When you’re buying a home, you probably have a million questions that need answering, especially when it comes to getting the proper insurance to protect your investment.
Soon-to-be homeowners may see both title and homeowners insurance on the lending documentation and wonder what the difference is between the two. While both types of insurance can provide vital coverage for homeowners, they differ vastly in their purpose and protection.
What Is Homeowners Insurance?
A homeowners insurance policy protects a home and personal property from loss or damage. It may also provide insurance in the event someone is injured while they are on the property.
Here are some common things homeowners insurance may cover:
• Damage that may occur in the home, garage, or other buildings on the property • Damaged, lost, or stolen personal property, such as furniture • Temporary housing expenses if the homeowner must live elsewhere during home repairs
Depending on the policy, homeowners insurance may also cover:
• Physical injury or property damage to others caused by the homeowner’s negligence • An accident that happens at home, or away from home, for which the homeowner is responsible • Injuries that take place in or around the home and involve any person who is not a family member of the homeowner • Damage or loss of personal property in storage
Some coverage may also apply to lost or stolen money, jewelry, gold, or stamp and coin collections.
Buying Homeowners Insurance
While someone can legally own a home without taking out homeowners insurance, the mortgage loan holder may require the homeowner to purchase an insurance policy. Typically, lenders do require this as a condition of the home loan.
It’s important to understand that homeowners need to insure the home but not the land underneath it. Some natural disasters — tornadoes and lightning, for example — are covered by typical homeowners policies. Floods and earthquakes, however, are not. If you live in an area where floods or earthquakes are common, you may want to consider purchasing extra insurance to cover damages from potential disasters.
Special coverage may also be worthwhile for those who own valuable art, jewelry, computers, or antiques. There are two policy options that can help homeowners replace insured property in the event of damage or a loss. Replacement cost coverage covers the cost to rebuild the home and replace any of its contents, while actual cash value simply pays the current value of the property at the time of experienced loss.
When it comes time to shop for and buy homeowners insurance, start by asking trusted friends, family, or financial advisors for their recommendations. Do some online research, too. Before you make a final decision, contact multiple companies and request quotes in writing to compare their offerings. That process can give you a good idea of who is offering the best coverage for the most affordable price.
Recommended: Is Homeowners Insurance Required to Buy a Home?
What Is Title Insurance?
Title insurance provides protection against losses and hidden costs that may occur if the title to a property has defects such as encumbrances, liens, or any defects unknown when the title policy was first issued.
The insurer is responsible for reimbursing either the homeowner or the lender for any losses the policy covers, as well as any related legal expenses.
Title insurance can protect both the homeowner and lender if the title of the property is challenged. If there is an alleged title defect, which the homeowner may be unaware of at the time of purchase, title insurance can provide protection to cover any losses resulting from a covered claim.
The policy will cover legal fees incurred if there is a claim against the property.
Recommended: How to Read a Preliminary Title Report
Buying Title Insurance
Both home buyers and lenders can purchase title insurance. If the home buyer is the purchaser, they may want to insure the full value of the property. (The value of the property will affect how much the policy costs). When the lender is the purchaser, they typically only cover the amount of the homeowner’s loan. When it comes time for a home buyer to purchase title insurance, they have full choice of the insurer.
According to the Real Estate Settlement Procedures Act (RESPA) of 1974, the seller cannot require the home buyer to purchase title insurance from one certain company.
Lenders are required to provide a list of local companies that provide closing services, of which title insurance is just one. But it may be worth doing independent research. Lenders may not select their recommendations based on the home buyer’s best interest, but instead because a service provider is an affiliate of the lender and provides a financial incentive in exchange for a recommendation.
Again, it’s a smart idea to seek the counsel of friends and family and do online research to uncover competitive prices and learn which service providers have a solid reputation.
Recommended: What Are the Different Types of Mortgage Lenders?
The Takeaway
Homeowners insurance is an ongoing cost (billed monthly, quarterly, or annually) that helps cover damage or loss of the home and possessions within the home. Title insurance, on the other hand, can help protect against losses caused by defects in the title and is a one-time fee payable during the closing process. The advantage to having both types of coverage is that each policy can protect homeowners against financial loss in very different circumstances.
