents of the home you are renting. That includes furniture, electronic equipment, clothing, appliances, and personal effects. You will typically take a policy that will cover anywhere from $10,000 to $100,000 in personal property, though it can be higher.

To determine how much personal property coverage you need, you should take an inventory of everything you have. List the inventory, and then get retail prices on the cost to replace each. It’s tedious, but that’s the only way to really know how much coverage you’ll need.

It’s usually best to take photos, particularly of high-value items. That will make it easier if you need to make a claim with the insurance company.

Personal Liability

Personal liability coverage will protect you if an accident or injury happens to someone else who’s in your home. This can be someone slipping and falling in the home, being bitten by a family pet, or other types of injuries.

It could include visitors, repair people, or even the landlord if the cause of the injuries is determined to be your fault.

Personal liability coverage will protect you and your assets from lawsuits brought against you by injured parties who are holding you responsible.

Additional living expenses

This is coverage that pays in the event you lose the use of the rental premises. For example, if the property is destroyed or damaged by a fire, the insurance policy will pay for reasonable relocation expenses, such as reimbursement for a hotel stay, meals, and other expenses related to the temporary lodging situation.

Non-standard Renters Insurance Provisions

The following may be offered as part of a standard package with some insurance companies, but are additional provisions with others.

Off-premises coverage

This is coverage for possessions beyond the rental property itself. For example, it could include possessions stored in the common area of the basement of your apartment, that are subject to either damage, destruction, or theft. It can also extend to personal items stolen from your vehicle, if those items would normally be covered under your rental policy. This might be a laptop computer, as long as it’s specifically covered under your renter’s policy.

Some renter’s insurance may also include a provision to cover lost luggage, which might be lost by an airline.

Specific coverage items

You should never assume a renters insurance policy covers every possession you own. Some have specific exclusions, and others will exclude an item if it is not specifically listed.

Common specific coverages include home computers, jewelry and furs, business personal property, and firearms. If you have these items, be sure to check to make sure they’re included in your coverage. If not, you may have to get special coverage for each category individually.

Some policies do specifically include all four of these categories. State Farm is an example (see policy quote below). But never assume they’re automatically covered in your policy.

What Renters Insurance Doesn’t Cover

In the broadest sense, renters insurance doesn’t cover any hazard that is not specifically listed in the policy.

Got that? That’s the general rule, but there are certain specifics you should be aware of.

For example, just as is the case with homeowners insurance policies, renters insurance doesn’t usually cover losses due to floods and earthquakes. Those are considered a special category of hazard, specifically requiring either flood insurance or earthquake insurance.

While a renters policy may cover damages sustained as a result of a burst water pipe, you won’t be covered if your home is destroyed as a result of a river that floods your neighborhood.

If you live in an area that’s subject to natural disasters, you should look into getting a policy specifically for that hazard.

When is Renters Insurance Needed?

When required by a landlord – Large apartment complexes typically require you have renters insurance, but so do a lot of individual landlords. It’s likely they have this requirement to protect themselves from tenants filing suits to get compensation for possessions lost due to fire or some other hazard. The requirement is written into the lease.

When you want your possessions protected – Even if your landlord doesn’t require you to have renters insurance, you should have at least a small policy to protect your possessions. Though your stuff may not seem to be worth much, it could easily cost several thousand dollars to replace it, should most or all of it be destroyed or stolen.

College students – Whether you live in a dorm or off-campus, renters insurance is worth having. You probably have at least a laptop, clothing, and some entertainment equipment that would need to be replaced upon loss. You can usually get an inexpensive rider added to your parent’s policy to cover your dorm room.

Retirees who rent – Like college students, retirees may assume that what they have isn’t of much value, particularly if much of it is more than a few years old. But once again, the cost to replace your possessions could be many thousands of dollars. Renters insurance would provide you with the cash for the replacements.

Anyone who rents their home – You might assume if your rental is short-term you don’t need renters insurance. Or, if you’re renting a house, you may assume you’re covered under your landlord’s homeowner’s policy. Both assumptions are wrong.

Renters insurance is necessary anytime you’re in a rental situation.

How Much Renters Insurance Do You Need?

As I wrote earlier, you need to do an inventory of your possessions to determine how much coverage you’ll need to replace everything you have that could be lost. You might also have to get additional coverage for gray-area possessions, like business property, computer equipment, or jewelry and furs.

