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Apache is functioning normally

May 28, 2023 by Brett Tams

Save more, spend smarter, and make your money go further

’Tis the season to think green! So let’s do as the leprechauns do and celebrate a goal shared by real and imaginary creatures alike: protecting one’s stash.

Whether you’ve got an overflowing pot of gold or a more modest balance sheet, here are four principles for protecting your wealth.

Insure Your Stash

The biggest threat to your wealth is unforeseen expenses, especially medical bills; home and car repair; liability; and lost income due to death or disability. Failing to carry insurance against catastrophic losses isn’t thrifty; it’s shortsighted. The good news is that more Americans have access to affordable medical insurance than ever before, and shopping for car and home insurance has gotten cheaper and more convenient thanks to online marketplaces.

Plan for Emergencies

Your emergency fund (aka auxiliary pot of gold) works along with insurance. The emergency fund protects you against small losses; insurance protects you against big ones. Personal finance experts will argue endlessly about how big your emergency fund should be ($1000? Three months of expenses? Six months?), but we all agree on this: any emergency fund is better than none. Keep it in an FDIC-insured savings account; an online account that pays a little interest is a good choice.

Invest Your Gold Wisely

Most of us will have to fund a substantial portion of our retirement from our own savings. That makes it critical to invest well. Luckily, this doesn’t require supernatural abilities. Choose low-cost funds (such as index funds), don’t take more risk than you can handle (always own both stocks and bonds), save aggressively, and don’t be impulsive. Make a plan and stick to it regardless of what your cousin warns you about on Facebook. Great investing may be boring: it means thinking long-term, using unexciting mutual funds, and not making any sudden moves.

Create Your Own Pot of Gold

When we’re trying to save more money, we obsess over restaurant meals, entertainment, and travel—that is, we start by trying to cut out the most enjoyable, stress-relieving parts of our lives, even though they probably add up to a small part of our monthly spending. Instead, consider what you could save on housing or transportation. Voluntarily downsizing or giving up one car in favor of public transit, cycling, or car sharing can save hundreds per month, and there’s no evidence that it will make you any less happy. (Unless you reduce your commute time or get some cardio in on the way to work, in which case it’ll make you more happy.)

Save more, spend smarter, and make your money go further

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Apache is functioning normally

May 26, 2023 by Brett Tams


Written by


Reviewed by

Updated Mar 09, 2023

At Bankrate, we strive to help you make smarter financial decisions. To help readers understand how insurance affects their finances, we have licensed insurance professionals on staff who have spent a combined 47 years in the auto, home and life insurance industries. While we adhere to strict
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this post may contain references to products from our partners. Here’s an explanation of
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Founded in 1976, Bankrate has a long track record of helping people make smart financial choices.
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Bankrate follows a strict editorial policy,
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who ensure everything we publish is objective, accurate and trustworthy.

Our insurance team is composed of agents, data analysts, and customers like you. They focus on the points consumers care about most — price, customer service, policy features and savings opportunities — so you can feel confident about which provider is right for you.

  • We guide you throughout your search and help you understand your coverage options.
  • We provide up-to-date, reliable market information to help you make confident decisions.
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All providers discussed on our site are vetted based on the value they provide. And we constantly review our criteria to ensure we’re putting accuracy first.

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Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.

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At a glance

 logo

3.5

Rating: 3.5 stars out of 5

Bankrate Score


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Auto

Rating: 3.8 stars out of 5

3.8


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Cost & ratings

Rating: 4 stars out of 5

4.0



Coverage

Rating: 3.5 stars out of 5

3.5



Support

Rating: 3.5 stars out of 5

3.5


Home

Rating: 3.1 stars out of 5

3.1


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Cost & ratings

Rating: 2.8 stars out of 5

2.8



Coverage

Rating: 4 stars out of 5

4.0



Support

Rating: 2.3 stars out of 5

2.3


About Bankrate Score

Bottom Line

If you live in Erie’s 12-state service area, the company could be a great choice for robust coverage and affordable premiums. Erie’s digital tools are lacking compared to its competitors, though, so it may not be the best choice for tech-focused customers.

  • Affordable average premiums for both homeowners and car insurance policies compared to the national average

  • Strong customer satisfaction rankings from J.D. Power

  • Erie’s home insurance offers guaranteed replacement for dwelling coverage in most states

  • Erie auto and home insurance is only available in 12 states and Washington D.C.

  • No usage-based auto insurance program available

  • Only a few homeowners endorsements available

  • Avg. annual auto insurance premium for full coverage: $1,356
  • Avg. annual auto insurance premium for min coverage: $486
  • Avg. annual home insurance premium for $250k dwelling coverage: $957

Answer a few questions to see personalized rates from top carriers


Info

What’s new with Erie?

In August 2022, Erie Insurance established Erie Strategic Ventures to help fund entrepreneurs who create innovative products and services for customers and Erie’s independent agents. The company also recently announced the addition of optional extended water coverage for homeowners policies.

Erie car insurance

Founded in 1925, Erie Insurance Group started in Pennsylvania but has since expanded to 12 states and Washington D.C. The company offers coverage options that may be difficult to find among its competitors. Its standard auto insurance policies feature a diminishing deductible, first accident forgiveness for eligible policyholders and Erie Rate Lock, depending on the state. Additional coverage options include roadside assistance, auto glass repair and personal item coverage.

Erie car insurance earned a Bankrate Score of 3.8 out of 5. This Score reflects the company’s coverage options, financial strength, customer satisfaction and available discounts. Erie lost points due to its regional availability and limited digital tools (for example, the mobile app doesn’t have a claims filing option). Erie earned an A+ (Superior) AM Best financial strength rating and placed third in J.D. Power’s 2022 U.S. Auto Claims Satisfaction Study.

Pros and cons of Erie car insurance

Erie’s coverage options and customer satisfaction scores make it one of the best car insurance companies in states where it writes policies. Comparing pros and cons of Erie auto insurance may help you decide if the company could be a good fit for your needs.

PROS


  • Checkmark

    Roadside assistance and rental car reimbursement available


  • Checkmark

    Erie Rate Lock may help keep rates stable over time


  • Checkmark

    Auto policies include pet coverage

CONS


  • Close X

    Available in just 12 states and the District of Columbia


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    No telematics or usage-based insurance program available


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    Mobile app does not enable policyholders to file a claim from their mobile devices

Erie car insurance cost

Erie is one of the cheapest car insurance companies based on our research of average premiums analyzed from Quadrant Information Services. Erie’s full coverage car insurance costs an average of $1,356 per year, while minimum coverage averages $486 per year. 

Comparatively, the national average cost of car insurance for both coverage levels is higher, at $2,014 per year for full coverage and $622 per year for minimum coverage. Actual rates may vary based on car insurance rating factors, but the premium data below may be a useful comparison tool.

Erie car insurance rates by driving history

Bankrate bases the following average rates on data provided by Quadrant Information Services. This may not represent the price you will pay for car insurance. We do not include average rates for drivers with a history of driving under the influence (DUI) because some insurers may not write policies for motorists with a DUI conviction. If you have a DUI conviction, you may contact your insurance agent to find out how it could impact your car insurance premium.

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Erie average monthly full coverage premium Erie average annual full coverage premium National average annual full coverage premium
Clean driving history $113 $1,356 $2,014
Speeding ticket conviction $123 $1,476 $2,427
At-fault accident $134 $1,607 $2,854
Erie average monthly minimum coverage premium Erie average annual minimum coverage premium National average annual minimum coverage premium
Clean driving history $41 $486 $622
Speeding ticket conviction $44 $527 $748
At-fault accident $49 $592 $892

Erie car insurance quotes by age

Young drivers typically pay some of the highest average car insurance rates. Teens and other young drivers may save by remaining on their parents’ auto insurance policy until they’ve established their own households. The following average rates are based on a motorist on their parents’ policy with a clean driving record, as well as drivers listed on their own policies.

Average cost of car insurance for drivers on their parent’s policy

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Erie average monthly full coverage premium Erie average annual full coverage premium National average annual full coverage premium
Age 16 $240 $2,876 $4,392
Age 17 $225 $2,700 $4,102
Age 18 $219 $2,630 $3,837
Age 19 $209 $2,512 $3,345
Age 20 $205 $2,456 $3,149
Erie average monthly minimum coverage premium Erie average annual minimum coverage premium National average annual minimum coverage premium
Age 16 $86 $1,035 $1,470
Age 17 $81 $970 $1,362
Age 18 $79 $944 $1,261
Age 19 $74 $892 $1,070
Age 20 $73 $876 $995

Average cost of car insurance for drivers on their own policy

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Erie average monthly full coverage premium Erie average annual full coverage premium National average annual full coverage premium
Age 18 $249 $2,988 $6,110
Age 25 $136 $1,630 $2,473
Age 30 $122 $1,461 $2,125
Age 40 $113 $1,356 $2,014
Age 60 $107 $1,279 $1,824
Erie average monthly minimum coverage premium Erie average annual minimum coverage premium National average annual minimum coverage premium
Age 18 $90 $1,081 $1,967
Age 25 $48 $579 $747
Age 30 $43 $520 $647
Age 40 $41 $486 $622
Age 60 $39 $462 $578

Your deductible may be reduced by $100 for each claim-free policy year, up to a $500 maximum. This discount is only available to policyholders who purchase the Auto Plus endorsement, and its availability may vary by state.

Erie may extend both bundling and multi-policy discounts to policyholders who carry more than one insurance policy with the company.

Vehicles equipped with safety and security devices, such as airbags, anti-lock brakes and anti-theft devices, may qualify for a discount.

Erie may extend a discount to policyholders who pay their annual car insurance premium in one lump sum, rather than monthly installments.

Erie car tools and benefits

Erie extends a coverage option for non-owned autos including cars, moving vans and trailers that you use but do not own. This may be ideal for Erie drivers who do not own a vehicle but do drive on occasion.

Erie also sells boat, class car and motorcycle insurance, along with coverage for ATVs, golf carts and snowmobiles.

Erie home insurance

Erie home insurance receives high customer satisfaction scores from J.D. Power as well as 24/7 support for policyholders and a variety of coverage options. Erie offers guaranteed replacement cost coverage as part of its standard homeowners policies as well as additional living expenses.

Although Erie does not allow policyholders to file a claim through their mobile app, the company has more than 13,000 local agents and advertises a 90 percent customer retention rate year over year.