Shopping for homeowners insurance often requires considering several options, from the amount of coverage to the kind of policy to the cost of the premium. To help simplify the process, SoFi has partnered with Lemonade to bring customizable and affordable homeowners insurance to our members.
Lemonade is a name you can trust. It has exceptional ratings, is fully licensed, and reinsured by some of the most trusted names on the planet. Plus, it donates any leftover money to nonprofit partners chosen by customers.
Check out homeowners insurance options offered through SoFi Protect.
SoFi offers customers the opportunity to reach the following Insurance Agents:
Home & Renters: Lemonade Insurance Agency (LIA) is acting as the agent of Lemonade Insurance Company in selling this insurance policy, in which it receives compensation based on the premiums for the insurance policies it sells.
SoFi Mortgages Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Earlier this week, I shared some of the highlights from three years of GRS articles about saving money on food. Brett from The Art of Manliness, who knows that I collect old self-help books, sent me an excerpt from Dio Lewis’s 1872 volume, Our Digestion, or, My Jolly Friend’s Secret. Here Lewis describes his “experiment in cheap living”, during which he spends just 54-1/4 cents for a week of food. This makes for some amusing reading. Enjoy!
It is now Saturday afternoon, and I will tell you in confidence, my dear reader, a little of my personal, private experience during the past week.
On Sunday morning last, I thought I would try for a week the experiment of living cheaply.
Sunday breakfast, hulled Southern corn, with a little milk. My breakfast cost three cents. I took exactly the same thing for dinner. Food for the day, six cents. I never take any supper.
Monday breakfast, two cents’ worth of oatmeal, in the form of porridge, with one cent’s worth of milk. For dinner, two cents’ worth of whole wheat, boiled, with one cent’s worth of milk. Food for Monday, six cents.
Tuesday breakfast, two cents’ worth of beans, with half a cent’s worth of vinegar. For dinner, one quart of rich bean porridge, worth one cent, with four slices of coarse bread, worth two cents. Food for Tuesday, five and a half cents.
Wednesday breakfast, hominy made of Southern corn (perhaps the best of all food for laboring men in hot weather), two cents’ worth, with one cent’s worth of syrup. For a dinner a splendid beef stew, the meat of which cost two cents. A little extravagant, you see. But then, you know, “a short life and a merry one.”
Perhaps you don’t believe that the meat was purchased for two cents? But it was, though. The fact is, that from an ox weighing eight hundred pounds nett you can purchase certain parts weighing about one hundred pounds, for three cents per pound. Two-thirds of a pound made more stew than I could eat. There was really enough for two of us. But then, you know how careless and reckless we Americans are in regard to our table expenses, always getting twice as much as we need.
I must not forget to say that these coarse, cheap portions of the animal are the best for a stew. The very genius of waste seems to have taken possession of me on that fatal day. I poured into my stew all at once, slap-dab, a quarter of a cent’s worth of Leicestershire sauce, and as if to show that it never rains but it pours, I closed that gluttonous scene by devouring a cent’s worth of hominy pudding. Food for Wednesday, eight and a quarter cents.
The gross excess of Wednesday led to a very moderate Thursday breakfast, which consisted of oatmeal porridge and milk, costing about two and a half cents. For dinner, cracked wheat and baked beans, two cents’ worth of each, milk, one cent’s worth. Food for Thursday cost seven and a half cents.
Friday breakfast, Southern hulled corn and milk, costing three cents. For dinner, another of those gormandic surfeits which so disgraced the history of Wednesday. Expenses for the day, eight and a quarter cents.
This morning when I went to the table I said to myself, “What’s the use of this economy?” and I made up my mind that for this day, at least, I would sink all moral restraints, and give up the reins to appetite. I have no apology or defence for what followed.
Saturday breakfast, I began with one cent’s worth of oatmeal porridge, with a teaspoonful of sugar worth a quarter of a cent. Then followed a cent’s worth of cracked wheat, with half a cent’s worth of milk. Then the breakfast closed with two cents’ worth of milk and one cent’s worth of rye and Indian bread. For dinner I ate half a small lobster, which cost three cents, with one cent’s worth of coarse bread and one cent’s worth of hominy salad, and closed with two cents’ worth of cracked wheat and milk. Cost of the day’s food, twelve and three-quarter cents.
