When it comes to home insurance, whether it’s for a modest house or a multi-acre mansion, homeowners need to loosen the purse strings and pay the premiums as they come. After all, you get what you pay for.
However, this doesn’t mean that there aren’t practical things you can do to lower your home insurance premiums without sacrificing the service you’re getting. In fact, think of these money-saving tips as a reward from your insurance provider because you’re helping yourself maintain a safe home and keeping them from giving you huge payouts for easily avoidable tragedies.
We asked some expert HO6 (condo insurance) and home insurance providers in Florida about what they think are the best ways for people to lower their premiums. Here’s what we found out:
A Security System Goes a Long Way
A centralized burglar alarm (or one that’s tied directly to your local police) is a great way to lower your homeowner’s annual premiums. In fact, some insurance providers might even go as high as a 5% deduction, and in rare cases, can go even higher.
For condo owners, most condo insurance providers will give out lower condo insurance quotes if they feel like the condo building is set in a nice neighborhood, or if the building has adequate security systems in place.
While smoke alarms are pretty much standard (not to mention required) in modern houses and condos, installing one in older structures can save you a whopping 10% on annual premiums. Add dead-bolts, sprinkler systems, CO2 detectors, and even weatherproofing measures, and you can drastically reduce your insurance premiums while maintaining the same quality of protection from your provider.
Multiple Policies Can Mean Discounts
Note: this isn’t always true, as some insurance companies might not give a discount for multiple policy holders, but many insurance providers around the country are willing to give up to a 15% discount to customers who hold more than one policy.
This means collating all your insurance contracts with the same company: i.e., choosing a single provider for your auto, health, and homeowners insurance. Some insurance providers, when they see they have a loyal customer, might reward that loyalty by giving you huge premium discounts for your continued patronisation of their services.
Get Your Mortgage in Order
We understand that this isn’t always the easiest thing to do, but trust us: pay off your mortgage and you will see a drastic drop in your premiums. How much exactly of a deduction is dependent on your policy and your provider, but many insurance companies do offer very big discounts on properties that you’ve paid off.
And it makes sense: insurance companies believe that, if you owned a property 100%, you’re more likely to take care of it, which in turn, lowers their risks of payouts. It’s a win-win for everyone, really.
Always Compare and Review Your Policy
Even after your initial purchase, it’s always a good idea to review your policy every year and compare it with other providers. But even if you’re happy with your current homeowners insurance provider, review your policy anyway and see if there are things you can improve in your home that could effectively lower your premiums, like home repairs or a well-kept lawn free of debris, or any small improvements that show your provider that your house is safe and cared for.
Are you planning to get started in property investment? Property is an appealing investment choice for many reasons, but one of the things that set it apart from other types of investment is the fact that it is a tangible, physical asset.
Investing your money in the real estate market is an exciting prospect, but before you rush out and buy a property, it is vital that you arm yourself with all the knowledge that you need to make your investment a success. Here are some of the things that you need to consider when investing your money in the property market:
Commercial Property versus Residential
One of your first considerations should be to decide on the type of property that you would like to invest in. When many people think of property investment, they immediately associate it with residential property. However, commercial property should not be overlooked. Depending on your circumstances and the area that you plan to invest in, a commercial property could be a wiser investment choice than a residential home. Researching both options is essential to helping you find the perfect investment property for you.
Consider Location
Whether you decide to invest in a commercial or residential property, location is a crucial consideration. For residential properties, you will need to thoroughly research the local housing market to gain an idea of the amount of rent that you can charge versus the amount that you can expect to pay for a property, as this will give you a firm idea of the kind of yield that you can expect from your investment. Consider which areas are popular with the type of tenant that you are hoping to attract, and don’t forget to try and get some inside knowledge to discover any new up and coming areas that may prove to be a lucrative investment in the long term.
If you re investing in commercial property, you will need to think about the type of premises that you would like to invest in. Would you like to take on an office building, a warehouse, or perhaps a retail store; there are many options to choose from. Again, the location should be a driving factor when making your decision. Retail stores will appeal to more tenants if they are in an area with high foot traffic. Industrial buildings are more likely to secure tenants if they are close to major road networks, as this will make logistics easier for the business.
Make Life Easier for Yourself
If the thought of being a landlord is leaving you concerned about managing tenants and dealing with maintenance issues, then don’t worry. Choosing a property management company to look after the day to day aspects of your property is an excellent way to enjoy the benefits of investing in real estate without giving up your precious time. A management company will take care of calls from tenants, collecting rent, and paying invoices on your behalf, leaving you free to focus on other projects.
Investing your money can be a great way to increase your capital and even generate an income, providing you know where to put your cash. With numerous non-traditional investment opportunities available, you may want to try something different in order to maximize your returns. If so, take a look at these innovative investment options:
1. Real Estate Crowdfunding
Investing in real estate is an extremely popular way of making a profit but you typically need a large amount of money to get started. Until now, that is.
Real estate crowdfunding allows you to invest in the property market, even if you don’t have the capital to buy a house, apartment, or commercial premises. In fact, you can invest in real estate crowdfunding with a little as a few hundred dollars.