Pros and cons of Erie homeowners insurance

If you’re considering Erie for your homeowners insurance needs, it may be helpful to compare perks and drawbacks you may experience with the carrier. Here are a few of the key pros and cons Bankrate’s editorial team identified:

PROS


  • Checkmark

    Guaranteed dwelling replacement cost coverage included in standard homeowners policies


  • Checkmark

    Ranked 7th in J.D. Power’s 2022 U.S. Home Insurance Study


  • Checkmark

    Standard home insurance policies include up to $500 in pet coverage

CONS


  • Close X

    Only a few discounts available


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    Few optional coverages available


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    Not available in all states

Dwelling coverage limit Erie average annual premium National average annual premium
$150,000 $659 $975
$250,000 $957 $1,428
$350,000 $1,269 $1,879
$450,000 $1,601 $2,343
$750,000 $2,597 $3,761

Erie home insurance discounts

Home insurance discounts may help you save on your premium. Advertised home insurance discounts with Erie include:

You may earn a discount if your home is equipped with safety features like smoke alarms, security systems and an automatic sprinkler system.

Obtain an Erie homeowners insurance quote seven to 60 days before your current policy’s renewal date and you might earn a discount.

Customers who purchase a life insurance policy in addition to a car or homeowners insurance policy with Erie could earn a multi-policy discount.

Erie home tools and benefits

Erie’s home insurance coverage comes with unique options not found with other carriers. Its home insurance pet coverage extends coverage to up to $500 for animals, including birds and fish.

Erie offers gift card and gift certificate reimbursement coverage for its ErieSecure Home policies. Customers may receive reimbursement for up to $250 per gift card purchased from businesses within 100 miles of their home, with a maximum of $500 per policy period.

Erie life insurance

Erie offers four life insurance products: term life, whole life, universal life and Erie’s exclusive ERIExpress Life. Erie’s term life insurance may be a good option for those who want a fixed coverage term and intend for the policy to pay for expenses that may be burdensome to loved ones, such as funeral costs and mortgage or credit card debt. Whole and universal life have no fixed terms, but universal life offers the most flexible death benefit. Erie’s unique ERIExpress Life policy may be ideal for people looking for a simplified application and fast approval.

Pros and cons of Erie life insurance

The best life insurance company may be different for everyone, and each policy type serves a different purpose. The following pros and cons may help you decide if Erie life insurance is right for you.

PROS


  • Checkmark

    Multi-policy discounts available for policyholders with a life and home or auto policy.


  • Checkmark

    ERIExpress may be available without a medical exam.


  • Checkmark

    Variety of policy types to choose from

CONS


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    Only one rider advertised to customize coverage.


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    Online quoting is not available


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    Only writes policies in 12 states and the District of Columbia

Erie life insurance endorsements

Life insurance endorsements, also called riders, may modify and extend your life insurance coverage. Erie’s life insurance coverage only offers one rider, a long-term care rider. Erie’s long-term care rider is only available for universal and whole life insurance policies. The long-term care rider provides an accelerated death benefit, which pays a portion of your policy’s death benefit to help pay medical expenses incurred following a covered accident or illness that requires long-term care.

Erie life tools and benefits

Erie provides a life insurance calculator on its website to help customers decide which type of policy may best fit their needs. From there, customers can request to be paired with an independent Erie agent to get a quote.

Erie customer satisfaction

Researching third-party ratings may help you decide which insurer best fits your needs. J.D. Power produces annual car insurance and home insurance studies that rate and rank insurers based on their customer satisfaction. These include the national U.S. Auto Claims Satisfaction Study and more regional U.S. Auto Insurance Study.

Agencies such as AM Best, Moody’s and Standard and Poor’s analyze the financial strength of insurers and produce ratings that may indicate the financial strength of individual companies. Erie has earned an A+ (Superior) AM Best financial strength rating.

Lastly, the National Association of Insurance Commissioners (NAIC) produces an annual complaint index report to track the prevalence of complaints lodged against insurance companies. The index employs a baseline of 1.0. Scores below 1.0 indicate that a provider had fewer complaints than expected for a company its size and vice versa.

Erie auto satisfaction

In J.D. Power’s 2022 U.S. Auto Claims Satisfaction Study, Erie ranked third in the market, with an overall customer satisfaction score of 893 out of 1,000. More regionally, Erie came in first for overall customer satisfaction in the mid-Atlantic and North Central regions. Erie has an NAIC Complaint Index of 0.56 for its private passenger policies, indicating fewer customer complaints than expected for a company its size.

Erie homeowners satisfaction

Erie ranked above average in J.D. Power’s 2022 U.S. Home Insurance Study, earning an overall customer satisfaction score of 827 out of 1,000. Erie’s homeowner policies have an impressive NAIC Complaint Index of 0.09, indicating very few complaints from policyholders.

Erie life satisfaction

Erie wasn’t rated in the annual life insurance study conducted by J.D. Power, potentially due to the company’s small size when compared to national life insurance carriers. However, the Erie Family Life company, which underwrites Erie’s life insurance products, has an NAIC Complaint Index of 0.46, which is less than half of the 1.00 baseline. Based on this data, Erie’s life insurance customers may be satisfied with the service they receive, since fewer-than-average complaints were filed.

How to file a claim with Erie

Erie gives auto and home insurance policyholders two ways to file a claim. They can contact their Erie agent or call the 24/7 claims center at 800-367-3743. Life insurance customers can file a claim by contacting their Erie agent or by calling 800-458-0811.

Erie availability

Erie writes car and home insurance policies in the District of Columbia and the following states:

  • Illinois
  • Indiana
  • Kentucky
  • Maryland
  • New York
  • North Carolina
  • Ohio
  • Pennsylvania
  • Tennessee
  • Virginia
  • West Virginia
  • Wisconsin

Erie sells life insurance in the District of Columbia and all of the aforementioned states, except New York.

Other Erie perks worth considering

Erie also offers business insurance including business automobile insurance. Business policies may protect a variety of businesses, including breweries, contractors, religious organizations, retailers and veterinarians.

Erie also offers a long list of other insurance and financial products for customers, including:

  • Financial services: Erie offers Medicare supplemental coverage (Medigap) and retirement accounts, including annuities and individual retirement accounts (IRAs).
  • Renters, condo and mobile home insurance: Erie offers a variety of insurance policies for other dwellings and living situations.
  • Flood insurance: Erie sells standalone flood insurance policies for homeowners and business owners.
  • Personal valuables insurance: This coverage may be purchased to financially protect jewelry, art, sports equipment, collections, musical instruments and more.

Erie corporate sustainability

Through The Giving Network, Erie and its employees volunteer time and money with organizations focussed on community building, environmental responsibility and safety. These initiatives include partnering with United Way and American Red Cross, as well as supporting other culture and arts organizations, entrepreneurship, education and environmental responsibility. In November 2022, the provider’s The Giving Network awarded $50,000 in grants to 10 northwest Pennsylvania environmental organizations.

With the company’s ERIE Service Corps, employees are encouraged to use a full work-day volunteering in their local community. The Corps also has a matching donation program and established the H.O. Hirt Scholarship Fund and the F.W. Hirt Employee Emergency Fund to more immediately meet the financial needs of their community.

Not sure if Erie is right for you?

Erie offers a variety of auto, home and life insurance products, but it does not write policies in all states. If you live outside Erie’s service area or need an insurer that offers a more diverse portfolio of products, you might consider one of these carriers:

Erie vs. Allstate

Allstate sells car and homeowners policies in the District of Columbia, Puerto Rico and all states except New Jersey. While Erie extends a multi-policy discount to policyholders, Allstate offers more ways to potentially reduce your premium. For instance, if you switch to Allstate, you might earn up to a 10 percent discount, plus an additional 10 percent savings each time you renew your policy. Allstate also offers a robust mobile app that allows policyholders to file claims virtually.

Learn more: Allstate insurance review

Erie vs. Travelers

Unlike Erie, Travelers offers optional rideshare coverage and gap insurance. Travelers extends many potential home insurance discounts including potential discounts for purchasing a new home and owning a LEED-certified green home. However, Travelers ranks lower than Erie in the 2022 U.S. Home Insurance Study and does not sell life insurance products.

Learn more: Travelers Insurance review

Erie vs. AAA

AAA Life Insurance Company sells term life, universal life and whole life insurance policies. AAA’s traditional term life policies offer coverage up to $5 million and give you the option to add a child term endorsement, which provides up to $20,000 in coverage for each eligible child. AAA’s roadside assistance program is robust and enables you to request battery, flat tire, emergency fuel delivery, locksmith, mechanical first aid and towing services from the convenience of the AAA mobile app. Bear in mind that AAA coverages, discounts and optional coverages may vary by location.

Learn more: AAA insurance review

Is Erie a good insurance company?

Erie has excellent financial strength ratings and earned high marks in J.D. Power’s customer and claims satisfaction studies. Additionally, the provider has NAIC Complaint Indexes that are far lower than baseline.

While Erie includes some perks in its standard auto insurance policies, like roadside assistance and rental car reimbursement, the carrier falls behind in the market by not offering a comprehensive mobile app or telematics program.

Erie’s standard homeowners policies feature guaranteed dwelling replacement cost coverage, which most insurers only offer as an endorsement, but they extend few optional coverages and discounts. Overall, Erie offers a solid portfolio of auto, home and life insurance products, but the provider only writes policies in a handful of states.

Clock Wait

46

years of industry expertise

122

carriers reviewed

20.7K

ZIP codes examined

Dollar Coin

1.2M

quotes analyzed

Methodology

Bankrate utilizes Quadrant Information Services to analyze 2023 rates for ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:

Auto

  • $100,000 bodily injury liability per person
  • $300,000 bodily injury liability per accident
  • $50,000 property damage liability per accident
  • $100,000 uninsured motorist bodily injury per person
  • $300,000 uninsured motorist bodily injury per accident
  • $500 collision deductible
  • $500 comprehensive deductible

To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our sample drivers own a 2021 Toyota Camry, commute five days a week and drive 12,000 miles annually.

Age: Rates were calculated by evaluating our base profile with the ages 16-60 (base: 40 years) applied. Depending on age, drivers may be a renter or homeowner. Age is not a contributing rating factor in Hawaii and Massachusetts.