In all of these statements only the cost of material is given.
Cost for the week, fifty-four and a quarter cents.
Of course I don’t pretend that everybody can live in this luxurious way. It isn’t everybody that can afford it. I could have lived just as well, so far as health and strength are concerned, on half the money. Besides, on three days I ate too much altogether, and suffered from thirst and dullness. But then I may plead that I work very hard, and really need a good deal more food than idlers. Not only have I written forty odd pages of this book during the week, but I have done a large amount of hard muscular labor.
By the way, I weighed myself at the beginning of the week, and found it was just two hundred and twelve pounds. Since dinner today I weighed again and found that I balanced two hundred and twelve and a half pounds, although it has been a week of warm weather, and I have had unusual demands for exertion of various kinds.
But let me feed a family of ten instead of one person, and I will give them the highest health and strength upon a diet which will cost here in Boston not more than two dollars for the ten persons for a week. Let me transfer my experiment to the Far West, where wheat, corn, oats and beef are so cheap, and the cost of feeding my family of ten would be so ridiculous that I dare not mention it lest you laugh at me.
And so far from my family group being one of ghosts or skeletons, I will engage that they shall be plumper and stronger, healthier and happier, with clearer skins, brighter eyes, sweeter breaths, whiter teeth, and, in addition, that they shall live longer than your Delmonico diners, each of whom spends enough at a single dinner to feed my family of ten for a week. And last, but not least, they shall enjoy their meals vastly more than your Delmonico diners.
For the second consecutive year, Acopia Home Loans has ranked No. 1 on the the list of Middle Tennessee’s Top Workplaces for a midsize company (between 125 and 399 employees), though it has ranked as one of the best employers for the past nine years.
With 10 Middle Tennessee locations, Acopia has 133 employees plus additional staff in locations across the Southeast, Texas, Colorado, and California.
Acopia was founded just 16 years ago in 2007, and it has racked up numerous awards for being a great place to work and earned a solid industrywide reputation.
The company’s leadership is dedicated to helping people make the dream of home ownership a reality, using a range of loan products. Lenders work with borrowers hand-in-hand, which employees say is one of the best aspects of their jobs.
“I enjoy helping families find their forever home or a second home,” says one employee. “I also enjoy helping those who can’t purchase right now by having the option to help investors invest in rentals. The housing market is very important to society, and I love being a part of it.”
The company cultures an environment where its workers can be proud of based on their hard work, enthusiasm, integrity, creativity and having fun. The team loves helping homeowners, places importance on a high level of service, and is committed to doing the right thing, according to Acopia’s mission statement.
“I love my job because of the people,” says another employee. “Lots of companies talk about culture these days, but we live it every day. There is a level of respect among peers like no other I have ever experienced, and the support from the ownership and executive leaders is paramount.”
Acopia also goes the extra mile to serve those who give back to the local community. Its Honoring Our Heroes program was created to serve the people who serve others, including veterans, active military, police officers, firefighters, EMS workers, medical professionals and educators.
KCH Transportation
With its nationwide headquarters in Chattanooga and another office in Nashville, plus other locations across the South, KCH Transportation offers tech-based domestic transport services for virtually any type of freight. The company ranked high on the Top Workplaces for a midsize company.
KCH Transportation cultivates a culture of employee success focused on the well-being of people and the fostering of relationships above all else. Employees have autonomy and are trusted to build their own careers, while being given a clear path of growth within their roles. Leadership teams ensure equal opportunity for personal and professional development.
Of the dozens of employees surveyed, the response when asked why they love their jobs overwhelmingly was because of their co-workers. Person after person said their colleagues were like family and the company culture made KCH their “forever” job. Most described the job as challenging in positive ways without being stressful and said their efforts are appreciated.
“I have never worked for a company where each and every employee is so thoughtful, caring, and always there to help one another,” one employee said. “I honestly couldn’t ask for a more respectful team all across the board. I absolutely love everything about my job with KCH.”