Although you won’t own property via this form of investment, you can choose to invest your cash into property funds. Depending on how the market performs, you could make a substantial return.
2. Cryptocurrency
Fortunes have been made by savvy cryptocurrency traders in recent years, so it’s not surprising that it’s becoming increasingly popular. By buying cryptocurrency at a low value, reselling it for a higher amount, or holding on to it and hoping its value increases, you can increase your capital by a significant amount.
However, you will need to familiarize yourself with the available platforms and the methods of buying cryptocurrency before you get started. In addition to this, you’ll need to consider the impact this type of investment will have on your tax liability. With a handy cryptocurrency tax guide, you can determine whether investing in the market is the right option for you. As more jurisdictions introduce legislation to ensure cryptocurrency returns are taxable, this is always an issue worthy of consideration.
3. P2P Lending
Peer-2-Peer lending allows you to make money by lending to other people. Depending on the platform you use, you could lend as little as $50 or thousands of dollars at a time. In addition to this, there are numerous repayment options, so you can choose how long you want to wait to get your money back.
The borrower will pay a pre-agreed rate of interest, which is how you’ll make your money. Of course, you’ll need to check what safeguards each platform has in place to ensure loans are repaid in full, or you could risk making a loss.
4. Seed Investments
If you’ve got an eye for business, why not become a seed investor? Working with startup companies can be a fun way to boost your capital and you may be surprised at how much you could make. Seed investors typically provide funds to budding business owners in return for an equity stake in the enterprise. It can take quite some time for you to make a return and, if the business folds, you won’t get anything at all. Despite this, it can be a lucrative way to make a large amount of money if the business is a success.
Choosing the Right Investment Opportunity
Before you decide where to put your money, consider how much risk you’re willing to take, how much you can afford to lose and how quickly you might need to access your funds. By assessing these three core issues, you can narrow your search and find the best investment opportunity for you.
Money worries are the most common source of stress among US adults. Most of us would like to have more disposable income, but it can be challenging to save when it feels like money is flying out of your account on a continual basis. If you’re keen to improve your finances, we’re here to help. Here are some simple steps you can take to save, invest and grow your money.
Saving money
The first step on the road to improving your financial situation is saving. This involves reducing outgoings and putting more cash aside each month. The most effective way to take control of spending and identify areas where it could be possible to make savings is to learn to budget.
Budgeting is not everyone’s idea of fun, but it can make a monumental difference to your bank balance. One of the main reasons we struggle to manage our money is a lack of awareness when it comes to where our monthly paycheck goes. If you don’t check your balances on a regular basis, and you have direct debits, you shop online and you use contactless payments, it’s very easy to lose track of how much you’re spending. Use your budget to monitor outgoings, to set spending limits and to try and save more every month. You can draw up a budget using an app, create a spreadsheet, or stick to good, old-fashioned pen and paper. Your budget should cover your income, your regular outgoings and any additional expenses you expect to incur during the month ahead. Once you have a set of figures in front of you, you can work out how much you can afford to spend, how to divide your income and how much to save. Update your budget as you go, use accurate estimations, and always round up if you don’t have the exact figures. Once you’ve compiled your budget, take a moment to look at your outgoings closely. Many of us spend money on things we don’t need or even want, and having a budget is a great way to eliminate any non-essential expenses. Are you paying for a gym membership you never use, or have you forgotten to cancel a free subscription that is now costing you money?
You can also save money by making your cash stretch further and altering your spending habits. Take your weekly grocery shop as an example. Do you go into the store thinking that you’re going to spend $100 and get to the register to find that your bill is closer to $150? Supermarket layouts, marketing campaigns and promotions are designed to encourage us to spend, and it can be difficult to resist the temptation to fill the cart with all kinds of items that you don’t actually need in the name of grabbing a bargain. If you are heading to the store, and you’re keen to save money, always make a list in advance and ask yourself if you really need any of the items you put in your basket that aren’t on that shopping list. Use a calculator to track spending as you go, and avoid special offers that don’t feature products you plan to buy.
Comparing prices on household expenses like utilities, TV and broadband and insurance is also beneficial for maximizing disposable income. The Internet enables us to look for better offers and cheaper deals in a matter of seconds without even leaving the couch. If your health, auto or pet insurance deals are due for renewal, for example, don’t automatically renew with your current provider. Take a few moments to enter some details into a comparison site and see if you could save by switching to a different company. Competition is fierce, and businesses often go all-out to impress new customers with incentives like low introductory prices and free gifts.
If you dread your energy bills arriving, especially in the winter, it’s also worth taking some steps to increase energy-efficiency at home and try and reduce consumption. Using a smart meter can help you keep a close eye on usage and spending, and you can also lower bills by improving heat retention through insulation and double glazing, turning appliances off at the socket and replacing old bulbs and appliances with modern, energy-efficient versions.
If you have a pot of money set aside, and you’re keen to invest, there are several routes you could take.
Real estate
One of the most popular investment options is buying real estate. With property investment, you can take on long or short-term projects, boosting your income through rental fees or sales. Buying bricks and mortar requires significant investment, but it can be extremely lucrative, especially if you buy at a time when demand is soaring. When acquiring real estate for investment purposes, it’s crucial to focus on the figures. This is a very different proposition to buying the home of your dreams.
