The average cost of homeowners insurance in Maine is $1,020 per year, or about $85 per month, according to a NerdWallet analysis. That’s less than the national average of $1,820 per year.
We’ve analyzed rates and companies across the state to find the best homeowners insurance in Maine.
Note: Some insurance companies included in this article may have made changes in their underwriting practices and no longer issue new policies in your state. Even if an insurer serves your state, it may not write policies for all homes in all areas.
Why you can trust NerdWallet
Our writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our writing and data analyses. You can trust the prices we show you because our data analysts take rigorous measures to eliminate inaccuracies in pricing data and may update rates for accuracy as new information becomes available.
We include rates from every locale in the country where coverage is offered and data is available. When comparing rates for different coverage amounts and backgrounds, we change only one variable at a time, so you can easily see how each factor affects pricing.
Our sample homeowner had good credit, $300,000 of dwelling coverage, $300,000 of liability coverage and a $1,000 deductible.
The best homeowners insurance in Maine
If you’re looking to buy homeowners insurance from a well-rated national brand, consider one of these insurers from NerdWallet’s list of the best homeowners insurance companies.
More about the best home insurance companies in Maine
See more details about each company to help you decide which one is best for you.
State Farm
Well-established insurer with a lengthy list of coverage options.
Coverage options
More than average
Average set of discounts
NAIC complaints
Fewer than expected
State Farm
Well-established insurer with a lengthy list of coverage options.
Coverage options
More than average
Average set of discounts
NAIC complaints
Fewer than expected
State Farm is a great choice for homeowners who like to work directly with a representative, as the company sells policies through a wide network of agents. And its attention to customer service has paid off; the company has fewer customer complaints to state regulators than expected for a company of its size.
State Farm offers a free Ting device as a perk for home insurance policyholders. Ting is a smart plug that monitors your home’s electrical network to help prevent fires.
Chubb
Perks and high coverage limits for affluent homeowners.
Coverage options
About average
Great set of discounts
NAIC complaints
Far fewer than expected
Chubb
Perks and high coverage limits for affluent homeowners.
Coverage options
About average
Great set of discounts
NAIC complaints
Far fewer than expected
Chubb generally serves affluent policyholders with high-value homes, offering lofty coverage limits and plenty of perks. For example, the company covers water damage from backed-up sewers and drains, and pays to bring your home up to the latest building codes during reconstruction after a claim. (Many insurers charge more for these types of coverage.)
Chubb policyholders may also be able to take advantage of the company’s HomeScan service, which uses infrared cameras to look for problems behind the walls of your home.
Vermont Mutual
4.5
NerdWallet rating
Regional insurer since 1828, selling homeowners insurance in the Northeast through independent agents.
Coverage options
About average
Very few discounts
NAIC complaints
Far fewer than expected
Vermont Mutual
4.5
NerdWallet rating
Regional insurer since 1828, selling homeowners insurance in the Northeast through independent agents.
Coverage options
About average
Very few discounts
NAIC complaints
Far fewer than expected
Founded in 1828, Vermont Mutual sells homeowners insurance through local independent agents. The company stands out for service, drawing far fewer complaints than expected for an insurer of its size.
You may be able to add coverage for major appliances such as water heaters, laundry machines or solar energy systems. Other endorsements may be available to cover identity theft, damage to underground service lines, backed-up drains and theft of expensive jewelry.
Hanover
Best for homeowners looking for many ways to customize their policy.
Coverage options
More than average
Average set of discounts
NAIC complaints
Far fewer than expected
Hanover
Best for homeowners looking for many ways to customize their policy.
Coverage options
More than average
Average set of discounts
NAIC complaints
Far fewer than expected
The Hanover gives homeowners lots of choices. You can opt for an auto/home package, a policy designed for high-value homes or a standalone policy for a standard house. You can further customize your policy with a range of coverage options for things like guaranteed replacement cost coverage, which will pay as much as it takes to rebuild your home after a disaster.
The Hanover sells policies exclusively through local independent agents. That means online quotes aren’t available, but you can get personal service to help you choose the right coverage.
How much does homeowners insurance cost in Maine?
The average annual cost of home insurance in Maine is $1,020. That’s 44% less than the national average of $1,820.
In most U.S. states, including Maine, many insurers use your credit-based insurance score to help set rates. Your insurance score is similar but not identical to your traditional credit score.
In Maine, those with poor credit pay an average of $2,085 per year for homeowners insurance, according to NerdWallet’s rate analysis. That’s 104% more than those with good credit.
Average cost of homeowners insurance in Maine by city
How much you pay for homeowners insurance in Maine depends on where you live. For instance, the average cost of home insurance in Portland is $1,035 per year, while homeowners in Bangor pay $1,000 per year, on average.
Average annual rate
Average monthly rate
Scarborough
South Portland
Waterville
The cheapest home insurance in Maine
Here are the insurers we found with average annual rates below the Maine average of $1,020
NerdWallet star rating
Average annual rate
Vermont Mutual
4.5
NerdWallet rating
Concord Group
4.0
NerdWallet rating
Union Mutual
Patriot Insurance
Patrons Oxford
What to know about Maine homeowners insurance
When shopping for home insurance in Maine, homeowners should consider the risks they could see, including severe winter weather, flooding, coastal storms and wildfire.
Winter weather
Maine’s snowy season can run from October to May, which means heavy snowfall and freezing temperatures. Both of these can spell disaster for homeowners, including roof damage, burst pipes and structural issues caused by the weight of snow and ice.
Homeowners insurance generally covers winter storm-related damages, but some types of winter weather damage may require extra coverage. For instance, you’ll typically need a separate flood insurance policy to cover flood damage caused by snowmelt.
Flooding
Heavy rain or snowmelt can cause flooding across the state of Maine. Significant water damage can result in high repair costs for homeowners, and standard home insurance policies do not cover flooding. As a result, homeowners in flood-prone areas should consider buying separate flood insurance.
To find out your risk, check out the Federal Emergency Management Agency’s flood maps and RiskFactor.com, a website from the nonprofit First Street Foundation. Even if your property is deemed low risk, it may be worthwhile to purchase flood insurance for extra peace of mind.
Remember that while you can purchase flood coverage at any time, there’s typically a 30-day waiting period before the insurance takes effect. Here’s more information about flood insurance and waiting periods.
Hurricanes and coastal storms
Hurricanes are less frequent in Maine than in the more southerly states, but coastal storms of all kinds still damage Maine property. Standard home insurance typically covers damage caused by storms, but read your policy carefully, as you may have separate deductibles for hurricanes and wind.
Hurricane deductibles can be from 1% to 10% of your dwelling coverage, or sometimes they can be a flat fee. For example, your policy may have a $1,000 deductible for most claims and a 2% deductible for hurricane-related claims. If your home has $200,000 of dwelling coverage, you would be responsible for $4,000 before your insurance pays for the rest of the hurricane-related damage.
Remember that you will also need a separate flood insurance policy to protect against flooding due to coastal storms.
Wildfire
Wildfires are common in Maine, especially in wooded and rural areas. While the damage caused by fire is typically covered by standard home insurance, it’s essential to understand the limits of that coverage.
Residents of high-risk areas should read their policies closely to understand any exclusions. Pay particular attention to the dwelling coverage limit, which is how much the insurance company will pay to rebuild your house. Check with your insurer to ensure you have enough coverage to rebuild if necessary.
Maine insurance department
The Maine Bureau of Insurance oversees the state’s insurance industry and maintains a website that provides consumer resources on homeowners insurance.
If you need to file a complaint against your insurer, you can do so online or by mail. Don’t hesitate to contact the bureau with questions or for help with your complaint at 800-300-5000 or [email protected].
Looking for more insurance in Maine?
Frequently asked questions
Is homeowners insurance required in Maine?
Homeowners insurance is not required by Maine state law. However, your lender may require you to purchase homeowners insurance.
Does Maine homeowners insurance cover flooding?
Flooding is not covered under standard Maine homeowners insurance. You will want to purchase a separate flood policy if you live in a high-risk area.
How can I save money on homeowners insurance in Maine?
There are several ways to save money on home insurance in Maine:
Shop around to make sure you’re getting the best rate.
Choose a higher deductible. In case of any claims, you’ll pay more out of pocket, but your premiums will be lower.
According to iPropertyManagement, just over one-third of American households are rental units, such as apartments, townhomes and even single-family residences. That means that of the approximately 332 million people residing in the United States, over 110 million rent.
With that many would-be tenants searching for a new rental unit at any given time, criminals will be out there looking for vulnerable people they can con out of their hard-earned money. However, there are some tell-tale signs that someone is trying to scam you in your apartment search.