One thing employees said they are most proud of is KHC’s donation drives. Each of its seven offices participates in multiple donation drives throughout the year, helping the communities the employees call home.
KCH has participated in and sponsored events with Toys for Tots and “trunk-or-treat” events, and last year donated over 500 toys, thousands of food items and thousands of clothing items to community members in need.
The company has also partnered with the Ronald McDonald House, the Net Resource Foundation and the St. Andrew’s Center.
“I come to work and smile,” says one staffer. “The people here are amazing and truly care about each other. This is work, this is a lifestyle, and we love what we do. I’m honored to be part of the KCH family and cannot wait to see what the next five years look like.”
True to its brand, Virgin Voyages does things a little differently than other cruise lines, and this ethos extends to its accommodations. Virgin Voyages’ cabins sport a minimalist look with futuristic touches, and its suites exude a rock-n-roll vibe with in-room turntables and peekaboo showers.
While these cruise rooms may be unique in the cruise industry, you won’t have trouble choosing your cabin or suite. Virgin offers a reasonable three styles of standard cabin and eight categories of suites, so your choice will be guided by your requirements around space, price and light.
Virgin also does not use standard cruise industry lingo to refer to its rooms. Inside cabins are Insider rooms, ocean views are Sea Views, and balconies are Sea Terrace cabins. Suites are RockStar Quarters. Many rooms can accommodate one to four guests, often in slightly unusual bed layouts, so pay attention if you’re traveling in a pack and looking to save a few bucks on your cruise fare.
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Whether this is your first cruise ever or your first with this cruise line, you’ll want to familiarize yourself with Virgin Voyages’ cabins and suites before you make that booking. Here’s everything you need to know.
A Virgin Voyages cabin primer
Virgin Voyages sails three identical ships, with one more on the way by the end of 2023. Cabin categories and design are standard across the fleet, so if you’re familiar with one ship, you’re familiar with them all.
Here is a breakdown of the cabin types on Scarlet Lady, which should be the same across all the sister ships:
Insider inside cabins: 105 (8%)
Sea view outside cabins: 96 (7%)
Sea Terrace balcony cabins: 1,051 (79%)
RockStar Quarters suites: 78 (6%)
The cruise line caters to adults only; all passengers must be 18 years old. That means you won’t find any family-focused accommodations. However, you will find Insider and Sea View cabins designed for solo passengers, with a 3/4 size bed (larger than a twin but smaller than a full.)
Other cabins and suites in all categories can sleep three or four guests. Groups who don’t want to squeeze four into a room (and we wouldn’t recommend it, given Virgin’s tiny bathrooms and limited storage) can take advantage of connecting rooms.
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Balcony cabins are designated either regular, extra-large, centrally located or limited-view, and your cruise fare will change depending on which you choose. Cheeky Corner and Suite Aft Suites are also divided into Pretty Big Terrace, Even Bigger Terrace and Biggest Terrace classes.
Related: The 5 most desirable cabin locations on any cruise ship
Accessible cabins are available in Insider, Sea View, Central Sea Terrace, Extra-Large Sea Terrace and Seriously Suite categories.
All Virgin Voyages cabins mix a hip yet minimalist design (think IKEA or micro hotel) with tech-forward accessories (such as an iPad that controls the A/C, curtains and mood lighting). The look is more spare than you’ll find on other cruise lines that feature thick mattresses, fluffy duvets and faux-wood cabinetry in their cabins.
In standard cabins, the bed is modular – not only transforming from a queen bed to twins but also turning from a bed into an L-shaped lounging couch. In some quad layouts, a queen bed and an extra twin share the same headboard with a bunk overhead. The mattresses are rearranged on a long platform to form various arrangements; any uncovered portion of the platform serves as a nightstand or low table.
A triangular-with-rounded-edges odd-shaped white table serves as a desk and vanity in most standard cabins, with a round vegan leather stool beneath. It partially overlaps the shelving unit beneath that houses a mini-fridge and small shelves. Above is a round mirror and a shelf holding the room-controlling tablet.
Sea View and Sea Terrace cabins trade out the typical cruise ship cabin couch or love seat for a spare director’s style chair with a faux leather partial back and a padded seat.