The rates for drivers ages 16–20 added to their parent’s policy reflect the good student and driver’s training discounts applied. The rates for drivers aged 16-20 on their own policy do not include the good student and driver’s training discounts. Additionally, 25-year-old rates are based on the driver as a renter and 30+ on the driver as a homeowner.

Incidents: Rates were calculated by evaluating our base profile with the following incidents applied: clean record (base), single speeding ticket and single at-fault accident.

Homeowners

  • Coverage A, Dwelling: $150,000, $250,000, $350,000, $450,000, $750,000
  • Coverage B, Other Structures: $15,000, $25,000, $35,000, $45,000, $75,000
  • Coverage C, Personal Property: $75,000, $125,000, $175,000, $225,000, $375,000
  • Coverage D, Loss of Use: $30,000, $50,000, $70,000, $90,000, $150,000
  • Coverage E, Liability: $300,000, $300,000, $300,000, $300,000, $500,000
  • Coverage F, Medical Payments: $1,000

The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).

These are sample rates and should be used for comparative purposes only. Your quotes will differ.

Bankrate Scores

Our 2023 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.

Like our previous Bankrate Scores, each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. This year, our 2023 scoring model provides a more comprehensive view, indicating when companies excel across several key areas and better highlighting where they fall short.

  • Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, 2023 quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best and the NAIC, were analyzed.
  • Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
  • Tier 3 (Support): To encompass the many ways an auto and home insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.

Tier scores are unweighted to show the company’s true score in each category out of a possible five points.


Savings

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Source: thesimpledollar.com

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Apache is functioning normally

May 25, 2023 by Brett Tams

12 Low-Stress Jobs You Can Do in Retirement

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Just because you retire doesn’t mean you have to stop working. And when work is an option rather than a requirement, it’s possible to select a low-stress job that multiplies fulfillment without adding anxiety — but still provides a bit of much-appreciated income. There are, in fact, a variety of such low-stress, high-reward jobs well-suited to the needs of retirees.

A financial advisor can help you devise a plan that will give you the flexibility to make choices in retirement.

Working in Retirement

People may continue working after retirement for a variety of reasons, including the benefits of generating additional income, the satisfaction of making a contribution and the stimulation of staying engaged. If nothing else, work can get them out of the house and fill the hours formerly devoted to their careers.

Many jobs are, however, likely to be more trouble than they are worth to a typical retiree. If what you are after is fulfillment without stress, it doesn’t make much sense to apply for a position as, say, a law enforcement officer working undercover for a drug-smuggling ring. Fortunately, there are many jobs that offer lots of benefits without lots of stress.

Low-Stress Jobs for Retirees

The work you do in retirement can be an extension of your former career or head off in a diametrically opposed direction. Either way, here are 12 possibilities:

Tutoring

Decades of life experience can admirably equip retirees to work as part-time tutors to students at various levels of education. English as a Second Language, for example, is a subject area many retirees can assist students with, while maintaining flexible hours and keeping supervision and red tape to a minimum.

Pet Care

For people who like getting outside and spending time with animals, walking dogs is a way to get paid for enjoying themselves. Sitting, grooming and transporting dogs as well as cats and other pets can offer similar appeal.

Massage Therapist

Many massage therapists see clients at their own homes or in annexes on the property, meaning there’s no commute and little hassle or overhead. If you enjoy helping others through the healing properties of touch, this could be a retirement gig for you.

Personal Trainer

A dedicated runner, swimmer, biker or gym rat, can get paid for sharing their knowledge and passion for fitness with others who are chasing their own fitness goals. Tasks include selecting exercises, structuring workouts and developing training plans.

Consultant

If you had a lengthy career in nearly any knowledge-based field, you may be able to monetize that experience in retirement while also being able pick and choose your clients, working flexible hours and even earning a handsome income, all as a self-employed consultant to businesses.

Life Coach

If helping individuals as opposed to businesses is more your style, you can set yourself up as a life coach helping people reach fulfillment by attaining goals in their professional and personal lives.

Travel Agent

Many who love to travel find earning fees and commissions as travel agents to be a good job in retirement. The work involves recommending destinations, organizing itineraries and booking tickets for transportation, lodging, meals and events.

Library Worker

Bibliophiles can surround themselves with books and get paid for the privilege by working at the library. Many positions are part-time and tend, almost by definition, to be low in noise, hustle and bustle.

Tour Guide

Museums, historical sites, nature centers, monuments and other attractions commonly employ guides to provide visitors with information and assistance as they tour the facility. The positions are well-suited to retirees who want to make some extra money and interact with a variety of people in a relaxed environment.

Personal Shopper

Retirees can shop until they drop without having to spend a dime of their own money – and even earn a few bucks – by working as personal shoppers. This job involves serving people who need help choosing clothing and accessories that fit their personal styles.

Landscape Artist

Cultivating b eautiful landscapes is a passion for many retirees. A peaceful day tilling the soil can also be a source of income with a job as a gardener or landscaper.

Event Coordinator

If you possess robust organization skills and are detail-oriented, there is always a demand for people who can plan and coordinate weddings, parties, conferences and other events.

Bottom Line

Although there probably are as many reasons for continuing to work after retiring as there are working retirees, it’s a safe bet that few if any are showing up for work in search of added stress. Fortunately, there are plenty of jobs open to retirees that pair high levels of fulfillment with low levels of stress.

Retirement Planning Tips

  • Generating sufficient income in retirement can be a challenge without the help of an experienced and qualified financial advisor. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
  • Whether you are retired and working mostly for non-financial means or still in the workforce and focused on earning income, SmartAsset’s paycheck calculator will tell you how much your employer will withhold from your check for federal, state and local taxes.

Photo credit: ©iStock.com/yacobchuk, ©iStock.com/Inside Creative House, ©iStock.com/lucigerma

Mark Henricks
Mark Henricks has reported on personal finance, investing, retirement, entrepreneurship and other topics for more than 30 years. His freelance byline has appeared on CNBC.com and in The Wall Street Journal, The New York Times, The Washington Post, Kiplinger’s Personal Finance and other leading publications. Mark has written books including, “Not Just A Living: The Complete Guide to Creating a Business That Gives You A Life.” His favorite reporting is the kind that helps ordinary people increase their personal wealth and life satisfaction. A graduate of the University of Texas journalism program, he lives in Austin, Texas. In his spare time he enjoys reading, volunteering, performing in an acoustic music duo, whitewater kayaking, wilderness backpacking and competing in triathlons.

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Jim Barnash is a Certified Financial Planner with more than four decades of experience. Jim has run his own advisory firm and taught courses on financial planning at DePaul University and William Rainey Harper Community College.

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Apache is functioning normally

May 25, 2023 by Brett Tams

Debt is a financial obligation that can weigh down your personal
balance sheet. It can also be expensive if you carry a balance and have to pay
interest. If you find yourself carrying too much debt, Leung recommends that
you set up a repayment plan. This can help you get your finances back into
positive territory as soon as possible.

Spend meaningfully

“This movement is not about cutting your own hair and
clipping coupons,” Leung says. Instead, he says that people pursuing FIRE
should spend their money on what they truly value without guilt. They should
divert money away from things that don’t matter to them.

Allen agrees with this principle of the FIRE retirement plan. For example, she says that if you value treating yourself to dinner at nice restaurants, then you can avoid spending money on fast food. Instead, you can prepare inexpensive meals at home during the week. You can then use your extra cash to enjoy a special meal out over the weekend. (There are even ways you can save money eating out at your favorite restaurants.)  

Leung and Shen decided that the thousands of dollars they
spent each year on travel was worth it to them. However, having a nice car in a
city like Toronto that has excellent public transit was not.

Learn how to invest in the stock market

Investing wisely is critical for anyone on a FIRE retirement plan, Shen says. “If you learn to invest and build
a portfolio instead of putting everything into a house, for example, then that
portfolio will spin off passive income—not just in capital gains, but in the
form of dividends and interest,” she says.

That recurring dividend income from a substantial investment portfolio must
eventually be large enough to support your living expenses, Leung adds.

To reach that goal of sustained, passive investment income, Allen
recommends “investing early and often. And as much as you can, for as long as you
can.” That’s because the earlier you invest, the sooner you can benefit from
the power of compounding.

Of course, you should always consider your unique financial situation
and goals before making an investment decision.

Get a side hustle

In the FIRE community, retiring early doesn’t necessarily mean that you
aren’t making some extra cash to support your lifestyle. In fact, building a
side hustle is often encouraged as part of a FIRE retirement plan.

“For us, it’s writing,” Leung says. “We run a blog, and we also wrote a
bestselling book.”

There are many reasons you need a side hustle. Leung notes that after “retiring,” a side hustle—even one that generates $5,000 to $10,000 a year—can dramatically enhance your financial position. The extra cash flow can help you limit the amount you need to withdraw from your investments, allowing your nest egg to continue to compound over the years.

If writing isn’t your thing, there are plenty of opportunities to earn
extra money in today’s economy, Allen says. Selling arts and crafts on an
online marketplace or driving for a ride-share company are great ways to boost
the longevity of your financial independence.

Reduce your cost of living

One of the most
effective ways to expedite your FIRE
retirement plan is to keep your living costs down, Shen and Leung say.
That way, you’re able to funnel even more savings into the market, where your
nest egg can grow.

If you’re interested in the retire early movement, you’ll be interested in these two ways to manage your living costs:  

Travel can actually keep a lid on costs

Shen and Leung have
always had the travel bug, and they’ve found that traveling has actually helped
them reduce their living expenses in early retirement.

Keeping your living costs down can expedite your FIRE retirement plan.

Shen notes that
when they were living in Toronto, they were spending between $40,000 and
$50,000 a year on living expenses.

“But when we
started traveling the world,” Shen says, “we spent $40,000 a year and it hasn’t
gone above that amount for the past five years.”

Leung says that they
no longer pay rent like they did when they were saving for early retirement.
Instead, they typically live out of their backpacks and pay for low-cost
accommodations as they travel the world.

“We’ve found that
not only is travel worth it, it’s actually helped us mitigate our risks in our
portfolio because we were able to control our costs,” Shen says.

Geoarbitrage can improve the gap between income and expenses

Shen admits that globe-trotting isn’t for everyone. For people who
would rather stay in one place as they pursue FIRE, she recommends geographic
arbitrage. It’s also known as “geoarbitrage” for short in the FIRE community.