Here’s what you need to look for so you don’t fall victim to common rental scams.
1. Don’t fall for misleading advertisements
Landlords and property managers often reach a potential renter by posting advertisements about their available units in newspapers, magazines and on a listing website. That translates into an unthinkable number of rental listings highlighting what’s on the market at any given time, not to mention all vacation rental listings out there.
Or, at least, what’s supposedly available. Rental listing scams are rampant, so it’s imperative to know how to differentiate between a legitimate advertisement and one full of lies.
Don’t be fooled by beautiful pictures advertising an apartment that looks perfect before doing your due diligence on all property matches. When searching for the next place to call your own, keep these suggestions in mind to avoid common rental scams.
2. Review apartment rental listings carefully
When reading advertisements, pay attention to the way it’s written. Skip listings with misspelled words, improper abbreviations or incomplete information. Details are important, so be extra wary if an apartment ad has errors, blank spaces or confusing terms.
Those kinds of no-nos are a potential clue the person posting the ad is not advertising a real place for rent. Or, maybe they aren’t really a legitimate landlord.
3. Is a month’s rent too low?
Another common rental scam is creating an environment that’s too good. For example, is the monthly rent unexpectedly low for what’s being promised? If the average cost to live in your dream neighborhood is $2,000 a month for a one-bedroom, be wary of apartments being advertised in the same vicinity for far less.
Seeing is believing, so be sure to tour the rental property before signing a lease. That investment of time could go a long way to preventing rental fraud.
4. Cash is not king for a security deposit or first month’s rent
Run, don’t walk, from any supposed landlord requesting cash for any debt relating to renting a property, like an application fee or a security deposit. Giving cash means it will be difficult to prove the payment was actually made. Therefore, even if the would-be landlord offers to provide a written receipt, that paper means nothing if they request money and the transaction is a rental scam.
Other payment methods
Other tips when paying rent, the security deposit or the first month’s rent include:
Not wiring money. When you wire money, you run the risk of not having enough of a paper trail.
Using the actual payee’s name and phone number on payment apps like Venmo to ensure the money reaches a legitimate destination
Familiarizing yourself with staff personnel to gain reassurance you’re dealing with a legitimate landlord
The more information you have, the better you can protect yourself from the bad people out there trying to engage in rental scams.
5. Avoid landlords who will not meet in person
It’s said a picture is worth a thousand words, but sometimes, a photo is not always what it seems. Anyone can create and post breathtaking images, its amenities and the surrounding area in an online listing, hoping viewers will like what they see. Therefore, it’s imperative to meet the property manager, landlord or their authorized agent in person before signing on the dotted line.
And, of course, visit the apartment you’re interested in to ensure posted pictures of the abode match the place depicted in the photos. Walking through the rental properties that may become your home is the best way to decide if you like the place. You might feel a vibe you don’t like or realize the available storage space isn’t sufficient for your needs.
Don’t be satisfied with a virtual tour, because the apartment in the video may not be the one you actually rent. If you have to insist on a personal walk-through before renting, you might want to consider walking away instead. This is a sign it could be a rental scam.
Unusual circumstances
A different set of challenges arise when extenuating circumstances prevent a potential tenant from touring a property before renting. One example is if you live out of town and are unable to travel to a new city to visit the apartment prior to signing a lease and moving in. While it’s best to avoid that situation, there are steps to take to decrease the likelihood of falling for a fraudulent listing.
They include:
Asking a friend or relative to check the place out for you
Checking the property address online
Surfing Google Earth for additional details
Requesting the landlord provide references from prior tenants
6. Vet the landlord
Researching a supposed landlord before renting from them can go a long way to preventing fraud.
One way to do that is by checking the website of the county auditor or county recorder where the rental is. That should help you determine who owns the property you want to rent. Be extra careful if it’s difficult to decipher ownership because that could make it easier for someone to perpetrate a fraud.
Hit the internet
While perusing government websites about your would-be landlord, check the criminal courts, too. It could reveal a supposed landlord’s checkered past or their clean background.
Another good place to look online is the county’s municipal court, or wherever you file rental disputes. Does the property owner sue to evict many tenants? How often do they win those cases?
And yet another website to peruse is the Better Business Bureau in the city where the property is or where the landlord has their headquarters. Consumers should report both positive and negative interactions with the business community, so a quick check of their website could reveal whether the landlord or their rental company has ever perpetrated rental scams.
7. Read the lease. Really.
No matter how honest or direct a landlord or property manager might appear, don’t solely rely on a rental listing to decipher what an apartment and its community actually offer.
When you sign a lease, you’re entering into a contract obligating you to perform certain acts, like pay rent on time. The document also explains what the landlord is responsible for, like providing working heat.
If you don’t understand or agree with everything contained in a lease, voice your concerns to the landlord before signing it. It’s too late afterward.
Avoid inexplicable blank spaces on a lease
Don’t sign a lease that’s incomplete. Any missing but pertinent information, such as monthly cost, the rental term and details about who is financially responsible for utilities, are immediate red flags the contact isn’t legitimate.
Rental agreements should also be error-free
A lease agreement is a written contract between a landlord or property manager and a tenant. When a would-be tenant and landlord sign a rental agreement, they enter into a contract requiring certain acts of each of them.
For example, the tenant agrees to pay the rent according to the terms of the contract. The landlord promises to perform whatever the lease promises.
However, a lease pocked with typos, or missing or inaccurate information could be a sign the document is a fraud.
8. Avoid an immediate move-in request
A supposed landlord who insists a potential tenant move in immediately, before a personal walk-through of the place, does not sound legitimate. If nothing else, they sound desperate to rent their unit.
When you tour an apartment and meet the property manager or their representative, they’re meeting with you, too. Normally, an owner takes an interest in who lives in their units. Not taking the time to vet you, as well, should worry you.
Be concerned if they don’t demonstrate that level of concern for their property.
What to do if you’re a victim of rental scams
Unfortunately, despite best efforts not to fall victim to fraudsters, it still happens. If it does, you can fight back.
An initial response is to contact local law enforcement to report the crime. Provide as much information as you can when you contact local authorities to help them in their search for the fraudulent landlord.
Try canceling your method of payment of the security deposit or rent you paid in advance. If you paid cash, you’re out of luck. Using a traceable method, such as a check or credit card, gives you some some recourse to take them to small claims court.
If you wrote a check, contact your bank to determine if somehow, the check was not yet cashed. If it was, report the fraud to your bank. You can also try to stop the payment.
File all the complaints
Don’t forget to file a fraud report with the Federal Trade Commission. While the feds won’t resolve your individual complaint, they use submitted reports to investigate rental scams, unethical business practices and cases of fraud.
The Internet Crime Complaint Center, also known as the IC3, offers another tool for fighting rental fraud. Anyone who believes they’ve been a victim of an Internet crime may file a complaint through that website.
Enjoy a successful apartment search
Finding a great place to live that suits your lifestyle and is affordable is challenging enough, and the prospect of fraud makes it that much more difficult. Create a paper trail of payments for rent or deposits by paying by credit card or check, never by cash. Meet the landlord or their representative personally when you tour the premises and read the written rental agreement thoroughly before signing.
Then, sit back and enjoy your new surroundings.
The information contained in this article is for educational purposes only and does not, and is not intended to, constitute legal or financial advice. Readers are encouraged to seek professional legal or finance advice as they may deem it necessary.
The Conrad Washington, DC is one of the newest and highest-end Hilton properties in the nation’s capital.
Situated within a short metro ride or 15-minute walk of the city’s prestigious monuments and museums, the hotel offers a combination of easy proximity for those wanting to explore the city and comfortable, modern touches for those preferring to relax on-site.
As part of the American Express Fine Hotels and Resorts portfolio, the property also provides AmEx Membership Rewards members additional perks and savings during their stay, from breakfast and other dining credits to guaranteed late checkouts and room upgrades.
Despite its location in one of America’s most historic cities, the Conrad Washington, DC sits in one of the city’s most modern neighborhoods.
The hotel is within a stone’s throw of CityCenterDC, an outdoor shopping district with high-end shops — think Louis Vuitton, Tiffany & Co. and the like.
Those hoping to use their stay as a jumping-off point for monument and museum visits have a few options. The first is by car.
Our Uber ride from the hotel to the National Mall took five to 10 minutes. If you bring a car with you to the hotel, you’ll pay $60 per night for valet parking.
To avoid traffic and parking fees, you can reach major landmarks by taking the D.C. Metro a stop or two. There are two Metro stops within a short walk of the hotel.