Virgin also skips a full wardrobe for a more minimalist closet area where a hanging rod and a two-shelf luggage rack with storage baskets are hidden behind a curtain. A narrow floor-to-ceiling wardrobe contains four slim drawers, shelves housing the safe, life jackets and extra linens and a full-length mirror.
It’s not a lot of storage space — perfect for one, manageable for two and likely impossible for three or four.
Standard bathrooms are also tiny and lacking in storage space. The shower has one measly shelf and pump bottles of Red Flower shampoo, conditioner and body wash. It offers both a rain shower head and a wand. The rest of the tiny bathroom features a bowl sink and a small vanity where you can store toiletries if you move the hand towels somewhere else (possibly the shelf below with the garbage can).
The entire space is tight, even for average-sized people. If you need spacious loos, you will need to book a suite.
Virgin Voyages ships have eight types of suites, ranging from 352-square-foot Seriously Suites (which are essentially extra-spacious regular cabins with slightly nicer furnishings and a much larger bathroom) to the 2,147-square-foot Massive Suite with separate living and sleeping areas, a music room, and a gigantic terrace with a dining table (with steps up in case you want to pull a Richard Branson and dance on it) and hot tub.
Related: Why you should splurge for a suite on your next cruise
Suites are split into two categories — RockStar Quarters and Mega RockStar Quarters — which determine which additional perks come with your booking.
Virgin claims that 86% of its cabins feature private balconies, and if you can, you want to book one of these. Why? Because each Sea Terrace comes with a sustainably sourced hammock that is extremely comfortable and unusual in the cruise industry — and for us, was the best part of the entire Virgin accommodation experience.
Inside cabins on Virgin Voyages cruise ships
Insider cabins are Virgin’s name for windowless interior rooms. They measure 105 to 177 square feet and can sleep one (Solo Insiders) to four people (Social Insiders). As we mentioned above, the Solo Insiders have a 3/4-sized bed. The four-person arrangement is two twin beds arranged in an L shape head to head, with two bunkbeds also in L shape right above. The intent is for the lower beds to be made up as couches during the day and transformed into beds at night.
The room is laid out like a standard Scarlet Lady cabin, but on the far wall, where a window would be, there’s a red, round art piece evocative of a porthole.
Ocean-view cabins on Virgin Voyages cruise ships
Sea View cabins are slightly bigger at 130 to 190 square feet and can sleep one to three people, with one pull-down bunk and beds that convert from a queen to two twins. They are arranged identically to the Insider cabins, except they have a large round porthole window with a window seat on the exterior wall.
Some Sea View cabins come in slightly different configurations, especially the rooms located where the ship’s superstructure juts out at an angle. We toured one of these practically V-shaped rooms, which had one rectangular window rather than a full porthole. The window was on the same wall as the bed and chair, and the opposite wall had the desk, mini-fridge and mirror. The converging angle of the two walls made it a tight squeeze between the bed and the desk.
Related: Inside vs. outside cabin: Which affordable cruise room is best for you?
The bottom of the V, if you will, had a tall wardrobe and full-length mirror. The top of the V was the wall with the entry door, the bathroom and the closet hidden away in a tight corner by the window.
Balcony cabins on Virgin Voyages cruise ships
Virgin calls its balcony cabins Sea Terraces. They measure 185 to 225 square feet, including the 45-square-foot terrace. They can sleep two to four people, but there’s only one bunkbed. To sleep four, two people will need to share a bed, the third bed will be perpendicular in an L shape (so three heads in close proximity) and the fourth is a bunk flush with the cabin wall above.
Sea Terraces share the layout of the other standard cabins. Note that cabins numbers on the port or A side of the ship have the beds by the bathroom and the desk by the balcony, and cabin numbers on the starboard or Z side of the ship have the reverse layout, with beds by the balcony and desks by the bathroom.
Balconies are outfitted with two upright not-that-comfortable metal chairs and a circular drinks table just big enough for two glasses. The real attraction here is the full-size red hammock hung from the ceiling. A grown adult can easily lay out or simply sit and swing in the hammock. Be prepared to come to blows with your cabinmate over who gets the hammock first and for how long.