It’s a simple idea: Live and work in a city with a competitive job
market and command a high salary. Then move to a lower-cost city or
neighborhood while continuing to make the same salary.

You might be able to score a new gig in a lower-cost location without facing
a salary adjustment, or you could commute from a lower-cost area if you’re not
able to change your headquarters. Remote work might also be a possibility.  

“One outcome of the pandemic was that more and more people were able to
work from home,” Shen says, which opened up the possibility of remote work and
geoarbitrage to even more people pursuing the retire early movement.

Can a recession alter someone’s FIRE savings plan?

Saving, investing and traveling your way to
financial independence sounds nice in theory. However, a recession can throw a
wrench into your FIRE savings plan.

“If you retire into a down market, you can deplete your portfolio very quickly,” Shen says. Keeping costs down can help, but there are other strategies that can help protect you from a market downturn.

Allen thinks the best approach is to have a healthy store of cash saved up in case a recession hits while in early retirement. She is still working toward her goal of saving $50,000 in an emergency savings account—in addition to her investments—before she’ll feel ready to quit her day job.

Allen notes that many
people in the FIRE community don’t like to hold a lot of cash. This is because
it could be growing faster if it were invested in the stock market.

“I’m a little bit
different on that,” she says. “You never know when the market is going to crash,
so you want to have that financial buffer to be sure that you’re safe.”

Is FIRE right for you?

Achieving financial independence early in life
clearly has its benefits. You no longer have to work a job if you don’t enjoy
it, and you can spend more time doing what you’re passionate about. For Shen and
Leung, that’s traveling, and for Allen, it’s writing. For you, it could be
anything.

But FIRE can have its drawbacks, and sometimes
the benefits of the retire early movement can be achieved in other ways.

There are plenty of ways to become financially independent without fully embracing the retire early movement.

The FIRE retirement plan can give you major FOMO

Kali Roberge, now creative director at Beyond Your Hammock, a financial planning firm, found the retire early movement in her early 20s as she struggled to find a promising career path. Roberge graduated into the Great Recession and—like many recent grads at that time—was frustrated by the lack of prospects.

She found FIRE to be a way to sidestep the
traditional rat race. “I felt like if I couldn’t figure out how to make it in
the corporate world with a high-earning job, I needed to make just enough to
get out completely.”

Roberge believes
that achieving financial independence is a worthwhile goal. However, she found
that her intense focus on the
early retirement portion of FIRE resulted in missed experiences and
opportunities. She’d regularly skip movies and other events with friends
to save for the goal of retiring
in her early 30s.

“I really missed a
lot of time that I could have been spending with other people because I
was literally sitting at home to avoid spending money,” she says.

Roberge feels that her commitment to FIRE blinded her to paths that would have enriched her life. “I eventually realized that I could have more freedom and power by exploring ways to earn more rather than just scrimping as much as possible,” she says.

While Roberge realized
that retiring in her 30s wasn’t for her, she now has her sights set on retiring
at the age of 45.

You can be financially independent without retiring early

Shen and Leung have been able to use the FIRE
retirement plan to quit their jobs and follow their passions. But they
emphasize that the “FI” part of FIRE (financial independence) can serve anyone
who wants to take more control over their life.

“You don’t actually have to do the retire
early part,” Leung says. “If you love your job, you can stay there. But
financial independence is all about getting more power back for yourself. Not
being beholden to your boss, not being beholden to debt, not being beholden to
your mortgage.”

Allen echoes this sentiment. “I feel like FIRE should be for everyone,” she says. She also notes that even if you love your job now, that might not always be the case. She believes learning budgeting basics, how to budget your money and investing best practices can help anyone get their financial life in order, while the ethos of following your passions instead of doing what’s expected of you is important for living a fulfilled life.

Whatever you decide, do it with intention,
Roberge recommends. “Make sure you’re committing to this because it’s the right
move for you and your life,” she says. “Money is a valuable resource, but so is
time. We need to make sure we’re leveraging both wisely.”

If retiring early is your goal, consider the money moves you need to make to get there, starting with why you need to make a retirement budget before you actually retire.

Articles may contain information from third-parties. The inclusion of such information does not imply an affiliation with the bank or bank sponsorship, endorsement, or verification regarding the third-party or information.

Source: discover.com

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Apache is functioning normally

May 25, 2023 by Brett Tams

As rent prices continue to soar all over the country, you may be finding yourself entering your first real estate search.

You’re not alone. According to the National Association of Realtors, millennials are ending their leases and buying homes in large numbers. Those in their late 20’s to early 30’s now make up the fastest-growing segment of buyers today. But how to even shop for a home these days?

First-time buyers might remember being dragged to Sunday open houses with their looky-loo parents, but those days are gone. Everything is online, and many real estate apps have sprung up to help buyers find their dream homes.

The 7 Best Home Buying Apps

  • Zillow: Best for overall use
  • Trulia: Best for community insight
  • Homesnap: Best for convenience
  • Redfin: Best for multilevel support
  • Rocket Homes: Best for one-stop shop
  • Realtor.com: Best for reliability
  • Homes.com: Best for quicking listing updates

Best Home Buying Apps at a Glance

App Best For Details Key Feature
Zillow Overall usability Virtual tours Push notifications SEE DETAILS
Realtor.com Reliability 3D tours Detailed descriptions SEE DETAILS
Trulia Community insight 34 map overlays 30M neighborhood reviews SEE DETAILS
Rocket Homes One-stop shop Agents/lenders links Area trend reports SEE DETAILS
Homesnap Convenience High-definition photos Optimized for mobile SEE DETAILS
Redfin Multilevel support User-friendly interface Calculates mortgage/fees SEE DETAILS
Homes.com Quick listing updates Home showings via Zoom Mortgage calculator SEE DETAILS

Zillow


Pro

  • Between for-sale-by-owner and official properties, it provides users access to over 135 million property listings.


Con

  • The “Zestimate” algorithm uses tax records to produce home value estimates, which sometimes are inaccurate.

The Zillow house-hunting app app is the most downloaded real estate app on the Apple store and Google Play — and for good reason. Its database constantly updates and has 36 million users monthly. You can set up push notifications for new real estate listings that meet your search criteria so you’ll never miss out on your potential dream home.

The app allows you to filter real estate listings by price, ZIP code, square footage, must-have features and more. You can even coordinate your search with a partner or roommate by tagging home features and sharing your favorites.

Zillow provides 3-D tours and a scheduling feature to set up an in-person tour. One of its best features is self tours of Zillow-owned homes, a feature available in some markets that allows house hunters to stop by the property at their convenience and simply unlock the house with the app.

Newly added to the Zillow app is a “natural-language search” tool, which responds to user questions in direct fashion, rather than requiring users to type multiple search questions to get to where they want to go.

Realtor.com


Pro

  • It’s the official search portal for the National Association of Realtors, meaning its updates are the most accurate.


Con

  • ​​Clicking on “contact agent” will not go to the listing agent, but instead to a local real estate agent who has paid for this lead service.

Realtor.com is one of the best home buying apps out there for on-market listings. Being the official search portal for the National Association of Realtors means you can trust the home listings that pop up in your search. The data is directly mined from the MLS (multiple listing service) and refreshes every 15 minutes.

The search features include a wide variety of filters and provides the most detailed real estate listing descriptions, which include things like crime rates, school ratings, property tax and history of home value estimates — even things like the neighborhood noise levels or whether a home is in a FEMA flood zone.

Because the app updates so often, setting up push notifications means you’ll quickly know when a new property hits the local market. You’ll also have the power of the “Sign Snap” tool in your pocket the next time you drive by a “for sale” sign. All you have to do is take a photo and Realtor.com pulls all of the home’s details instantly.

Trulia


Pro

  • Shows names and contact information for listing agents, so users know who they would be working with for each listing.


Con

  • You’re prompted to call or email the listing agent on any property you view, which can get in the way of casual browsing.

Acquired by Zillow in 2015, Trulia has access to most of Zillow’s database of over 135 million active listings and has become one of the best real estate apps. What sets it apart is the focus on community insight provided by those who are located in the area you are searching. You’ll not only get details on the property, but information on what it’s like to live in that specific neighborhood.

You’ll be alerted about price reductions and upcoming open houses, and the app will recommend new listings. Insights sourced straight from locals and 34 neighborhood map overlays offer details on commute times, nearby businesses, crime rates, nearby schools, and more.

Two other features added in 2018 distinguishes the Trulia app from others. “What locals say” and “local legal protections,” combine local feedback and public data to provide information about what a neighborhood is like, from level of dog-friendliness, day-in-the-life details, and even how folks decorate for the holidays.

You’ll also be able to see whether there is legislation in the area to protect against discrimination for gender identity or sexual orientation in employment, housing or public accommodations.

Rocket Homes


Pro

  • Lets you access your TransUnion credit report, which is updated every week.


Con

  • ​​Does not provide a home value estimate.

Similar to Trulia, Rocket Homes puts an emphasis on getting to know your soon-to-be neighborhood, but from a market statistics perspective.

This real estate knowledge will come in handy when searching for a home. You can compare properties in the area, seeing how long they’ve been on the market and what they sold for. If you’re not planning on living in your first home forever, this will help give you an idea of what kind of return on investment you can expect from your purchase in the future.

Rocket Homes is a product of Quicken Loans, giving you the opportunity to shop for homes from new and updated listings and have access to lending services all in one place.

This real estate app also helps you stay on track when it comes to some of the more boring parts of purchasing a home, like tracking your credit score. Rocket Homes gives you access to a free TransUnion credit report that is updated frequently, so you know exactly where you stand before starting the mortgage application process.

Homesnap


Pro

  • Get extensive details on a home just by snapping a photo of it.


Con

  • Lack of coverage in some areas; Homesnap must partner with individual multiple listing services.

The Homesnap real estate app is perfect for the on-the-go house hunter. You can simply snap a photo of a home and get all of the data available. This feature means you have real-time connection to your local multiple listing service from the road.

If you choose to search from the comfort of your home instead, the Homesnap app allows you to search for open houses by date, and even provides live-broadcast, virtual showings if you want to avoid mingling with other buyers in person.

You can collaborate with your real estate agent through a built-in private messaging function that automatically saves your listings for quick reference. Like most real estate apps, you have a ton of customizable filters for efficient searching, and will be provided with up to date information about the home and neighborhood like commute times, satellite photos and more.