Many landmarks are walkable, too, if you’re able and willing. The Capital One Arena, home to the Washington Wizards and Capitals, is four-tenths of a mile away on foot.
Perhaps the destination most convenient to the hotel is the Washington Convention Center, which is just a couple of blocks away and, in fact, was visible from our hotel room window.
This Conrad property stands out with its black, all-glass look. Upon its opening in 2019, Hilton described it as “architecturally striking,” and that’s not overstating it.
You’ll take an elevator or escalator to reach the front desk. The hotel lets in extensive natural light through floor-to-ceiling windows in many rooms and a skylight in the lobby.
You’ll also find white marble throughout the building, from the floors to the walls.
Most of the views from the rooms and restaurant are of CityCenterDC and the convention center. If you do manage to catch a glimpse of the Washington Monument or U.S. Capitol from a high floor, it’ll be a distant view.
Food and beverage options
The Conrad’s main restaurant is called Estuary. The seafood restaurant includes a bar, lounge-style seating area and a larger dining room with an open-concept kitchen.
All of Estuary’s ingredients come from the Chesapeake Bay region. Yes, that means you’ll find plenty of seafood-oriented offerings — crab included — on the menu, though there’s a little something for just about any palate.
And that’s a good thing because guests who book through AmEx Fine Hotels and Resorts will want to eat on-site. AmEx Fine Hotels and Resorts guests get a $100 food and beverage credit per stay and a $60 daily credit toward breakfast or brunch.
At our predinner happy hour, my wife and I thoroughly enjoyed the crispy pig ears, ceviche and hush puppies with yuzu aioli and Maryland crab (and come to think of it, we probably didn’t need dinner afterward).
Breakfast is served in the Estuary’s cozier Blue Willow Room. While I had no complaints about my bacon, egg and cheese on a croissant, anyone who doesn’t order the crab Benedict — as my wife did — will have order envy.
Because we visited on a cold night in January, the hotel’s Summit Rooftop bar was closed for the season, but it features appetizers, beverages and great views of D.C.
The hotel also has room service available late into the night, and a more upscale, personalized room and dining experience through its pricier Sakura Club.
Accommodations
I was upgraded to a studio suite, featuring a distinct entryway, living room and sleeping area. Those hoping to watch some TV can sit on the couch or chair next to a floor-to-ceiling window.
There’s also a table for those wanting to get work done or enjoy in-room dining.
The king bed sat across from a second TV equipped with cable, Netflix and YouTube capabilities.
The nightstands are fully outfitted with plenty of USB and AC outlets, and full light controls that control the electronic “do not disturb” light outside the front door.
Featuring two sinks and marble walls, the bathroom included rain-style shower heads and large, bolted-to-the-wall shower products. These larger bottles are a nod to the sustainability initiatives many hotel chains are undertaking to reduce plastic waste.
A favorite touch of mine at higher-end hotel rooms showed up here: Nespresso machines instead of the old-school coffee makers.
The Conrad caters to business travelers and those looking for an exceptionally comfortable place to recharge in between sightseeing. To that end, you won’t find a pool or spa on-site.
However, on top of its top-notch eating and drinking locations, you’ll find expansive meeting space, event rooms and balcony seating areas overlooking CityCenterDC. The balconies are a great place to enjoy a drink or spend time outdoors.
The fitness center is well equipped with treadmills and weights alongside several Peloton bikes, as is now the case at many Hilton properties nationally.
Are dogs allowed at the Conrad Washington, DC?
Count us among the travelers who brought a four-legged friend along for the stay. The Conrad is a pet-friendly hotel, though you’ll have to pay a $75 nonrefundable fee.
Our French bulldog received a water bowl and Conrad-branded bandana for the visit.
Being in the middle of a concrete-dominant city neighborhood, finding pet relief areas wasn’t the simplest experience, but there are grassy spaces within a block or two in each direction.
How to get to the Conrad Washington, DC
The hotel is located along New York Avenue between 9th and 10th streets Northwest.
MetroCenter, the DC Metro system’s central-most station, is just three-tenths of a mile from the hotel. The station connects to Ronald Reagan Washington National Airport (blue line) and, at long last, Washington Dulles International Airport (silver line).
MetroCenter is also just a few stops from Union Station, serviced by Amtrak and commuter trains, including those arriving from Baltimore/Washington International Thurgood Marshall Airport.
Is the Conrad Washington, DC a good hotel?
While the Conrad Washington, DC’s proximity to D.C. landmarks and comfortable accommodations make it a great option for any visitor to the U.S. capital, the value we enjoyed as an AmEx Fine Hotels and Resorts guest made the stay stand out.
Add in complimentary premium Wi-Fi and and a guaranteed 4 p.m. checkout that allowed us some morning museum visits before leaving town, and there’s no doubt the perks add up.
(Top photo courtesy of Sean Cudahy)
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Pigs might fly before you’re allowed to have one as a pet.
Let us guess: you saw that new Nicholas Cage movie, “Pig,” and were so charmed by the close relationship Cage’s character had with his beloved truffle pig that you want one of your own. Or, you love “Charlotte’s Web” and “Babe.” But hold your horses, or rather pigs, for a minute.
Yes, pigs are nice animals. They’re highly intelligent, social and friendly. You can also house train them and walk them on a leash. And yes, they’re extremely cute. Because of these attributes, unprepared owners can assume having a pig as a pet is a piece of cake. But there are a lot of different factors to consider when keeping a pig as a pet, especially for apartment renters.
Compared to traditional pets like dogs and cats, pigs are a whole other animal, literally. In some cases, pigs may not even legally be allowed in apartments. Here are some reasons pigs may not make the best pets for apartment dwellers.
Are pigs allowed in apartments?
The short answer is yes and no. Whether or not your apartment allows pigs varies, depending on factors like local laws and your landlord’s rules.
Pigs fall under the category of non-traditional pets. Animals like dogs and cats are traditional because they’ve been bred for domestic living. Non-traditional pets include rodents like guinea pigs, ferrets, reptiles and birds.
1. Your landlord and lease may not allow it
Since pigs are not traditional pets, many landlords won’t allow them as pets. If they do, they’ll likely have very specific conditions attached to protect their property from damage. Check your lease or ask your landlord directly.
While you could try to sneak in and hide a small pig, the potential for discovery and a nasty altercation with your landlord is too high. You could face eviction, higher fees and other penalties. So, always seek permission for having a pet pig in writing or submit a pet resume when applying so the landlord is aware.
Even if you’re allowed pigs in your apartment, here are some things to consider.
2. It might be illegal in your city or municipality
Your landlord isn’t the only obstacle to having a pet pig in your apartment. Many cities and municipalities have laws against keeping farm animals within city limits. If you can have one, you’ll need to follow very specific regulations and rules. Always research your local laws before purchasing a pet pig. Otherwise, you might need to re-home them or move out of the city.
3. They can get too big
If you’re considering getting a pig as a pet, you’ve likely heard of the terms teacup pig or miniature pig. Because of their small size, you think these would be the perfect option for a pet pig. But a teacup pig is not an actual species.
Some of the most popular smaller pig breeds that could make suitable pets include the Vietnamese potbelly pig and Kunekune pigs. But even these can get pretty big, growing bigger than cats and dogs and weighing anywhere between 50 pounds to well over 100 pounds.
There’s also the chance you’ll purchase a small pig thinking it’s already reached full size. But then, it continues to grow and becomes a full-size farm pig. Then, you have a full-size problem.
4. They’re expensive
Purchase costs. Special vet bills. Pig feed. Housing supplies. Any license fees. Granted, there are costs associated with having any pet. But pigs can still run up a hefty bill between all the above and more. This is especially true of porcine-specific health issues like skin disorders. Talk about a piggy bank.
5. They live a really long time
Although everyone hopes their beloved pet lives as long as possible, you may sign up for longer than expected with a pet pig. Wild pigs usually only live a few years or up to a decade, depending on predators and the environment. But with shelter, food and safety, pet pigs can live anywhere from 15 to 20 years. Just like with any pet, getting a pet pig is a commitment for life. They can also be very difficult to re-home, so really consider the consequences of surrendering one.
6. They might not get along with your other pets
While pigs are very friendly and social, they don’t always mix well with your other pets of different species. Dogs, in particular, are a problem. Both dogs and pigs are aggressive toward each other over food and territory.
7. They require special care and attention
Pet pigs need special care to stay healthy and happy. They need to get regular exercise, with either multiple daily walks or a secure, well-fenced outdoor area to play in. That outdoor area needs clean shelter areas to prevent your pig from exposure to too much sun or cold.