Liability coverage requirements are harder to estimate. $100,000 should probably be a minimum. But you should also adjust for factors such as how frequently you have visitors or people coming and going to and from your home, as well as any maintenance considerations. For example, if you live in an area where snow and ice are common, and you’re responsible for keeping walkways and stairwells clear, you may need more coverage.

As to the additional living expense portion, try to come up with a reasonable estimate of how much it will cost to live in a hotel for maybe 30 days, while repairs are being done to your rental property. If it’s a severe situation, you might need several months. But the cost of that coverage could be high.

Replacement cost versus actual cash value

This might be the most important single factor in choosing a renters insurance policy. It will determine how much you’ll receive on a claim, so you need to know which provision your insurance company is using.

Under a replacement cost provision, the insurance company will pay a sufficient amount to replace the lost items based on retail cost.

Under actual cash value, the insurance company will reimburse you for the depreciated value of the item. Let’s say you paid $1,000 for a flatscreen TV five years ago, and it’s destroyed in a fire. The insurance company may decide the value of the TV is just $200, based on its age. That’s the amount you will be reimbursed for.

Now actual cash value policies are less expensive than replacement cost policies. But as you can imagine, they’ll also pay you a lot less if you file a claim.

Unless you’re in the habit of buying your possessions at flea markets and garage sales at deep discounts, you’ll be much better off with a replacement cost policy. It may cost more for the premium, but it will do its job better when disaster hits.

How Much Does Renters Insurance Cost?

According to the Minnesota Department of Commerce renters insurance averages between $15 and $30 per month.

How much renters insurance costs depend on the usual factors that affect all insurance policies. These can include the amount of coverage you want, the deductible you’re willing to accept, your history of claims, and even how you plan to use the property.

But where renters insurance is concerned there are more specific considerations. For example, the number and type of pets you have can be a factor. Certain breeds known to be more aggressive will result in a higher premium. So will a wood-burning fireplace. The number of occupants might also figure in. Presumably, the higher the number, the more likely a claim will be paid out.

A higher premium might also be charged if you’re running a business out of the residence. In fact, certain types of businesses might require you get a commercial policy, rather than a standard rental policy.

#ap27808-ww
font-family: Archivo, sans-serif;
#ap27808-wwpadding-top:20px;position:relative;text-align:center;font-size:12px#ap27808-ww #ap27808-ww-indicatortext-align:right;color:#4a4a4a#ap27808-ww #ap27808-ww-indicator-wrapperdisplay:inline-flex;align-items:center;justify-content:flex-end;margin-bottom:8px#ap27808-ww #ap27808-ww-indicator-wrapper:hover #ap27808-ww-textdisplay:block#ap27808-ww #ap27808-ww-indicator-wrapper:hover #ap27808-ww-labeldisplay:none#ap27808-ww #ap27808-ww-textmargin:auto 3px auto auto#ap27808-ww #ap27808-ww-labelmargin-left:4px;margin-right:3px#ap27808-ww #ap27808-ww-iconmargin:auto;display:inline-block;width:16px;height:16px;min-width:16px;min-height:16px;cursor:pointer#ap27808-ww #ap27808-ww-icon imgvertical-align:middle;width:16px;height:16px;min-width:16px;min-height:16px#ap27808-ww #ap27808-ww-text-bottommargin:5px#ap27808-ww #ap27808-ww-textdisplay:none#ap27808-ww #ap27808-ww-icon imgtext-indent:-9999px;color:transparent

Ads by Money. We may be compensated if you click this ad.Ad

One of the biggest single factors is property location.

Urban locations typically cost more than rural ones, due to the closer proximity of buildings and the likelihood of fire. If the property is located in a high-crime area, it can also increase the premium. So can a location in an area that’s more prone to natural disasters, such as tornadoes and hurricanes.

The type of construction of the building is also important. For example, a building made of brick, rather than wood, would have a lower premium. The age of the building might also be a factor, since newer buildings generally have better fire protection features, like smoke alarms and sprinkler systems.

Here’s a table put out by the Insurance Information Institute that shows the average cost of both homeowner’s and renter’s insurance from 2006 to 2015. Notice how inexpensive renters insurance is compared with homeowners? It is a common misconception that insurance is too expensive for renters.

In fact, it is affordable and well worth the cost for the peace of mind and protection you receive. In 2019 and beyond, you can expect the same kind of minimal changes and affordability to remain intact, as the table below suggests.