Before you start looking for a property, figure out how much you want to spend and what kind of house or apartment you’re searching for. Who is your ideal buyer or tenant, and what would they be looking for? Think carefully about location, and select properties that will appeal to your target market. If you’re keen to invest in a family home, for example, proximity to good schools and transport links is attractive, and it’s also wise to search for houses with features like large gardens and open-plan kitchens. Take your time to explore possibilities, research the local market and contact real estate agents, and keep a close eye on the news headlines. Buying at the wrong time can be costly. If you find a property that seems perfect, arrange a second viewing, make sure you know the local area well and consider whether it makes financial sense to proceed. It’s always worth trying to negotiate on the price if the house has been on the market for a while or the vendor is keen on a quick sale.
Antiques and collectibles
Have you ever thought that your attic could be an unlikely treasure trove, or wondered if you could make a mint from a collection of vintage dolls, silver coins or oil paintings? It’s not easy to make money from antiques and collectibles, but if you make the right choices and you sell at the right time, this can be a lucrative option. If you already own antiques, or you have a small collection, take good care of each individual item. Damage and signs of wear and tear can affect resale value. You can use toothpaste to clean silver coins, protect vases and ceramics with heavy-duty wrapping and preserve decorative items like trinkets and ornaments by keeping them behind glass. If you’re a beginner, or you’re keen to add to an existing collection, always buy from a reputable dealer, negotiate on the price and carry out thorough checks to look at the condition of the item and its history and value before you shake hands on a deal. It’s hugely beneficial to research before you buy and to look out for products, collections or pieces that are in demand.
Stocks and shares
Investing in the stock market can be exhilarating and it’s possible to reap substantial financial rewards, but this can also be a high-risk strategy. When you buy stocks and shares, you pay a price and then hope that the value increases. It is up to you to decide when to sell or to appoint a trader to act on your behalf. If you haven’t bought stocks and shares before, it’s useful to analyze the market, to keep an eye on movements in the weeks and days leading up to your first investment and to read business and financial news posts. If you’re a novice trader, take advantage of free trials, which enable you to use virtual funds to buy and sell. This will help you learn the ropes and get used to the processes.
Saving and investing go a long way to improving your finances, but it’s also useful to identify ways to grow your money and make your funds work harder. You can do this by putting money into high-interest accounts, setting up a side hustle and paying into pension and retirement schemes that offer incentives for savers. It’s wise to speak to a trustworthy, experienced financial adviser to help you make plans, reduce risks and protect your money.
If you’ve already invested money, and you have more funds available, build on successes. If you’ve sold a property at a profit, for example, you could put the capital into a new property and eventually create a portfolio. Look for ways to keep adding to your balance, but be aware of risks that could threaten to undo all your hard work. Economic uncertainty has a direct impact on the real estate market, so it’s vital to buy and sell at the right time.
Many of us would like our financial situation to be healthier. If you’re looking to reduce debts, save money and work towards boosting your savings balances, there are ways to improve your finances. Start by learning to budget, lowering expenses and putting more money aside each month and work your way up to investing and growing your money.
To make sure that your business is as secure as possible, you will often need to think about future-proofing it. That is something that all business owners do in their own way, often without really being aware of how they are doing it, and it is a hugely valuable thing which you need to try and be aware of. In this article, we are going to discuss some of the most valuable ways that you can secure your business’ future, thus keeping it safe from a range of potential pitfalls and problems. This is vital if you want it to be a major player for longer.
Protect Your Data
Data really is becoming increasingly important to protect. Given the nature of much of the data that you hold, and the fact that a lot of it will be personal or sensitive data regarding your employees and customers, you obviously need to protect it as best as you can. And when it comes to your plans for the future, product ideas and so on, the last thing you want is those to be hacked by nefarious competitors. So encrypt everything necessary, and ensure that your digital protection is up to scratch.
Insure Your Most Central People
It is often necessary to think about the worst case scenarios when you are trying to protect your business from possible problems, and one of the very worst is when someone important to the business passes away suddenly or unexpectedly. Of course, the worst part of this is that you have lost a close friend. But it’s also a problem for the company itself, and you need to find ways to protect your interests when this happens. You can do that by insuring those key people using key man life insurance, which will pay out when a key person dies.
If you feel that you are merely constantly trying to keep up with the latest threats, digital or otherwise, you are not alone. Very often it can feel that way, and sometimes it is true that all you are really doing is desperately trying to protect your business from a range of attacks one after the other. The best threat response is an automated one, as this means you are not having to spend too much time or money on it, and that the response is going to come into play as and when you need it to anyway. Automate this stuff as much as you possibly can.
Go Paperless
There are many great benefits to going paperless in your office, and it’s a good idea to make sure that you are considering this. One of the main reasons to do it is that you are going to be so much more secure in terms of your intellectual property. It is much easier to secure digital data than paper in an office, especially at night. This is a deceptively valuable way to future-proof your business, and it’s something you should try not to overlook.
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