Regular visits to a specialized vet are a must. If you’re not home with them a lot, they’ll likely require a companion. They need a special, well-balanced diet, not slop or leftovers. This is just a beginner’s summary, so unless you have the time, energy and money to give a pet pig the specific care they need, it’s best not to get one.
8. They can get destructive
There’s a reason pigs find truffles, as you saw in the movie “Pig.” They love to root around, dig and get into things. So, if you don’t offer plenty of outdoor space to exercise and play, enrichment and other factors to keep them occupied and entertained, those natural tendencies and wild animal habits could get destructive fast.
They can knock things over, tear up the carpet and flooring, rip furniture and much more. Easily startled and scared by loud noises or disturbances, a frightened pig can panic, running around your apartment destroying things. Living with a pet pig in an apartment, you can quickly understand the meaning of the word pigsty.
9. You may need to pay extra security deposits
Those wild habits leave a high potential for lots of damage to an apartment. If your landlord does allow pigs, they may require a much higher security deposit or pet deposit as collateral. So, your move-in fees would be even higher than usual.
10. You’ll have to pay for repairs
If your pet pig does end up doing damage, it’s not just your security deposit that you’ll lose. You’ll likely have to pay out-of-pocket for repairs. Depending on the damage, this could be hundreds to thousands of dollars.
This is why it’s also important to take dated photos of your apartment before move-in. That way, you won’t have to pay for any pre-existing damages your pig didn’t cause.
11. They can create a lot of noise
When scared, pigs also squeal and scream very loudly. Even in an apartment complex with good soundproofing, your neighbors are bound to hear an upset pig. Mad neighbors and complaints about loud noises, which could even lead to the police or legal intervention, are another reason not to keep a pig in an apartment.
12. They can smell
Pigs themselves don’t smell. It’s their manure that gives people the idea that pigs are smelly on their own. While you can keep your pig clean with regular bathing and grooming, their waste is another matter. You can house-train them, but the place where they do their business will still smell strong. And accidents happen, so they may leave a large, smelly surprise on the floor. In an apartment complex, those smells can go through walls and linger unless you use top-quality cleaners and odor eliminators.
Other types of animals to consider for an apartment pet
Whether it’s not allowed or you’ve decided it’s not the best option for you, you’re not getting a pig as a pet for your apartment. Luckily, there are many other animals that can make great apartment pets. If you wanted to get a pig because of its friendliness and sociability, you can get a dog instead. Many cat breeds are also very friendly and social.
If you really want an alternative, non-traditional pet, there are many different routes. Rodents like hamsters, guinea pigs and gerbils are very sweet, snuggly and easy to care for. Rabbits can also be wonderful companions. If you’re willing and able to put in the time and energy for proper care, more high-maintenance pets like reptiles or birds are also an option.
Living in an apartment with a pet pig isn’t as happy as a pig in clover
Even if your apartment allows pigs, they’re not the best choice in pets. While you’re in love with the idea, their happiness and quality of life matter above all else. So, if you can’t provide the best care and home for them and give them what they need, it’s better to either shelve that dream or start looking for places to live out in the countryside.
Zoe Baillargeon is an award-winning writer and journalist based in Portland, Oregon, where she covers a variety of beats including travel, food and drink, lifestyle and culture for outlets like Apartment Guide, Rent., AFAR.com, Fodor’s, The Manual, Matador Network and more. In her free time, she enjoys traveling, hiking, reading and spoiling her cat.
Loan modifications just got a whole lot trickier, that is, if some investors in mortgage-backed securities get their way.
One hedge fund, Greenwich Financial Services Distressed Mortgage Fund 3, LLC, has launched a suit against Countrywide Financial, alleging its sweeping loan modification program is illegal and will reduce the value of related securities for bondholders.
William Frey, who heads the hedge fund, has argued that the program launched by Bank of America to satisfy numerous complaints about predatory lending at Countrywide Financial over the years will cost investors billions.
The program seeks to modify up to 400,000 Countrywide loans, equating to roughly $8.4 billion in mortgage rate and principal reductions, but because many of the loans are actually owned by investors, Frey wants Bank of America to compensate them for any resulting losses.
While loan modifications are generally looked at as a positive, by giving borrowers a break, bondholders who have interests in a number of Countrywide mortgage securities will see reduced or delayed payments, thus devaluing the securities themselves.
The lawsuit is demanding Countrywide repurchase every loan on which it seeks to reduce payments so the bondholders aren’t hurt by the resulting action of the modifications.
However, Paul Koches, general counsel for Ocwen, the largest subprime mortgage servicer, noted that modifications are conducted in the best interest of investors, and more importantly, contractually bound to benefit all parties, including homeowners.
Koches added that as a loan servicer, he’s obligated to take action in the best interest of the aggregate investment, even if it harms a particular class of investors.
Meanwhile, Frey believes such modifications will result in higher mortgage rates for borrowers in the future, as the terms of loans can seemingly be changed more easily, putting more risk in the hands of bondholders.
Frey says such action could permanently cripple the secondary market for mortgages, and has suggested that a better solution would be for the government to buy up all of the troubled mortgages instead.
For most states, the pipeline for construction of single-family homes specifically designed as rentals is booming. However, not all states are jumping on the trend. Market conditions in 10 states are such that this kind of construction isn’t a priority. In fact, these states are seeing no additional construction of single-family homes for rent, according to reporting at Axios.
On a per-capita basis, Arizona is the state with the most built-for-rent housing in the construction pipeline with 2,011 units planned or under construction per one million inhabitants, according to data from the National Rental Home Council (NRHC). Coming in at a “distant second” is North Carolina with 1,071; while Texas is in third place with 856. The nationwide average sits at 345.
No single family rental construction in 10 states
However, despite data from Zillow that illustrates that to meet the housing supply needs of the nation, the United States needs 4.3 million more homes, there are 10 states that aren’t constructing built-for-rent housing, the reporting explains. Among them are Oregon, Massachusetts and West Virginia, where there is no built-to-rent construction of single-family homes “ongoing or planned at all,” based on NRHC data.
Why are these states lagging, some of the reticence likely has to do with a lack of favorable market conditions for construction, according to David Howard, NRHC’s CEO.
“Portland and, more broadly, the state of Oregon have many of the kind of drivers that housing developers are looking for when they enter a market,” Howard told Axios. But that enthusiasm could be diminished in a state like Oregon due to its limits on annual rent increases.
Banning rent increases in Oregon
Last month, the state banned rent increases higher than 10% in years of high inflation, and the law went into effect on July 6. The bill was drafted in response to complaints from the state’s renters, as some areas saw increases of as much as 14.7% in 2022.
“The debate highlighted the high rate of rental ownership in the state Capitol, where passive income from owning property makes it possible for lawmakers to afford to be in Salem for months each year on their $35,000 legislative salary,” according to reporting at the Oregon Capital Chronicle. “Portland Rep. Thuy Tran, [also a] landlord, was one of only two Democrats who voted against the measure.”
Measures such as rental increase bans put builders on edge, Howard explained to Axios.
“Say what you will about the legitimacy of various rent control and rent cap regimes […] it’s something that causes developers to pause in their consideration of whether they want to enter a market,” he said. “I think developers have gravitated toward other markets where there perhaps is more certainty.”
The National Association of Realtors (NAR) has ignored numerous sexual harassment complaints, including against its president Kenny Parcell, according to over two dozen women who spoke to the New York Times in a bombshell exposé about the trade group.
In all, 29 women described to the Times a culture of fear, intimidation and harassment at the 1.56 million-member nonprofit group and its subsidiaries. Nineteen women told the Times they experienced sexual harassment.
“There is the sexual harassment, and then woven into it, this culture of fear,” Stephanie Quinn, the organization’s former director of business meetings and events, who worked at NAR for more than a decade, told the Times.
Sixteen complaints reviewed by the Times involved Parcell, a Utah Realtor who began climbing the leadership ranks in 2020. Three women went public with what was described as a pattern of inappropriate behavior by Parcell, who runs the Kenny Parcell Team at Equity Realty in Spanish Forks, Utah.
One woman reported that Parcell placed his hands down his pants in front of her, while another woman received unsolicited lewd photos and texts from him, including a picture of his crotch. Parcell denied he had done anything inappropriate. He said the picture in question was of a promotional belt buckle and he was asking for input on the design.