Related: Why it pays to upgrade your cruise ship cabin
If you love your hammock so much you can’t live without it, you can buy one on board. The custom-designed hammocks are handwoven by women in rural Thailand and sold by Yellow Leaf, an organization focused on community transformation and female empowerment.
Suites on Virgin Voyages cruise ships
Virgin Voyages’ 78 RockStar Quarters are broken down as follows (based on Scarlet Lady’s deck plans):
Two Massive Suites
Two Fab Suites
Two Posh Suites
nine Gorgeous Suites
18 Brilliant Suites
14 Cheeky Corner Suites (six Biggest Terrace, four Even Bigger Terrace and four Pretty Big Terrace suites)
24 Seriously Suites
Seven Sweet Aft Suites (three Biggest Terrace, two Even Bigger Terrace and two Pretty Big Terrace suites)
The Sweet Aft, Seriously, Cheeky Corner and Brilliant suites are considered RockStar Quarters. They come with the following perks:
Access to Richard’s Rooftop sun deck with hot tubs and a bar
Complimentary in-room bar setup (no refills)
Priority access to dinner and event reservations, plus shore excursion signups
RockStar agents (i.e. concierges) who can help you 24/7
Priority embarkation
Gorgeous, Posh, Fab and Massive Suites are considered Mega RockStar Quarters. They come with all the RockStar perks plus additional benefits:
A daily bar tab for complimentary drinks and bottles of wine throughout the ship
Complimentary Thermal Suite access at the Redemption Spa
Private transfers to the ship or free parking (depending on the departure port)
A personal RockStar Agent
Limitless in-room bar
Premium Wi-Fi on Caribbean cruises, allowing streaming on up to two devices
The suite that’s right for you will depend on your budget, the perks you value and where on the ship you wish to stay.
Related: How to snag cruise ship suites for less
Among the RockStar Quarters, the Seriously Suite is the most common suite type on board. It measures 352 square feet, including the balcony. It features a European king bed facing the floor-to-ceiling glass balcony doors, tall closet wardrobes, a brass vanity, a shelving unit with a turntable and bar setup and a window behind the bed looking into the extra-large shower. The bathroom is spacious with a marble tile look, and the terrace is only slightly larger than a standard one, with the same furnishings.
The Sweet Aft Suite ranges in size from 416 to 661 square feet, depending on the deck and the size of the balcony. The higher the deck, the bigger the suite and terrace. There’s one Sweet Aft Suite on each deck between decks 8 and 14, and each is located smack in the center of the back of each deck.
These suites also have a bed facing the windows, but the bathroom is to the side with a shower porthole looking onto the oversized balcony. In addition to the standard hammock, the terrace features two padded lounge chairs, a couch and a round metal table (meant for Champagne) and chairs.
The Brilliant Suite measures 482 square feet and looks like an expanded version of the Seriously Suite. The extra space allows for a modular couch that can double as a bed; this suite can sleep up to four. Its balcony is slightly longer than the Seriously Suite’s, meaning it can offer the larger Champagne table of the Brilliant Suite.
The Cheeky Corner Suite also comes in a range of sizes, 615 to 857 square feet, based on deck and balcony size. The 14 suites are at the back corners of the ship on decks 8 – 14, on either side of the Sweet Aft Suites.
Balconies wrap around the back and sides of the ships, and offer the same furnishings as the Sweet Afts but with the hammock tucked away in the side corner. Inside, the room has a corner sofa area and a large wardrobe.
Related: What not to do on a cruise balcony
All of the Mega RockStar Quarters are on Deck 15, directly beneath Richard’s Rooftop, for easy access.
The Gorgeous Suite is the smallest at 570 square feet, and can sleep up to four. Its interior is similar to the Brilliant Suite, but the difference is in the balcony. The suite has a double-depth balcony with an outdoor shower and lounge chairs.
The Posh Suite measures 833 square feet, with living and sleeping areas divided by a wall. It can sleep four (the living room sofa can convert to a bed) and has a bath and a half (the master with a peekaboo shower looking into the bedroom and out the balcony doors beyond). The balcony is similar to the other suite terraces with lounge chairs, a hammock, Champagne table and chairs and a small couch.