How to Lower the Cost of Renter’s Insurance

Whatever the situation with your renter’s insurance premium, there are ways that you can keep the cost down.

Don’t buy more coverage than you need – Take an inventory of the contents of your home, and make a reasonable estimate of the replacement value of what you have. If it’s only realistically worth $25,000, then you don’t need a $50,000 policy.

Security and protective systems – Residences that have smoke alarms, fire extinguishers, indoor sprinkler systems, deadbolt locks, and security systems will usually have lower premiums.

Bundle renters insurance with other coverages – If you have auto, life, or health insurance, consider bundling your renter’s insurance with one of these policies. It can result in small savings on the premium.

Claim-free history – Like all other types of insurance, your claim history will be a major factor in determining the premium. When it comes to renters insurance, companies normally look back at least five years. If you had no claims filed in that time, you’ll get the best premium rate.

Policy exclusions and limitations – You can specifically exclude any types of property that you don’t actually own. For example, if you don’t have much in the way of high-cost jewelry, you won’t need coverage for jewelry and furs. Also, you can save a good bit of money by increasing your deductible from $500 to $1,000, or even higher you have the liquid savings to cover the difference.

The insurance company you choose may be the single biggest factor in determining your premium. Some companies just want the business more in your particular location, and will discount premiums to get it. You’ll see how this works in the next section.

What to Watch Out for With Renters Insurance

There are a few situations that might cause your premium to be higher, or even cause the insurance company to deny your application.

High-risk renters

This could be the result of the location of the rental property or even certain risks associated with you as a tenant.

Location can be a factor if you’re living in a high crime area, or in an area that has seen an above-average number of fires and other hazards. A location may be considered high risk if it’s located too far away from fire hydrants or fire stations. Your premiums will be higher if you’re located in such a neighborhood, or you may find that an insurance company is unwilling to extend coverage at all.

You could be considered a high-risk renter if you made one or more claims against your policy within the past five years (this is a standard question on renters insurance applications, so be ready). Some insurance companies may not offer a policy at all if you have one.

Still another possibility that would make you a high-risk renter is if you run a business out of your home. While a work-from-home situation won’t usually be a problem, having the type of business where you have people coming and going from the residence could be an obstacle.

One prominent example is if you’re running a childcare business out of your home. A situation like that would probably require a business insurance policy, in addition to renters insurance.

Sub-letting the residence

This is where you are the primary tenant in the property, but you might then rent the property out to another party on a temporary basis. While renter’s policies do provide for roommates and other regular occupants, they generally frown on transient arrangements. This will pretty much preclude using a rental premise for AirBnB customers!

Dangerous or exotic pets

Since certain types of pets are statistically more likely to cause injury to people, the insurance company may either charge you a higher premium for these pets, or even refuse to issue the policy entirely.

This is a common occurrence with certain dog breeds. For example, most insurance companies will have a problem if you have a pitbull, a German Shepherd, or other dogs deemed to be aggressive.

You might also run into a problem with certain exotic pets. A good example might be an iguana or a 10-foot python. Both are considered to be potentially dangerous, and don’t fall within the definition of ordinary pets. You probably won’t be able to get a renters insurance policy at all if you have this type of pet.

Unusual possessions

The same can be true of jewelry, furs, artwork, or antiques. If you have items that have significant value, either individually or collectively, you may need a separate policy that specializes in that particular type of possession.

Never assumed that a high dollar value item is covered under your policy. Just because you have $50,000 in coverage doesn’t mean that a $10,000 diamond ring is covered!

Should You Get Renters Insurance?

Unless you’re the kind of person who travels light in life – like really light – you absolutely need renters insurance. That means anything more than the clothes on your back, and an overnight bag with toiletries. It can be furniture, computer equipment, photography equipment, family heirlooms, appliances – you name it. If it’s worth anything at all to you, to the point that you would need to replace it if were lost, then you need renters insurance. .narrow-sky-1-multi-648border:none !important;display:block !important;float:none !important;line-height:0px;margin-bottom:15px !important;margin-left:auto !important;margin-right:auto !important;margin-top:15px !important;max-width:100% !important;min-height:250px;min-width:250px;padding:0;text-align:center !important;

Never assume your personal possessions will be covered under your landlord’s homeowners insurance, or under any other policies you may have. Renters insurance is a very specific type of coverage, and there’s no substitute for having your own policy.

Source: goodfinancialcents.com