A third woman, Janelle Brevard, who filed a lawsuit in the summer, disclosed a consensual relationship with Parcell that lasted months and ended with the NAR president allegedly retaliating against her. (Brevard settled a lawsuit with NAR that included a $107,000 severance payment and signed a nondisclosure agreement, the Times reported.)
Another woman, Amy Swida, a director of business meetings and events at the organization, filed an internal complaint of sexual harassment or gender discrimination by Parcell. Swida alleged that he was cruel and condescending to her after she became pregnant. She worried about being cut off from future opportunities.
“I’m scared every day coming to work,” she told the Times. The NAR said Swida’s complaint was documented and she was promoted several months later. Parcell also denied any wrongdoing toward Swida.
Quinn, who left NAR in 2022, told the Times that Parcell attempted to arrange meetings with younger colleagues at night and that she was constantly expected to hug the president. After she put out a palm to block a hug, Parcell began raising issues with her work. NAR said it never received a complaint from Quinn.
“His behavior is predatory,” Quinn, 52, said of Parcell. “I feel like I was constantly screaming, ‘This is so inappropriate.’”
In a written statement to the Times rebutting the allegations, Parcell said: “I am a friendly and outgoing person in a world that is growing ever more cynical, conflicted, and cold. Well-intended actions on my part are being twisted and distorted.”
Parcell was paid $164,569 by NAR for the 2021 tax year when he was first vice president, according to the nonprofit’s tax records. Charlie Oppler, the NAR president in 2021, was paid $294,798 that year.
Women comprise a majority of the trade group’s membership, but NAR has been led by men for years. Multiple women interviewed by the Times described other alleged incidents they say weren’t addressed by NAR.
Suzi Dunkel-Soto, a Realtor based in California, said the trade group’s chief legal officer never responded to her multiple complaints after a male colleague took a photo under her skirt at a NAR Leadership Academy graduation ceremony in 2018. NAR told The Times it “addressed this incident appropriately with the male Realtor involved.”
Despite a history of complaints of sexual harassment, discrimination, and retribution by Parcell and other leaders, 29 women told the Times that NAR hasn’t addressed sexual harassment issues.
“Everything gets brushed under the rug,” Dunkel-Soto told the Times.
The trade group told the Times it has acted responsibly and responded to complaints properly.
“We follow clear reporting procedures to investigate any issue of concern brought to our attention and take corrective action as needed, up to and including staff termination and member suspension,” the statement said.
Bob Goldberg, the group’s CEO since 2017, told the Times he wouldn’t characterize sexual harassment at NAR “as a problem,” though he later said through a spokesperson that, like any organization, “we are not immune to these challenges, and any single allegation concerns me.”
The NAR, which has more than $1 billion in assets that controls access to nearly every American home listing, is facing other threats – two explosive multibillion-dollar lawsuits threaten to upend the entire system propped up by NAR.
The plaintiffs, representing home sellers around the country, accuse the trade group and several of the country’s largest brokerages of using MLS rules to charge excessive fees and unfairly prop up agent commissions. Should they lose, a judge could rewrite the rules of how agents get paid and it could result in up to $30 billion per year in savings for American consumers. Damages for the cases could be north of $40 billion.
James Kleimann is the managing editor of HW Media’s newsroom.
Betterment and Betterment are not only two of the most popular robo advisors in the industry, but they may very well be the most innovative in the field. Though they represent two of the first robo advisors, both have built out their platforms and now offer robust portfolio options and other services to their clients.
Though they each have their own nuances–and specializations–you really can’t go wrong with either platform. Each will take complete control of your portfolio, managing every aspect of it for a very low annual fee. When you sign up with either service, your only responsibility will be to fund your account on a regular basis.
But what if you’re either new to robo advisors or you’re considering a switch from another one? If you’re researching robo advisors, the information will inevitably lead to Betterment and Wealthfront. So let’s take a look at the two heavyweights in the robo advisor space and see which might be a better fit for your portfolio. Listen to the Podcast of this Article
About Betterment
Betterment is not only the original robo advisor, but its also the largest independent robo (along with Wealthfront), with $21 billion in assets under management. The company is based in New York City and began operations in 2008.
As a robo advisor, Betterment is an automated, online investment platform that handles all aspects of investment management for you. When you sign up for the service, you complete a questionnaire that will help determine your investment goals, time horizon, and investment risk tolerance. From that information, Betterment creates a portfolio of stocks and bonds to meet your investor profile.
They dont actually invest your money in individual securities, but instead through exchange-traded funds (ETFs), each representing a specific asset class. They can build an entire portfolio for you through about a dozen funds that will give you exposure to the entire global financial markets.
All this is done for a low annual management fee. Your only responsibility will be to fund that your account on a regular basis and let Betterment handle all the management details for you.
Better Business Bureau rates Betterment as A+, which is the highest rating in a range from A+ to F. The company also scores 4.8 stars out of 5 by more than 20,000 users on the App Store, and 4.5 stars out of 5 by more than 4,500 users on Google Play.
About Wealthfront
Wealthfront is, with Betterment, the largest independent robo advisor, and Betterment’s primary competitor. In fact, with over $24 billion in assets under management, its now slightly larger than Betterment. The company is based in Redwood City, California, and launched operations in 2011.
As a robo advisor, it works much the same as Betterment, creating a portfolio for you based on your answers to a questionnaire when you open your account. Wealthfront will also manage your account using a small number of ETFs spread across various asset classes. But on larger accounts, they’ll also add individual stocks to get greater benefit from tax-loss harvesting.
Like Betterment and virtually all robo advisors, Wealthfronts basic investment strategy is based on Modern Portfolio Theory (MPT), which emphasizes asset allocation over individual security selection.
Similar to Betterment, and really all robo advisors, your account will receive full investment management for a very low annual fee. Your only responsibility will be to fund your account on a regular basis.
Unfortunately, Wealthfront has a Better Business Bureau rating of F, due to unanswered complaints. However, the company gets 4.9 stars out of 5 from more than 9,000 users on the App Store, and 4.8 stars out of 5 by more than 2,700 users on Google Play.
Investment Strategies Betterment vs Wealthfront
Betterment Investment Strategy
Betterment offers two plan levels, Digital and Premium. Premium is available for minimum account balances of $100,000, while Digital is open to all account balances. Like many robo advisors, Betterment has evolved past building and managing a basic portfolio comprised of a mix of stocks and bonds.
For example, if you choose the Premium Plan, you’ll have access to live financial advisors. But there are many other services and plans to choose from.
Read More: Betterment Promotions
Basic portfolio mix
Your portfolio will be invested in as many as six stock asset classes/ETFs and eight bond asset classes/EFTs.
Stocks:
US Total Stock Market
US Value Stocks Large Cap
US Value Stocks Mid Cap
US Value Stocks Small Cap
International Developed Markets Stocks
International Emerging Markets Stocks
Bonds:
US High-quality Bonds
US Municipal Bonds
US Inflation-Protected Bonds
US High-Yield Corporate Bonds
US Short-term Treasury Bonds
US Short-term Investment-Grade Bonds
International Developed Markets Bonds
International Emerging Markets Bonds
Use of value stocks
Notice that three of the six stock asset classes involve value stocks. This is a specialization of Betterment and represents a time-honored stock market investment strategy. Value stocks are investments in companies with stock prices that are low in relation to their competitors by various standard measurements. But the companies are deemed to be fundamentally sound, and therefore likely to outperform the general market once the investment community realizes the true value of the stocks.
In this way, Betterment makes an attempt to outperform the general market, such as the S&P 500 or even some broader indices.
Smart Beta
This is another investment strategy Betterment uses with the potential to outperform the general market. This specific portfolio is managed by Goldman Sachs. Smart Beta is a form of active portfolio management, which seeks high-quality companies with low volatility, strong momentum, and good value.
Since its a higher risk/high reward type of investing, it requires a minimum portfolio of $100,000.
Socially responsible investing (SRI)
This is an investment option increasingly being offered by robo advisors. However, with Betterment only a portion of your portfolio will be invested in SRI. They replace the ETFs in the International Emerging Market Stocks and US Value Stocks Large Cap with ETFs that specialize in socially responsible investing in those sectors.
Learn More: The Pros and Cons of Socially Responsible Investing
Flexible Portfolios
If you want more control over your investment portfolio, you can choose this option. It allows you to adjust the individual asset class weights in your portfolio allocation. Its also designed for more advanced investors and gives you an opportunity to increase allocations in asset classes you believe are likely to outperform the market.
BlackRock Target Income
For investors looking for income and safety of principal, Betterment offers this portfolio, which consists of 100% of bonds. There is some risk of principal in this portfolio but it’s designed to be minimal. You can even choose the level of risk and return you want. It won’t provide the type of long-term gains you’ll get from a stock portfolio, but it will offer the kind of steady income that will work especially well for retirees.