Redfin


Pro

  • Updates every five minutes so you never miss a new listing.


Con

  • ​​If you don’t live in one of the 90 U.S. and Canada markets where Redfin has agents, you won’t be able to connect with one.

Redfin’s out-of-the-box-business model combines the convenience of a high-performance app and the expertise you can only get by working with a real estate agent directly. Because Redfin is also a brokerage firm, you’ll have access to their top-quality real estate agents.

Working with a real estate agent gives you more in-depth market insights so you can make smart home buying decisions. And through the “Hot Homes” feature you’ll know which homes are more likely to sell fast so you don’t miss your chance of putting in an offer while house hunting.

Redfin also recently updated its data on climate risk, school ratings and neighborhood amenities.

Homes.com


Pro

  • Most of 2020 was spent updating the speed and user-friendliness of the app.


Con

  • ​​Limited information on neighborhood and demographic data.

The Homes.com app is partnered with the MLS to bring you quality leads on your home buying search. The app offers a plethora of filter criteria like the other apps, such as square footage, ZIP code, number of bedrooms and bathrooms, but has an emphasis on lifestyle. Not only will you find the best house, but in the neighborhood that’s right for you.

The exclamation icon makes it easy to spot new real estate listings when scrolling through your search results. You also have the option to “favorite” or “block” certain properties in your feed so you can revisit the ones you love and eliminate the ones you don’t.

The mortgage calculator on Homes.com includes specific financing options like FHA (Federal Housing Administration) loans and special rates for active military members or retired veterans.

Frequently Asked Questions (FAQs) About Home Buying Apps

There’s a lot of home buying apps to pick from when you are seriously or even casually looking for a home. We’ve rounded up answers to some of the most common questions about home buying apps.

Which App is Best for Buying a House?

The best app for buying a house is the one that fits your needs. But Zillow is the most popular because it does a lot of things right, including allowing users to filter information by price, ZIP code, square footage, must-have features and more. Zillow also lists for-sale-by-owner homes. Zillow is the most downloaded real estate app on the Apple store and Google Play. It gets a 4.7 rating out of 5 from 475K reviews on Google Play. In the Apple App store, more than 6 million reviews get Zillow a 4.8 rating.

What are Home Buying Apps?

Home buying apps are mobile tools accessible on various digital devices that let users see listings to buy, sell or rent a property. Different apps have unique features but all of them include multiple photos of properties, prices, property tax and loan information and the ability to connect with real estate professionals.

Home buying apps provide many benefits to users because of their national coverage and even global offerings. Users can see maps and learn about neighborhoods, too. Best of all, they are free.

How Accurate are Home Buying Apps?

Because home buying apps take information from various sources, there will always be a margin of error in valuations. Estimated values are made from information gathered from county and tax assessor records, multiple listing services and real estate companies. 

For properties on the market, the apps should have accurate asking prices or rental amounts. Where there is more variation is on property estimates, including for properties not on the market. You should consider these ballpark figures and not 100% accurate especially in a hot market when prices are jumping seemingly daily.. The apps are a good place to start but most people follow that information with a call to a real estate professional.

What is the Best House Hunting Site?

Zillow is the best overall site with its massive listing bank while Realtor.com is tops for reliable information. Trulia is excellent if you want more information about the community around a home. Homesnap is tops for photos and it is optimized well for mobile. If you want to connect with a Realtor, check out Redfin and if you want a direct line to a lending service, Rocket Homes may be the right pick for you.

Which App is Better: Zillow or Redfin?

Zillow edges out Redfin because of its massive reach. Redfin is not available in every market. However, Redfin is a brokerage which connects directly to the massive database of real estate listings commonly called MLS. Zillow does not do that. Zillow allows for sale by owner listings and Redfin does not.

What is the Most Popular Real Estate Website?

Zillow is the leading real estate website with more than 36 million unique visitors a month and about 135 million live listings. Trulia, which Zillow has owned since 2015, comes in second with 23 million unique visitors. Zillow was founded in Seattle in 2006 and claims to be the most accurate at price estimates, called ‘Zestimates” though there are lots of claims otherwise. 

The Bottom Line About Home-Buying Apps

As you can see, if you’re ready to break up with your landlord, calculate what down payment you can afford and start your journey to home ownership, you have plenty of house-hunting apps to take advantage of.

Along with all the other details involved in this adventure, it may take some trial and error to find the app that hones in on your specific house-hunting search criteria. But it’s worth spending the time if it helps you get everything you want in your first home.

Contributor Tiffany Beyer is a social media coordinator and marketer specializing based in St. Petersburg, Florida. She specializes in real estate and lifestyle issues stories. Freelancer Kent McDill contributed to this post. 

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Apache is functioning normally

May 25, 2023 by Brett Tams

Hello! Here’s an awesome post from my friend Emma. As you know, we recently downsized and we now live in our RV. Life is awesome!

In August of 2015, we returned from 15 months of travel through Mexico and Europe with our young son.

We saved hard throughout my pregnancy and were able to fund 15 months of travel with our savings.

However, eventually our savings ran out and we had to go home. Although the savings account was decimated, my attitude to life was completely altered.

I was hooked and wanted to make travel a core part of my everyday lifestyle. I came up with a slightly crazy goal of chasing the summer around the world, traveling for months at a time – between hemispheres, across oceans. Cruise ships. Train travel. Driving an RV across the US.

Wherever we wanted to go.

I knew we’d have to make huge changes to our life to pull it off but I was determined. Not only would we need to drastically reduce our expenses, we also had to build a business that was online so we could work on our own terms – and get paid regardless of where we were in the world. However, after time away from the workforce our retirement savings had suffered and we were moving back to a large mortgage which required a stable paycheck. Returning to an office job, whilst putting our son in daycare, in order to pay a large mortgage sounded like the complete opposite of my dream.

Not one to easily accept defeat, I kept thinking and reflecting. The solution came whilst my husband and I were discussing our return home over a cafe con leche in Spain. We always assumed we’d move back into the large bungalow we’d lived in before departing for our trip. The bungalow was rented out whilst we traveled and all of our belongings were in storage. However, after almost a year of living out of suitcases the thought of unpacking all of our stuff was overwhelming.

We knew that we could live a simpler life, as we’d been very happy traveling with minimal possessions.

We own a smaller, 2 bedroom 860 sq/ft townhouse that was purchased as a rental investment property. I suggested to my husband that we could move to the smaller property and keep the renters in the larger house. After all, the smaller house was still bigger than almost every hotel room and vacation rental we had stayed in.

After some number crunching, we decided to try living smaller and we’ve discovered it suits our lifestyle perfectly.

Here’s why:

Drastically reduced expenses

All of our core bills have been slashed – we now have a lower monthly mortgage payment, lower property taxes, and much lower utility bills.

This combined with increased income from rent on the larger house nets us over $1000 per month. That means we can afford to maintain our lifestyle on my husband’s income, allowing me the financial breathing room to build the business without the pressure of needing to bring in an income right away.

Related: How To Live On One Income

Potential Airbnb rental

One of the ways we plan to fund our travels is by renting out our house on Airbnb when we travel.

An older, larger house in the suburbs isn’t as appealing to guests as a more compact and well-serviced property, close to public transit and beaches. The house will need a full renovation – including a new kitchen, bathroom and dining room conversion – to be up to vacation rental standard but the work is not super-urgent. We can live with it until my business is bringing in more income.

Reduced cleaning time

Any person will tell you that trying to get stuff done – like build a business – with small children around is difficult. I want to spend nap time working on my business, not cleaning up.

Thankfully, I can now vacuum 80% of my house from one socket. We only have one (teeny tiny) bathroom to clean. Less time cleaning means more time working on my business. Saving time is as important as saving money for me right now.

Forced minimalism

We’ve actively decluttered by reducing our belongings down to the essentials and those which give us joy. It’s a work in progress but eventually, we hope to get to the stage where our personal belongings are able to be packed up in a day – and stored securely – so we could take off travelling and leave just the core essentials for Airbnb guests.

I’m committed to donating one bag of items to charity and listing one item of value for sale online each week. So far, I’ve made over $200 getting rid of stuff we don’t need.

Better neighborhood

Often smaller accommodation is found in more densely populated areas with better local services. This is certainly the case for us. We purchased the smaller property for $30,000 less than the cost of our larger suburban property.

Our new neighborhood is close to all amenities and is an employment centre with a lot of manufacturing and services. We have everything we need within walking distance which means we walk a lot. To the supermarket, the playground, preschool. This saves money on gas and other car expenses and is better for our health.

No long commute

We targeted the surrounding area when hunting for jobs for my husband and were successful in finding a position a ten minute bike ride away.

This is great because he gets home sooner which gives me more time to work on the business while he wrangles the boys. Plus, we can remain a one-car family which helps to keep our expenses down.

Our dream life is now within reach

I have a dream of chasing the sun around the world. That means we’d like to be able to travel internationally for at least three months of every year.

With two adults and two kids to pay for we require a travel fund of approximately $15,000 per year. To make that happen, we need to create a location-independent business and have our house generate income whilst we travel.

By downsizing our house and slashing our expenses, we’ve been able to align our financial reality with our dreams. I’m so excited to put this plan in motion and I’m hopeful a lifetime full of travel will be worth the tradeoff of having to share my (only) bathroom with three boys for the next 18 years.

Author bio: Emma Healey is a mother of two. She writes about living well in small spaces with kids on her blog Little House, Lovely Home.

Are you interested in downsizing? Why or why not? How much money could it save you?

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Apache is functioning normally

May 24, 2023 by Brett Tams

As an Amazon Associate I earn from qualifying purchases.

Top-10-tax-credit-apartments-in-dc

It’s not easy to find affordable housing in Washington, DC.  One option is to see if you qualify for workforce housing otherwise known as Tax Credit Housing.  Tax credit housing provides housing for those individuals making 50 or 60% of the area median income. AMI  You can learn more about DC’s tax credit program and qualifications here.