Tax-loss Harvesting
Tax-loss harvesting is a year-end strategy in which asset classes with losses are sold (and later replaced with comparable ones) to offset gains in winning asset classes. The strategy helps to defer taxable capital gains on growing asset classes.
Betterment makes this strategy available on all account balances. However, it’s only offered on taxable accounts since it’s completely unnecessary for tax-sheltered retirement plans.
Betterment Everyday Cash Reserve
If you’re looking to add a cash option to your investment portfolio, you can do it through Betterment Cash Reserve. The account is eligible for FDIC insurance up to $1 million. The minimum deposit is $10, and offers unlimited transfers, both in and out of your account.
Betterment Checking
The Betterment Checking account gives you the flexibility to manage your money in a way that best fits your financial goals. You’ll get this account with a debit card and you can use it to pay in person or online. You’ll also get FDIC insurance on your money.
The Betterment Checking account is an innovative way to manage your money. It’s faster, more secure, and requires zero minimum balance requirements. You can now deposit checks using their streamlined mobile app. Just take a picture and deposit checks will be there for you on the other side.
Wealthfront Investment Strategy
Unlike Betterment, Wealthfront has a single plan for all investors, with an annual management fee of 0.25% on all account balances. And like Betterment, Wealthfront has expanded its investment options menu in many different directions.
Basic Portfolio Mix
Wealthfront uses 11 asset classes in the construction of its portfolios, including four stock funds, five bond funds, plus real estate and natural resources.
The allocation looks like this:
Stocks:
US Stocks
Foreign Stocks
Emerging Market Stocks
Dividend Stocks
Bonds:
Treasury Inflation-Protected Securities (TIPS)
Municipal Bonds (on taxable investment accounts only)
Corporate Bonds
U.S. Government Bonds
Emerging Market Bonds
Alternatives:
Real Estate
Natural Resources
Use of Alternative Investments
Wealthfront includes real estate and natural resources in its portfolio composition. The real estate sector invests in companies that provide exposure to commercial property, apartment complexes, and retail space. Natural resources are held in ETFs representing that sector.
The combination of the two offers a stronger diversification away from a portfolio comprised entirely of stocks and bonds, largely because they offer protection in an inflationary environment. It’s possible for these sectors to perform well when the general financial markets are not.
Smart Beta
The Smart Beta option attempts to outperform the general financial markets. The strategy deemphasizes market capitalization in the creation of a portfolio. For example, rather than using the capitalization allocations of certain companies within the S&P 500, the strategy might increase some allocations and decrease others. It’s more of an active investment strategy and requires a minimum investment portfolio of $500,000.
Wealthfront Risk Parity
This is another investment strategy for investors with larger accounts and a greater appetite for risk. Its been shown to provide higher long-term returns, but it may use leverage to increase those returns.
Stock-level Tax-loss Harvesting
Tax-loss harvesting is available on all taxable investment accounts. But Stock-level Tax-loss Harvesting is available to larger accounts to provide more aggressive tax deferral.
This is a fairly complex investment strategy, but it involves the use of individual stocks to take greater advantage of tax-loss harvesting. The use of individual stocks will make it easier to buy and sell securities to minimize capital gains taxes. Depending on the specific plan, the required minimum investment ranges between $100,000 and $500,000.
Wealthfront Path
This is a software-based financial advisory, providing you with financial planning tools. They can help you plan for retirement or saving for the down payment on a house or a college education for one or more of your children. The apps run what-if scenarios, that can make projections based on various savings levels for each of your specific goals.
Though it doesn’t offer live financial advice, the service is free to use.
Wealthfront Cash
You can open an interest-bearing cash account with Wealthfront Cash Account with just $1. There’s no market risk, no fees, unlimited free transfers, and your account is FDIC insured for up to $5 million. The account currently pays 4.30% APY and provides a safe, cash investment to go with your stock portfolios.
And now, Wealthfront Cash allows you to get your paycheck up to two days early when you set up a direct deposit. They’ve also implemented the ability for you to invest directly into the market within minutes, straight from your Wealthfront Cash account. That means you can get paid early and immediately invest – giving you about extra days of investing each year.
Read more: Wealthfront Cash Account review
Wealthfront Portfolio Line of Credit
Much like a home equity line of credit, the Wealthfront Portfolio Line of Credit is secured by your investment account. You can borrow up to 30% of the value of your account for any purpose. There’s no prequalification since the line of credit is completely secured by your investment account.
The line of credit is automatic if you have a non-retirement account balance of at least $25,000. You can request funds against the line on your smartphone and receive them in as little as one business day.
Current interest rates paid on the line range between 2.45% and 3.70% APR, depending on the size of your account.
Retirement Planning Betterment vs. Wealthfront
One of the most common uses of robo advisors is the management of retirement accounts. Both Betterment and Wealthfront can manage all types of IRA accounts, similar to the way they do with taxable accounts. But each also offers some level of retirement planning.
Read More: Best Robo Advisors Find out which one matches your investment needs.
Betterment Retirement Planning
Betterment is strong in this category because in addition to their regular portfolios, they also offer income-specific investment options, like their BlackRock Target Income and Everyday Cash Reserve. The Target Income option in particular focuses on maximizing interest income, which is exactly what most people are looking for in retirement.
One of the advantages Betterment offers is that you can connect your 401(k) with your investment account. Betterment cant manage the 401(k) (unless chosen to do so by your employer through their 401(k) management plan), but they can coordinate your Betterment retirement account(s) with the activity in your employer plan.
And of course, if you have at least $100,000 in your Betterment account, you can enroll in the Premium plan and have access to live financial advisors.
But Betterment also offers its Retirement Savings Calculator to help you know if you’re on track for your retirement. By answering just four questions, they’ll be able to determine if your current retirement plan will provide the income you’ll need in retirement, taking your projected Social Security income into consideration. If it isn’t, it’ll let you know how much more you need to invest on a regular basis.
Wealthfront Retirement Planning
You can take advantage of Wealthfront Path to help you with retirement planning. You’ll start by linking your financial accounts so the program can get a better understanding of your finances. Recommendations to help you reach your goals are made based on the amount of regular contributions you’re making and the income you will need in retirement.
Path will analyze your spending patterns, your average annual savings rate, the interest you’re earning on those savings, as well as your investment and retirement contributions. It will also analyze the fees you’re paying on your investment and retirement accounts. Loan accounts are analyzed as well.
The information is assembled, and future projections are made. You’ll be given advice on any needed increases in savings for retirement contributions, as well as asset allocations. And perhaps best of all, since all your financial accounts are linked to the service, it will provide continuous updates on your progress toward your retirement goals.
Betterment Pros & Cons
No minimum initial investment or account balance requirement.
Reduced fee structure on larger account balances.
Use of value stocks seeks to outperform the general market.
Unlimited access to certified financial planners on account balances over $100,000.
Comprehensive retirement planning package.
Limited investment diversification, excluding alternative asset classes, like real estate and natural resources.
The annual management fee rises from 0.25% to 0.40% if you select the Premium plan.
The reduced fee structure on large account balances doesn’t kick in until you reach a minimum of $2 million.
Wealthfront Pros & Cons
Your account includes alternative investments, like real estate and natural resources. This offers greater diversification than a portfolio invested only in stocks and bonds.
The minimum initial investment is just $500. That’s not zero, but it’s an amount most small investors can comfortably start with.
Flat-rate fee of 0.25% on all account balances.
Larger accounts get the benefit of more efficient tax-loss harvesting strategies through Wealthfront Risk Parity.
The Wealthfront Portfolio Line of Credit lets you borrow up to 30% of the value of your non-retirement accounts at very low interest and with no credit check.
There’s no reduced management fee for larger account balances.
The retirement planning tool (Path) is an automated system and does not provide advice from live financial advisors.
Poor rating from the Better Business Bureau.
Bottom Line
We’ve covered a lot of territory and details in this side-by-side comparison of Betterment vs Wealthfront. The summary table below should help you to be able to compare the various services each offers with a quick glance.