If you qualify, we found ten tax credit communities that you can call your home.

tax-credit-properties-DC-Archer-Park

Archer Park

1200 Mississippi Avenue SE
Washington, DC 20020

Welcome Home to Archer Park Apartments, brand new one and two-bedroom apartment home tax credit community. Each home was designed with you in mind; Energy Star Stainless Steel appliance package, laminate flooring throughout, stackable washer and dryer in each home. The community has a fitness facility, business center, and concierge.

tax-credit-apartments-DC-worthington-woods

Worthington Woods

4419 3rd Street SE
Washington, DC 20032

Just minutes to South Capitol Street, Worthington Woods offers you easy access to downtown Washington DC and Bolling Air Force Base. The community located in Southeast Washington, DC is less than half a mile commute to many restaurants and shops including Ledo Pizza, Subway, Rite Aid Pharmacy and CVS Pharmacy.

 tax-credit-properties-DC-sheridan-station

Sheridan Station

2516 Sheridan Road SE
Washington, DC 20020

Steps away from all of the possibilities of Washington, D.C., in addition to public transportation, Sheridan Station Apartments, the premier apartment community in D.C., boasts a central location in the heart of the city. With Sheridan Station Apartments, there is no need to venture anywhere else to experience maintenance-free apartment living at its finest.

 tax-credit-properties-DC-sheridan-station

Park Vista

3432 13th Street SE
Washington, DC 20032

Completely renovated apartments homes nestled in Congress Heights offer you the amenities you want at prices you can afford. With newly renovated kitchens, washer/dryers in each home, and open floor plans, enjoy the comfort and convenience of these new homes on a quiet, tree-lined street.

tax-credit-properties-DC-Fairway-park

Fairway Park

2100 Maryland Avenue NE
Washington, DC 20002

Welcome to Fairway Park; Langston neighborhood’s newest apartment community. These completely renovated DC apartments offer community space, energy efficient appliances, and a new washer and dryer in every home. You’ll be just feet from the Langston golf course, Langston Bar & Grill, Argonaut, Safeway, and H Street Playhouse. So much convenience, so much charm, so many reasons to call Fairway Park home!

tax-credit-properties-DC-Shipley-Park

Shipley Park

2532 Southern Avenue SE
Washington, DC 20020

Shipley Park has worked to bring function and design to your apartment’s kitchen and bathroom. We invite you to visit and see Shipley Park’s range of practical features designed to make your every day experience even more delightful. Experience the new hardwood floors, oak kitchen cabinets and a breakfast bar in your one or two bedroom apartment. Enjoy easy access to shopping, the Town Hall Art and Recreation Campus (THEARC), a neighborhood splash park and the Suitland Parkway.

tax-credit-properties-DC-jasper-place

Jasper Place

1350 Jasper Street SE
Washington, DC 20020

Jasper Place Apartments, located in southeast Washington, DC recently renovated all of their floor plans. They now offer new one bedroom and two bedroom apartment homes for rent, equipped with wood laminate flooring, new granite counter tops, new cabinets, and an energy efficient appliance package that includes stainless steel dishwashers and microwaves! To ensure that Jasper Place delivers an affordable apartment living experience, some utilities are included in the rent. This is what we call affordable luxury with comfort.

tax-credit-properties-DC-jasper-place

1708 T Street SE
Washington, DC 20020

Located in southeast Washington, DC, T Street recently renovated all of their floor plans. Now offering one bedroom and two bedroom apartment homes for rent, equipped with wood laminate flooring, new granite counter tops, new cabinets, and an energy efficient appliance package that includes stainless steel dishwashers and microwaves!

tax-credit-properties-DC-washington-view

Washington View

2629 Stanton Road SE
Washington, DC 20020

 

Richly landscaped grounds surrounded by estate fencing envelop Washington View Apartment Homes. These beautifully renovated and affordable DC apartments are perched up on a hill, providing residents with spectacular views of Washington, DC. We offer after-school programs, a computer lab, a sparkling swimming pool and shuttle service to the nearby Anacostia Metro and shopping.

tax-credit-properties-DC-Summit-at-saint-martins

The Summit at St. Martins

116 T Street NE
Washington, DC 20002

 

The Summit at St. Martin’s Apartments in NE Washington, DC offers affordable one and two bedroom apartments for rent with all of the conveniences and services for carefree city living. Our modern apartment homes feature bright, open floor plans with high-class finishes, including washer and dryer hookups, gourmet kitchens and spacious closets. Our pet-friendly apartment community has many great conveniences with a fitness center, Internet Cafe and its own landscaped courtyard for outdoor entertainment.The Summit at St. Martin’s is conveniently located in the Eckington neighborhood of NE DC. Take advantage of modern living that is within easy access to transportation, shopping, dining and more! Call today for availability! Income guidelines apply. Habitat America, LLC

Amazon and the Amazon logo are trademarks of Amazon.com, Inc, or its affiliates. Rental providers will not refuse to rent a rental unit to a person because the person will provide the rental payment, in whole or in part, through a voucher for rental housing assistance provided by the District or federal government.



Also published on Medium.

Top Ten Tax Credit Apartments in Washington DC
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Top Ten Tax Credit Apartments in Washington DC
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Holli Beckman
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Apache is functioning normally

May 24, 2023 by Brett Tams

You don’t have to be a tree-hugger to want to embrace a more green commute. Not only does going green in your commute help your environment, it can also help your wallet. Considering the current gas crisis and the rising prices at the pump, wanting to go green has never been more been more beneficial.

75 percent of Americans get to work by driving solo — so green commuting offers an opportunity to make a big difference for the environment. And with many cities offering a “Guaranteed Ride Home” program to bikers, carpoolers and public transit users, there’s no reason not give one of these options a try. In fact, several communities are actually making the most of green commuting options

top green commutes for america

It’s impressive that military-based communities such as Colorado Springs, Biloxi and Bremerton have embraced the green commuting lifestyle. While larger city neighborhoods such as Koreatown, NY, Hudson Exchange, NJ, Boston’s Beacon Hill and Dupont Circle, DC might come as no surprise given the city’s large transport infrastructure, it’s surprising to find that a smaller city such as Ann Arbor, MI would also make the list.

Are you one of America’s green commuters? Think your area does a lot better than one of these? Comment below and let us know.

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Apache is functioning normally

May 24, 2023 by Brett Tams


Written by

Updated Jan 18, 2023

At Bankrate, we strive to help you make smarter financial decisions. To help readers understand how insurance affects their finances, we have licensed insurance professionals on staff who have spent a combined 47 years in the auto, home and life insurance industries. While we adhere to strict
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Bankrate follows a strict editorial policy,
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who ensure everything we publish is objective, accurate and trustworthy.

Our insurance team is composed of agents, data analysts, and customers like you. They focus on the points consumers care about most — price, customer service, policy features and savings opportunities — so you can feel confident about which provider is right for you.

  • We guide you throughout your search and help you understand your coverage options.
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All providers discussed on our site are vetted based on the value they provide. And we constantly review our criteria to ensure we’re putting accuracy first.

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At a glance

BANKRATE AWARDS 2023 WINNER

Best auto insurance company overall (tie)

See why it won

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4.4

Rating: 4.4 stars out of 5

Bankrate Score


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Auto

Rating: 4.4 stars out of 5

4.4


Caret Down

Cost & ratings

Rating: 4.6 stars out of 5

4.6



Coverage

Rating: 4 stars out of 5

4.0



Support

Rating: 4.7 stars out of 5

4.7


Home

Rating: 0 stars out of 5

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About Bankrate Score

Bottom Line

Policyholders who value cheaper car insurance and digital capabilities over bundling multiple insurance policies with the same company might consider Geico as their company of choice.

  • Low average premiums for high-risk drivers

  • Robust online and mobile app accessibility

  • Multi-policy discounts available

  • Avg. annual auto insurance premium for full coverage: $1,353
  • Avg. annual auto insurance premium for min coverage: $373
  • Avg. annual home insurance premium for $250k dwelling coverage: $
  • Customer service: 1-800-207-7847
  • Claims: Claims can be filed and managed online through Geico’s website or mobile app, or by calling its toll-free claim number at 1-800-841-3000. For a comprehensive list of claims numbers, please visit the company’s claims reporting page.
  • Emergency roadside assistance: This can be done online through Geico’s website or mobile app, or by calling 1-800-424-3426.

Answer a few questions to see personalized rates from top carriers

Geico car insurance

Geico car insurance received a Bankrate Score of 4.4 out of 5 points. To determine this Score, our insurance editorial team reviewed Geico’s average premiums, coverage options, discounts, customer satisfaction, financial strength and digital insurance features. The better a company performed in each of these categories, the higher its overall Bankrate Score.

Along with its high Bankrate Score, Geico was also named one of this year’s best car insurance companies overall, as well as the best budget car insurance company in the 2023 Bankrate Awards. Thanks in part to its overall lower-than-average premiums and plentiful discount opportunities, Geico may be a good choice for drivers looking for a cheap premium. Average Geico car insurance rates are also significantly cheaper than the national average when adding a young driver to the policy.

Bankrate Award winner for best auto insurance company overall and best budget auto insurance company

Bankrate’s insurance editorial team has decades of combined industry experience, and we use our expertise to uncover the best insurance companies through our annual Bankrate Awards.

Our goal is to give consumers an easy way to find a company that fits their unique circumstances. Based on our extensive research, we’ve recognized Geico as a 2023 Bankrate Award winner for the best overall auto insurance company and the best budget auto insurance company.

Why Geico won

Geico offers below-average auto insurance rates as well as a solid mix of coverage options, discounts and digital tools. These factors, combined with customer satisfaction and financial strength scores, earned Geico Bankrate Awards for best overall auto insurance company and best budget auto insurance company.

  • To choose the best overall auto insurance company, we started by gathering information from over 150 insurance companies. We researched average quoted annual premiums obtained from Quadrant Information Services for all 50 states and Washington, D.C., because we know that price is a top concern for many shoppers. We also know that service and financial strength are important, so we also evaluated third-party scores and ratings from J.D. Power, the National Association of Insurance Commissioners (NAIC), AM Best, Standard & Poor’s (S&P) and Moody’s. To ensure that we chose companies that offer the coverage that drivers need, we next reviewed available coverage options and discounts. Finally, we considered each company’s local agency presence, digital tool functionality, corporate sustainability and national availability (which we define as being available in at least 48 states, since Alaska and Hawaii often present unique challenges to insurers). While our Bankrate Awards can serve as a helpful guide, keep in mind that each insurance company has its own underwriting and pricing regulations, which means eligibility and rates will vary. We chose to feature two companies, Amica and Geico, as the best overall to help a wider range of drivers.

    Price was the most important factor as we looked for the best budget auto insurance company. We obtained average quoted premiums from Quadrant Information Services for all 50 states and Washington, D.C., then analyzed the rates by a number of driver profiles. We weighed the national average rate most heavily in our analysis, but also considered coverage options, discounts, third-party scores and digital tools. Geico consistently offers low average rates and has a long list of discounts that could lower premiums even more.

Geico car insurance is available in all 50 states and Washington, D.C. Its coverage options are generally standard, and it does not have as many optional add-ons as some other car insurance carriers. The only additional options listed on Geico’s website are emergency roadside service, rental reimbursement and mechanical breakdown insurance.

Pros and cons of Geico car insurance

If you’re comparing auto insurance rates, considering Geico’s pros and cons might help you in your decision.

PROS


  • Checkmark

    Average rates are lower than the national average


  • Checkmark

    Average rates for drivers with an at-fault accident or moving violation on their record may be more affordable than competitors


  • Checkmark

    Robust digital tools for online policy management

CONS


  • Close X

    May have limited local agencies for those who want in-person support


  • Close X

    Fewer optional coverage add-ons than competitors


  • Close X

    Mobile app is highly-rated in the app store, but the company scored below the segment average for service in the J.D. Power U.S. Insurance Digital Experience Study

Geico car insurance cost

Based on Bankrate’s study of rate data from Quadrant Information Services, Geico is one of the cheapest car insurance companies. Its 2023 average cost of car insurance is $1,353 per year for full coverage and $373 per year for minimum coverage. This is notably lower than the 2023 national average cost of car insurance at $2,014 per year for full coverage.

Geico car insurance rates by driving history

Car insurance companies may weigh driving records heavily when it comes to calculating car insurance rates. An at-fault accident or moving conviction, such as a speeding ticket or DUI, could make your car insurance more expensive compared to a driver with no accidents or tickets on their record. Below is a comparison of rates for drivers with different driving histories. A DUI conviction has been excluded as some insurance carriers may not accept drivers with a DUI.

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Geico average monthly full coverage premium Geico average annual full coverage premium National average annual full coverage premium
Clean driving history $113 $1,353 $2,014
Speeding ticket conviction $138 $1,658 $2,427
At-fault accident $166 $1,988 $2,854
Geico average monthly minimum coverage premium Geico average annual minimum coverage premium National average annual minimum coverage premium
Clean driving history $31 $373 $622
Speeding ticket conviction $38 $455 $748
At-fault accident $46 $551 $892

Geico car insurance quotes by age

The age of a driver and the years of driving experience they’ve accumulated may also play an important role in determining car insurance rates. Young drivers and those who are newly licensed typically pay more for car insurance than drivers with more years of experience behind the wheel. Average insurance rates by age show that auto insurance premiums do tend to decrease over time until your 60s, but you may be able to find the best car insurance rate at any age by compiling car insurance quotes.

Below are comparisons that show young drivers both on and off their parents’ policy, as well as how they compare to other age groups. All rates are for drivers with a clean driving record.

Average cost of car insurance for drivers on their parents’ policy

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Geico average monthly full coverage premium Geico average annual full coverage premium National average annual full coverage premium
Age 16 $248 $2,977 $4,392
Age 17 $229 $2,753 $4,102
Age 18 $210 $2,523 $3,837
Age 19 $184 $2,212 $3,345
Age 20 $171 $2,054 $3,149
Geico average monthly minimum coverage premium Geico average annual minimum coverage premium National average annual minimum coverage premium
Age 16 $74 $886 $1,470
Age 17 $68 $811 $1,362
Age 18 $61 $733 $1,261
Age 19 $53 $633 $1,070
Age 20 $48 $580 $995

Average cost of car insurance for drivers on their own policy

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Geico average monthly full coverage premium Geico average annual full coverage premium National average annual full coverage premium
Age 18 $337 $4,048 $6,110
Age 25 $132 $1,584 $2,473
Age 30 $116 $1,389 $2,125
Age 40 $113 $1,353 $2,014
Age 60 $105 $1,264 $1,824
Geico average monthly minimum coverage premium Geico average annual minimum coverage premium National average annual minimum coverage premium
Age 18 $98 $1,175 $1,967
Age 25 $36 $432 $747
Age 30 $32 $379 $647
Age 40 $31 $373 $622
Age 60 $29 $352 $578

You may be eligible for a discount if you are a member or employee of a participating affiliate company or organization.

Both active duty and retired military policyholders, as well as members of the National Guard or Reserves, may save up to 15 percent on Geico auto insurance.

Geico provides up to 25 percent off car insurance for service members who experience an emergency deployment.

This usage-based telematics program tracks participating members’ driving habits and may offer premium discounts to safe drivers.

Geico may extend a discount to policyholders who insure multiple vehicles on the same policy.

Full-time students who maintain a strong academic record may receive a discount of up to 15 percent.

Geico car tools and benefits

Geico has partnered with TrueCar to create its Geico Car Buying Service. With this program, Geico policyholders can research their desired car’s market value and receive assistance from TrueCar’s Certified Dealers. After purchasing their vehicle, Geico members can use Geico Mobile’s Vehicle Care app, created through a partnership with CARFAX, to track their service history, access recall information and set maintenance reminders.

Drivers 50-years-old and older in certain states may qualify for policy renewal for life through Geico’s Prime Time contract. However, there are eligibility requirements. For example, there can be no drivers listed on the policy under the age of 25, no drivers on the policy can have received a violation or been involved in an accident in the past three years, and you can’t use your vehicle for business purposes. Still, this unique contract could provide peace of mind for those who are eligible.

Geico home insurance

Geico does not write its own home insurance policies, but it works with non-affiliated insurance companies to provide homeowners insurance quotes to interested customers. The policies are secured through GEICO Insurance Agency, LLC, and may require additional research to see if they offer the best homeowners insurance for your needs. Although coverage options and discounts may vary based on the partner company, Geico does advertise a bundling discount for auto insurance customers who add a property insurance policy through the carrier.

Geico life insurance

Similar to its home insurance policies, Geico life insurance is offered through partner companies.

Geico’s partnered life insurance offerings are available in three policy types: term life, whole life and universal life insurance. Term life insurance provides coverage for a specific amount of time, such as 10 or 30 years, and is typically used to replace lost income and cover future expenses if the policyholder passes away during the policy term. Customers may be able to obtain a term life insurance policy through Geico’s partner companies with no medical exam, but they will likely still have to fill out a health and lifestyle questionnaire.

Whole life insurance and universal life insurance are both types of permanent life insurance. These policies do not have a policy end date as long as policy terms are fulfilled. In addition to helping with income, permanent life insurance policies could also be an integral part of estate planning.

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Geico customer satisfaction

Bankrate analyzes a variety of metrics to evaluate an insurance company’s customer satisfaction, including third-party scores issued by J.D. Power. Every year, J.D. Power studies customer satisfaction, claims satisfaction and digital experience for various insurance companies across the country and issues them scores in each subject, with 1,000 being the highest score possible.

Our editorial team also considers the National Association of Insurance Commissioners (NAIC) complaint index. The NAIC keeps track of how many complaints are lodged against an insurance company and translates this data into a complaint index score. To understand this data, know the baseline (or average) amount of customer complaints is 1.0. A complaint index score higher than 1.0 means the company receives more complaints on average for its size and vice versa.

Geico auto satisfaction

Geico’s scores in the J.D. Power 2022 U.S. Auto Insurance Study vary depending on the region. Although it often scored above the segment average, it fell short in Texas and the Mid-Atlantic and Southeast regions. Additionally, it landed just above the industry average for claims satisfaction in the J.D. Power 2022 U.S. Auto Claims Satisfaction Study.

Geico’s full-service mobile app and online customer portals may be a big perk for tech-savvy shoppers. While it is true that the app is highly-rated on the App store and Google Play, the company fell under the segment average in the service category in the J.D. Power 2022 U.S. Insurance Digital Experience Study. Consumers may be more satisfied with Geico’s online sales flow as the company scored above average in the shopping category.

Regarding the NAIC complaint index, Geico has fewer complaints, on average, about its private passenger auto insurance for a company of its size, with a complaint index of 0.68. This index may indicate that Geico’s auto insurance policyholders are generally happy with the company’s service.

How to file a claim with Geico

Filing a claim with Geico can be done online through its website or the mobile app. Policyholders may also call the company’s claims line at 800-841-3000.

As Geico homeowners insurance is offered through partner companies, contact information for property claims may vary based on the company that writes your policy. A comprehensive list of property claims contact numbers can be found on Geico’s website.

Geico availability

Geico is available in all 50 states and Washington, D.C.

Other Geico perks worth considering

Auto insurance may be Geico’s most popular product, but customers can also access the following:

  • Travel insurance: Offered through Berkshire Hathaway Travel Protection, this insurance could help insure your travel costs including trip cancellations, lost or stolen travel documents or unplanned medical costs.
  • Jewelry insurance: Geico has partnered with Jewelers Mutual Insurance Group to help customers insure valuable and sentimental jewelry against theft, damage and loss.
  • Pet insurance: Caring for a pet can be a major expense, but pet insurance may help decrease some of the costs. Geico works with partner insurance carriers to provide coverage for most accidents, non-pre existing illnesses, dental care and more.

Geico corporate sustainability

Geico supports three main initiatives through the Geico Philanthropic Foundation: education, community engagement and equity, justice, diversity and inclusion. The Foundation has donated an average of $6-8 million annually to over 7,000 charities in the last twenty years. It encourages policyholders and the wider public to submit their 501(c)(3) non-profit organizations for donation consideration, provided that the non-profit meets Geico’s criteria. Nominations can be made from the start of the year to November 30.

Not sure if Geico is right for you?

If you’re still wondering if Geico could be a good fit for your insurance needs, you may want to consider requesting quotes from the companies below:

Geico vs. Esurance

As a fully digital insurance company, Esurance offers a robust digital app experience and may be another good option for those who want to manage their own policies. Its telematics DriveSense mobile app may allow Esurance customers and non-policyholders to earn rewards and discounts by tracking real-time driving habits and behaviors. However, Esurance does not advertise as many discounts as Geico and has higher average auto insurance premiums.