Category
Betterment
Wealthfront
Minimum initial investment
Digital: $0 Premium: $100,000
$500
Promotions
Up To 1 Year Free
First $5,000 Managed Free
Management fees
Digital: 0.25% up to $2 million, then 0.15% above Premium: 0.40% to $2 million, then 0.30%
0.25%
Available accounts
Individual and joint taxable accounts; traditional, Roth, rollover and SEP IRAs; trusts and nonprofit accounts
Individual and joint taxable accounts; traditional, Roth, rollover and SEP IRAs; trusts and 529 accounts
Rebalancing
Yes
Yes
Dividend reinvestment
Yes
Yes
Tax-loss harvesting – on taxable accounts only
Yes
Yes
Socially-responsible investing
Yes
Available through Smart Beta ($500,000 minimum) and Stock-level Tax-Loss Harvesting ($100,000 minimum)
Smart Beta investing
Yes
Yes, minimum $500,000
Interest bearing cash account
Yes
Yes
Line of credit
No
Yes
Financial advice
Yes, on Premium Plan only
Automated only
Mobile app
Yes
Yes
Customer service
Phone and email, Monday through Friday, 9:00 am to 6:00 pm Eastern time
Phone and email, Monday through Friday, 10:00 am to 8:00 pm Eastern time
You’ve probably already guessed were not declaring a winner between these two popular roboadvisors. Both are first rate and you can’t go wrong with either. More than anything, your decision will likely come down to specific details–what features and benefits one offers that better suits your own personal preferences and investment style.
But one advantage that’s undeniable with both Betterment and Wealthfront is that not only is each a first-rate service, but they provide enough investment options and related services that they can accommodate your growing financial capabilities and needs well into the future.
For example, while you may start out with a basic managed portfolio, you’ll eventually want to get into higher risk/higher reward options as your wealth grows. As well, you’ll like the flexibility of having high-interest cash investment options, as well as low-cost or free financial or retirement advice.
We like both these services and are certain you can’t go wrong with whichever one you choose.
Betterment Cash Reserve Disclosure – Betterment Cash Reserve (“Cash Reserve”) is offered by Betterment LLC. Clients of Betterment LLC participate in Cash Reserve through their brokerage account held at Betterment Securities. Neither Betterment LLC nor any of its affiliates is a bank. Through Cash Reserve, clients’ funds are deposited into one or more banks (“Program Banks“) where the funds earn a variable interest rate and are eligible for FDIC insurance. Cash Reserve provides Betterment clients with the opportunity to earn interest on cash intended to purchase securities through Betterment LLC and Betterment Securities. Cash Reserve should not be viewed as a long-term investment option.
Funds held in your brokerage accounts are not FDIC‐insured but are protected by SIPC. Funds in transit to or from Program Banks are generally not FDIC‐insured but are protected by SIPC, except when those funds are held in a sweep account following a deposit or prior to a withdrawal, at which time funds are eligible for FDIC insurance but are not protected by SIPC. See Betterment Client Agreements for further details. Funds deposited into Cash Reserve are eligible for up to $1,000,000.00 (or $2,000,000.00 for joint accounts) of FDIC insurance once the funds reach one or more Program Banks (up to $250,000 for each insurable capacity—e.g., individual or joint—at up to four Program Banks). Even if there are more than four Program Banks, clients will not necessarily have deposits allocated in a manner that will provide FDIC insurance above $1,000,000.00 (or $2,000,000.00 for joint accounts). The FDIC calculates the insurance limits based on all accounts held in the same insurable capacity at a bank, not just cash in Cash Reserve. If clients elect to exclude one or more Program Banks from receiving deposits the amount of FDIC insurance available through Cash Reserve may be lower. Clients are responsible for monitoring their total assets at each Program Bank, including existing deposits held at Program Banks outside of Cash Reserve, to ensure FDIC insurance limits are not exceeded, which could result in some funds being uninsured. For more information on FDIC insurance please visit www.FDIC.gov. Deposits held in Program Banks are not protected by SIPC. For more information see the full terms and conditions and Betterment LLC’s Form ADV Part II.
DoughRoller receives cash compensation from Wealthfront Advisers LLC (“Wealthfront Advisers”) for each new client that applies for a Wealthfront Automated Investing Account through our links. This creates an incentive that results in a material conflict of interest. DoughRoller is not a Wealthfront Advisers client, and this is a paid endorsement. More information is available via our links to Wealthfront Advisers.
When struggling to pay off debt, especially a high amount, it’s not uncommon to come across companies offering debt consolidation. However, many for-profit companies offering “consolidation” are actually selling a debt settlement service.
Debt settlement is where a third-party company can try to reduce someone’s debt by negotiating with their creditors or debt collectors on their behalf. While some debt settlement companies might be successful in lowering the amount of debt, these programs can be risky because of how they are structured.
Paying off less debt might sound like an easy win, but debt settlement can come with some big financial risks, possibly affecting the debtor’s credit score and ability to access credit in the future, and costing more along the way.
What Is Debt Settlement and How Does It Work?
Debt settlement is an agreement with a creditor to pay less than the total amount owed. It’s sometimes referred to as “debt relief” or “debt adjustment.”
Typically, a debt settlement program focuses on unsecured debts, which aren’t tied to a physical asset like a house or car. Examples of this include credit cards, store cards, personal loans, and medical bills. Other types of debt, such as mortgages, car loans, student loans, and tax debt, usually don’t qualify for these programs.
While debt settlement might provide some relief for debtors who are at the end of their financial rope, it’s by no means a simple solution. The process may take years, could require you to pay high fees, and can damage your credit score. Plus, it won’t wipe out all of your debts.
Though it’s a potential alternative to bankruptcy, it should be considered as a last resort.
💡 Quick Tip: A low-interest personal loan from SoFi can help you consolidate your debts, lower your monthly payments, and get you out of debt sooner.
How Debt Settlement Works
How does debt relief work? Let’s take a look.
You can negotiate a debt settlement on your own. If you decide to go this route, start by contacting each creditor and confirming whether you owe the debt. If you do, determine a realistic payment plan, and propose it to the creditor. During the negotiating process, you’ll continue to make regular payments on what you owe.
However, the debt settlement process can be confusing and could take years to complete. You might decide to enlist the help of a trusted third party, like a debt settlement company, to negotiate on your behalf.
During the negotiation process, you may be required to enter a debt settlement program. These programs typically encourage debtors to stop paying creditors and instead make monthly payments into a savings account. Once a settlement is reached, the company may take its fees out of that account first and use the balance to pay off the debt.
It’s important to note that if you choose to stop paying creditors, your credit score may be negatively impacted and you could face late fees and penalties.
What Do Debt Relief Companies Do?
The goal of debt settlement companies, also known as debt relief companies, is to work with people to get a better payment plan to help reduce debt. They typically charge fees for these services, usually between 15% to 25% of the total enrolled debt. However, you should only be charged once your debts have been settled or resolved.
Debt relief companies often require an initial consultation so they can determine whether you qualify for their debt relief program and which option might fit your situation. You also might be asked to provide basic information regarding your current creditors, debt balances, monthly income, and expenses.
Once you enroll in a debt relief program, you’ll probably be required to make monthly payments into a bank account that you’ll control. Typically, the debt settlement company will negotiate with a creditor once the account contains enough money for them to make a lump-sum offer.
In the meantime, the company may also advise you to stop paying your creditors. Note that doing so may cause your account(s) to flow further into delinquency or even charge-off, which can cause significant harm to your credit health and your ability to access credit in the near and long term.
Why Is Debt Settlement Risky?
Though debt settlement can be a viable alternative to bankruptcy, it has drawbacks. Here are risks to keep in mind:
Debt Settlement Can Be Expensive
By law, a debt relief company can’t charge you any fees until after they settle or reduce at least one of your debts. And you won’t have to pay if a creditor flat-out refuses your settlement. But once a debt is lowered or settled, you’ll likely incur charges that, when added up, could end up being more than what you originally owed.
What’s more, you may have to pay taxes on any debt that’s been forgiven, as the IRS considers that as income. Consider talking to a tax professional about any tax repercussions you may face if you settle your debt.
Debt Settlement Can Damage Your Credit
If you stop paying your creditors, you may be hit with late fees, penalty payments, higher interest charges, and other fees that can increase your overall debt. Late or missed payments can also be reported to the credit bureaus, and your credit score will likely be seriously damaged.
Something else to keep in mind: Though not as serious as bankruptcy, settled accounts are generally seen as negative events in credit history and can stay on credit reports for up to seven years.
There’s No Guarantee Debt Settlement Will Work
Creditors are under no obligation to accept a settlement proposal, and not all creditors will negotiate with a debt relief company. If your settlement is rejected, you may want to consider creating a debt management plan and start making payments.
How Does Debt Settlement Affect Your Credit Scores?
When you’re trying to settle a debt, your credit scores can take a hit. Late or missed payments, being sent to a collection agency, and even a settled account can all have a negative impact on your credit scores for years afterward.