Learn more: Esurance Insurance review

Geico vs. Nationwide

Low-mileage drivers and those who want to build safe driving habits may appreciate Nationwide’s two telematics programs: SmartMiles and SmartRide. Nationwide could also be an option for those who want to bundle home and auto insurance with the same carrier, as the company writes its own homeowners insurance policies. Consumers should note that Nationwide did score below the industry average in J.D. Power’s auto claims satisfaction study.

Learn more: Nationwide Insurance review

Geico vs. Progressive

Progressive offers a long list of car insurance discounts as well as numerous home insurance discounts for those looking to save on both policy types. The company’s Name Your Price tool may also help customers take a price-first approach to their car insurance and find coverage that fits their budget. Progressive auto insurance is available in all 50 states, but homeowners insurance is not, so potential customers may want to verify availability when researching this carrier.

Learn more: Progressive Insurance review

Is Geico a good insurance company?

Bankrate’s insurance editorial staff includes three licensed agents, and we aim to share our intimate industry knowledge to help our readers choose the best insurance company that suits their needs. Insurance is complex, and we know that finding the right carrier isn’t always easy. That’s why we spend hundreds of hours each year conducting in-depth insurance company reviews.

Bankrate’s Geico insurance review also revealed that the company does not underwrite many insurance products other than car insurance. However, its partnerships with non-affiliated companies could allow customers to purchase most types of insurance including home, umbrella and life. Additional research may be required on these carriers to see if they’re the right fit.

Clock Wait

46

years of industry expertise

122

carriers reviewed

20.7K

ZIP codes examined

Dollar Coin

1.2M

quotes analyzed

Methodology

Auto

Bankrate utilizes Quadrant Information Services to analyze 2023 rates for ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:

  • $100,000 bodily injury liability per person
  • $300,000 bodily injury liability per accident
  • $50,000 property damage liability per accident
  • $100,000 uninsured motorist bodily injury per person
  • $300,000 uninsured motorist bodily injury per accident
  • $500 collision deductible
  • $500 comprehensive deductible

To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our base profile drivers own a 2021 Toyota Camry, commute five days a week and drive 12,000 miles annually.

These are sample rates and should only be used for comparative purposes.

Age: Rates were calculated by evaluating our base profile with the ages 18-60 (base: 40 years) applied. Depending on age, drivers may be a renter or homeowner. Age is not a contributing rating factor in Hawaii and Massachusetts due to state regulations.

Incidents: Rates were calculated by evaluating our base profile with the following incidents applied: clean record (base), at-fault accident and single speeding ticket.

Bankrate Scores

Our 2023 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.

Like our previous Bankrate Scores, each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. This year, our 2023 scoring model provides a more comprehensive view, indicating when companies excel across several key areas and better highlighting where they fall short.

  • Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, 2023 quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best and the NAIC, were analyzed.
  • Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
  • Tier 3 (Support): To encompass the many ways an auto insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.

Tier scores are unweighted to show the company’s true score in each category out of a possible five points.

Source: thesimpledollar.com

Posted in: Apartment Decorating Tagged: 2, 2021, 2022, 2023, About, accessibility, active, actual, Advertising, advice, affordable, age, agents, All, analysis, app, Appreciate, assessment, Auto, auto insurance, average, Awards, Benefits, best, big, Budget, build, business, Buying, car, car buying, Car Insurance, car insurance discounts, car insurance rates, categories, choice, Choices, Clean, codes, commissions, commute, companies, company, Compensation, confidence, cons, Consumers, cost, country, Credit, credit score, credit score range, customer service, data, decades, decision, decisions, Deductible, Digital, disclosure, Discounts, diversity, Drivers, driving, education, Emergency, Encompass, engagement, equity, estate, Estate Planning, existing, expense, expenses, expensive, experience, Expert advice, experts, Fall, Features, Fees, Finance, finances, financial journey, Financial Wize, FinancialWize, foundation, Free, future, Giving, goal, good, good credit, Google, guide, Guides, habits, hawaii, health, helpful, history, home, home equity, Home Insurance, home lending, Homeowner, homeowners, homeowners insurance, hours, How To, impact, Income, index, industry, Insurance, insurance coverage, insurance premiums, journey, Law, Learn, lending, liability, Life, life insurance, life insurance policy, Lifestyle, Links, list, LLC, Local, low, LOWER, Main, maintenance, Make, Make Money, making, manage, market, Massachusetts, Medical, Medical Costs, member, miles, military, mobile, Mobile App, model, money, More, Mortgage, most popular, Moving, needs, offer, offers, or, organization, Other, parents, Partnerships, party, peace, percent, permanent life insurance, Personal, personal finance, Pet, place, Planning, play, points, policies, poor, Popular, premium, present, price, priorities, products, Professionals, programs, property, property insurance, pros, Pros and Cons, protection, Purchase, quality, questions, Quotes, rate, Rates, ratings, rental, renter, renters, Research, Review, Reviews, rewards, right, risk, s&p, safe, sales, save, Save Money, savings, search, shopping, short, simple, single, smart, states, student, students, sustainability, Tech, term life insurance, texas, theft, time, tools, tracking, Travel, travel insurance, trust, under, Underwriting, unique, universal life insurance, value, vehicles, washington, whole life insurance, will, working, young

Apache is functioning normally

May 24, 2023 by Brett Tams

To live in a rural, suburban or urban area, that is the question. When you’re thinking about moving to a new location, you need to think about the rental and the area in which it is located.

Each type of area — rural, suburban and urban — has its merits. In this article, we are going to deep dive into what it’s like living in a suburban area. We will touch on rural versus urban areas, as well.

So, let’s jump in so you can decide if renting an apartment or home in a suburban area is right for you.

What is a suburban area?

When you think of “the burbs,” you may picture a housing community outside of the city center and full of tree-lined streets and charming houses sitting side-by-side. While this is a little cliche, the general idea is accurate.

Suburban areas are generally more residential, have less dense populations and are located farther from the city center itself. Here is how the Census Bureau defines each type of area.

Rural area

Rural areas are defined as areas with open countryside and fewer than 2,500 people. Rural areas are small towns with a less dense population, typically located in areas with more open spaces and fewer commercial buildings. Rural areas have less expensive rent but fewer amenities and activities.

Suburban area

Suburban areas are kind of like a hybrid between rural and urban areas. They are more populated than rural communities but less crowded and populated compared to urban areas. Suburban areas are also closer to the main city center or urban area.

Metro or urban area

Urban areas or metro areas are your large city centers. Think San Francisco, Chicago or Manhattan. Those are large, metro areas comprised of both residential and commercial areas.

For a city to be considered an “urban area,” it must have a population of at least 50,000 people or more or have “urban clusters” with a population between 2,500 and 50,000 people, according to Census Bureau information.

The exact definitions and delineations between rural, suburban and urban are muddy. However, you can easily think of rural as the smallest type of town, urban as the largest and suburban somewhere in the middle. It’s the Goldilocks of city sizes and areas.

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11 qualities of a suburban area

Now that you understand the difference between rural, suburban and urban, let’s dive into some of the things that distinguish a suburban area. Depending on the person, these qualities could be upsides or downsides, but we will let you be the judge of that.

1. Space

Because you aren’t located in the heart of the city, you’ll generally have more living space in a suburban area. If you rent a home or townhouse, you’ll likely have a yard and patio of your own to enjoy. If you rent an apartment, you can probably find larger apartments for a more reasonable price compared to an apartment in the city itself. Living in a suburban area, you’re likely to have more space in which to spread out.

2. Located near common amenities

Living in a suburban area, you’ll be near common amenities, like grocery stores, coffee shops and gas stations, but you may not be within walking distance, as you would in a city. Because things are more spaced out in a suburban area, you’re close to amenities but may need to catch a bus or take your own car. Not everything is within walking distance in a suburban area.

3. Larger houses or rentals

In a suburban area, you have more real estate to work with. This means that the houses and apartments are generally larger in suburban areas compared to the metro area. You might be able to find a two-bedroom apartment that is comparable in price to a one-bedroom or studio in the city. You’re farther from the city but you’ll find more space for your dollar amount.

4. Close-knit community

When you’re in a suburban area, you’re part of a neighborhood. This means you’ll likely be a part of a close-knit community where you know and love (or hate) your neighbors.

However, you’re not too close, literally, that you can’t have your own peace and quiet. If you’re looking for an area where you’ll bond with your neighbors, a suburban area might be right for you.

5. Medium-sized population density

If you’re looking for a place to live that is populated but not overcrowded, a suburb is a good bet. You’ll definitely be around more people compared to a rural town but you aren’t on top of each other like you may be in a city. Suburban areas are known for their medium-sized population density.

6. Peace and quiet

For some, the constant motion in a big city is appealing. However, if you are looking for a more relaxed vibe, consider a suburb. As we mentioned, you’ll still have a lively neighborhood, but it’s more quiet and serene compared to a place like the Big Apple.

7. Less crime

Typically, suburban areas experience less crime per capita. While crime can happen anywhere, it’s more likely to occur in an urban area. You can check out the state of safety in your area before you move to a location to understand the rate of property and violent crime.

8. Higher cost

Because you’re getting more space in a suburban area, you’ll pay more compared to rural areas. You also might pay more for a home compared to an apartment, but, you are getting more bang for your buck. Urban rental prices can be quite expensive as you pay a premium for your location in the heart of a city. Make sure to find a rental you can afford before signing a lease.

9. Longer commute

When you live in a big, urban area, you can rely on public transit or easy walking commutes to get from location A to B. However, in a suburban area, you are farther away from downtown. So, if you work in the city itself, you may spend more time commuting than if you lived in the city center. Take the commute into consideration before you make a move.

10. Fewer jobs

Suburban areas may have fewer job openings compared to downtown, urban areas. However, if you are willing to commute, you can find several options for work nearby.

11. Farther from cultural landmarks

One of the perks of living in a big city is your access to cultural landmarks and activities. Most cities have museums, historical landmarks, concerts, plays or other cultural events that take place daily. While you can still enjoy these amenities while living in a suburban neighborhood, you aren’t as close to them as you would be living in the city itself. But, plan a date night and you can still enjoy these cultural attractions on the regular.

Find your next rental in a suburban area

Have we convinced you that suburban life is right for you? At a high level, you’ll have more space and more privacy. However, you may miss out on the walkable nature of living in a city center.

Take a tour of your prospective apartment or rental and the surrounding area in the suburb to see if the whole situation is a good fit for you. Then, begin your house hunt and find the perfect new place to call your own.

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