What’s more, if you try to settle a debt and fail — and you have no other options — you may end up considering bankruptcy as a solution. Depending on the type of bankruptcy settlement you choose to file, it could stay on your credit report for seven to 10 years. It may also make it difficult to get credit, buy a home, or in some cases, get hired for a job.
How Is Debt Relief Different From Debt Consolidation?
Though these two debt payoff strategies sound similar, debt relief and debt consolidation work differently.
With debt consolidation, you take out a loan or line of credit and use it to pay off other debts. Once you consolidate those existing loans into a single loan, you have just one predictable, monthly payment and one (hopefully better) interest rate. Consolidation can help make budgeting and bill paying easier, and if you’re able to secure a lower interest rate, you may even save money by reducing how much interest you pay over time.
Debt settlement, on the other hand, involves negotiating the terms of your debt with your creditor so you end up paying less than what you owe, usually in one lump sum.
What Are the Pros and Cons of Working With a Debt Settlement Company?
Before jumping into debt settlement, there are some pros and cons a debtor might want to consider first. On the plus side, that anxiety about answering phone calls for fear a collection agency is on the line could go away.
In addition, all those debts could be consolidated into a single bill, so the debtor wouldn’t have to pay numerous bills a month on debt. And, of course, debt settlement could reduce debt long term and help avoid bankruptcy.
However, there are some potential negative financial implications:
• Debt settlement companies typically encourage those who enroll in their services to stop sending payments to creditors during the negotiation period. This can seriously affect credit scores, incur late fees, and build up interest, actually digging a deeper hole. Creditors can also sue for repayment even when a debtor is working with a debt settlement company, and can take money directly from someone’s wages or force repayment in other ways.
• Creditors are not under any obligation to work with debt settlement companies. Even saving the monthly amount the programs require is no guarantee the two parties will be able to settle some of the debts.
• Debt settlement companies could still charge fees even if the entire debt wasn’t settled. While debt settlement agencies cannot charge fees until a settlement is reached, and at least one payment is made as part of the agreement, each time they successfully settle a debt with one creditor, the company can charge another portion of its full fee.
Beware of Debt Settlement Scams
Before deciding to enroll in a debt settlement program, it’s important to check the company with the local state attorney general and local consumer protection agency . These agencies can help determine if there are any customer complaints on file about the debt settlement company.
Also, a quick internet search of the company name and “complaints” could reveal any current lawsuits or deceptive and unfair practices. One easy method to find the top debt settlement companies is to look for those with good grades from the Better Business Bureau.
Some common red flags when researching any company promising to settle debt:
• Charging any fees before settling any debt. This is prohibited by the FTC’s Telemarketing Sales Rule.
• Promising to settle all debt for a specific percentage. Debt settlement companies cannot guarantee the amount of money or percentage of debt that could be saved by using their services. They also can’t guarantee how long the process will take.
• Claiming there is a “new government program” that they are assisting with
• Guaranteeing to eliminate debt entirely
• Explicitly giving instructions to stop communications with creditors, and not explaining the serious financial consequences of doing so
• Saying they can stop all debt collection calls or lawsuits
• Starting enrollment without any review of an individual’s financial situation
The FTC advises people to avoid any sort of organization, whether they are offering credit counseling, debt settlement, or any other financial service, that fails to explain the risks associated with their programs, makes grandiose promises, and asks for any money upfront.
Debt Settlement Alternatives
Credit counseling
In contrast to some debt settlement companies that are profit-driven, reputable credit counseling organizations might be available to offer help with managing money and debts, developing a budget, and providing free educational tools and workshops.
Counselors should be certified and trained and help develop an individual plan for solving money problems. One place to start could be this list of nonprofit agencies certified by the Justice Department, which offer counseling and debt management plans.
Credit counselors might suggest a debt management plan, where one monthly payment is made to the credit counseling organization, and then they make all of the individual monthly payments to creditors. Counselors do not typically negotiate any reduction in debts owed, but could help lower monthly payments by working to increase the loan terms or lower interest rates.
Talking to Creditors
A debtor could take the DIY approach and talk to the creditor personally, even if negotiations for a lower rate or debt reduction have not worked in the past. Instead of paying a company to talk to a credit card company or other debt creditor on their behalf, remember that anyone can do it themselves for free.
The conversation could be approached with the goal of figuring out a modified payment plan to reduce payments to a manageable level.
Creditors and their collection agencies are typically willing to negotiate, even if they have already written off a debt as a loss.
According to the Consumer Financial Protection Bureau, many creditors and debt collectors will not negotiate how much they are willing to settle for, meaning debt settlement companies likely can’t get better terms than an individual could get by talking to the creditors themselves.
Balance Transfer
A balance transfer could also help when it comes to consolidating credit card debt.
A balance transfer is when someone moves debt from one credit card to another, usually taking advantage of a 0% interest offer on the newer card. While the 0% rate only lasts for a specific amount of time, this offers the opportunity to pay off more of the credit card debt during that promotional period since new interest isn’t accruing.
💡 Quick Tip: If you’ve got high-interest credit card debt, a personal loan is one way to get control of it. But you’ll want to make sure the loan’s interest rate is much lower than the credit cards’ rates — and that you can make the monthly payments.
Fixed-Rate Personal Loan
Rather than looking to a debt settlement company to fix high debt, another alternative that could be considered is a fixed-rate personal loan, which might be easier to manage and could help save money in the long run. By consolidating qualifying high-interest debt into one low-interest personal loan, a borrower could simplify by only having one fixed monthly payment.
The Takeaway
In certain situations, debt relief programs can be a viable alternative to bankruptcy — and for some, a debt solution that provides some relief. But in general, they’re seen as a last resort for those at the end of their financial rope. The process may take a long time and often involves paying high fees, which could bite into any savings you would have received from a settlement. And if you decide to stop paying your creditors and instead pay into a savings account, you may incur penalties, and your credit score will likely be damaged. There are alternatives to debt relief programs that may be worth considering, including negotiating with creditors yourself, credit counseling, and balance transfers.
Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.
SoFi’s Personal Loan was named NerdWallet’s 2023 winner for Best Online Personal Loan overall.
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Self-doubt and embarrassment can creep in at a moment’s notice without warning. Insecurities, whether stemming from childhood or developing as a young adult, do not discriminate. Here are some of the most common complaints. Which would you rank number one?
1. Hair Loss
For women and men alike, early onset shedding can drain self-confidence. “I started losing my hair when I was 18. Now I keep my hair really short so it isn’t so noticeable,” one Redditor posted. “Also, lots of hats!” Now that’s looking on the bright side.
“Just remember: bald is sexy, balding is not,” an encouraging response read. “Sounds like you made the right choice! No shade on anyone who wants to rock a comb over, you do you boo.”
2. Nose Goes
From young children and teens to grown adults and baby boomers, most have wrestled with admiring their side profile.
“I hate my nose” was among the top comments regarding physical features.
3. The Number on the Scale
While being overweight can trigger a person, being underweight is equally stressful.
“My weight; I’m super skinny and find it impossible to put on any weight.”
4. Being at a Loss for Words
“Not coming up with anything to say … It’s so embarrassing because it can happen in the beginning of a conversation out of nerves. Makes me feel very uncomfortable, and that person loses interest.”
Anyone in public speaking is sure to relate.
5. Surface Level
“I have eczema (a genetic skin condition that often looks like a flaky sunburn, no matter how much lotion I put on), and I know it makes me physically less attractive. When I get turned down for dates, I can’t help but wonder, was it because of my bad skin?”
6. Wordy Worry Wort
As it turns out, keeping someone from getting a word in edgewise is a major faux pas.
“I’m so scared of being annoying or too out there.”
7. Heated Handshake
Whether the result of too much coffee, the shivers, or a touch of nervous energy, temperature changes happen to everyone.
“When people point out the shakes in my hands or my overheating… I have an autoimmune disorder that causes temperature regulation issues.”
8. Not So Pearly Whites
“I don’t have perfectly white teeth,” said one comment.
“My dang teeth. Years of bulimia messed them up royally, and now, instead of weight issues, I have far more expensive dental problems,” another posted in reply.
Coffee, red wine, and smoking are said to have contributed to stains and discoloration.
9. Hairy Human
“I have a tiny bit of a beer belly, but it also has a dark peach fuzz, which is not acceptable in women,” said one Redditor.
10. Lips with a Lisp
Speech impediments are often significant sources of insecurities plaguing teens. However, lisp is among the most common (and treatable) issues.
Source: Reddit.
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