The Fab Suite, at 950 square feet, is essentially an oversized version of the Posh Suite. The extra space allows for additional seating areas in both the living room and bedroom. It can also sleep four.
All the way forward on Deck 15, each of the two Massive Suites lives up to its name, coming in at a whopping 2,147 square feet. You enter the main living area with a circular couch seating area and a full bar. To one side is the music room, which can double as an extra bedroom; the suite sleeps up to four — that is if you don’t stay up rocking out on the provided guitars all night. An adjacent guest bathroom is ideal for hosting parties.
On the other side, the master bedroom has privacy behind sliding doors and floor-to-ceiling windows. Just behind, the marble-tiled dressing area features two closets and a soaking tub; turn the corner to find the rest of the bathroom, complete with the signature windowed shower.
The also-massive terrace is your own private backyard with a hot tub, outdoor shower, dining table for six, two hammocks, circular couch seating and padded lounge chairs.
Bottom line
Virgin Voyages’ cabins get the job done. However, its standard rooms won’t keep you inside when the real fun is found in the ships’ public areas. Their best feature is the hammock on every balcony.
For more spacious bathrooms, tricked-out terraces, lounge and seating spaces, and extra perks, upgrade to the RockStar Quarters. While you might want to bring the after-party back to your social living quarters, you miss out if you hide out in your upper-deck digs rather than immerse yourself in the entertainment and cozy hangouts found around Virgin Voyages’ ships.
Any renter knows that a new apartment comes with a new lease agreement. It’s just a part of the apartment rental process. Once you find the perfect apartment, you’ll sit down to finalize the paperwork, including the lease. Once you finalize this step, the apartment is yours!
Before you get too excited about moving in and decorating though, it’s important to understand the lease before you sign on the dotted line. This is your ultimate guide to lease lengths for your next apartment rental.
What is a lease?
Let’s start with the basics. A lease is a legally binding contract between a tenant and a property owner. Tenants agree to pay rent in exchange for leasing an apartment unit for a certain period of time. The lease defines everything from the rent rate to the move-in date.
Leases outline exactly how much money you’ll owe for each month’s rent and it also states how much you need to pay for a security deposit and other apartment application fees. Paying rent and security deposits are some of the rules agreed upon when you sign the lease and before you move in.
All apartment complexes and property managers will require tenants to sign a lease. Landlords want to rent to people who can pay the cost of the property each month and are willing to agree to the legally binding lease.
How long is a lease for an apartment
Now that you understand leases at a high level, let’s talk about lease lengths. The length of the lease can vary, depending on the landlord or property owner. Before signing, you need to understand how long you’re signing for as you’re legally bound to the lease terms.
Leases range from short-term leases to long-term leases. Some landlords allow you to rent on a month-to-month basis while others require an annual commitment. Term leases will be in the lease document and will designate how long you’re required to stay in the lease. You can break a lease, but you’ll often see hefty fees involved in terminating your lease early.
Depending on where you are in life and what you’re looking for when it comes to renting, you’ll want to decide what lease terms are right for you. Once you know your living situation, you can sign the lease agreement that is right for you.
How long do most apartment leases last?
Most apartments will offer a term lease that is at least a year. Property managers want tenants to sign a year-long lease because it guarantees they’ll have a tenant renting the unit and paying rent for 12 months. The property manager is responsible for filling units so a longer lease is appealing to them.
However, you can find a variety of lease lengths, depending on the apartment complex and the landlord. You can also negotiate your lease terms when it comes time to renew the lease agreement.
What is the shortest time you can lease an apartment?
Lease terms vary but short-term leases are anything shorter than one year. Anything more than one year is a long-term lease. Regardless of the lease term, you’ll still pay a security deposit and monthly rent for all rentals.
You can find a short-term lease that ranges anywhere from 30 days to three months to six months. Short-term rentals will outline the lease term in the many pages of the agreement itself.
A six-month lease is short term but the shortest of all is a month-to-month lease or a 30-day lease agreement.
What is a month-to-month lease?
Month-to-month leases allow the new tenant to decide each month if they want to renew and keep renting. Though this agreement provides flexibility to the renter, it will typically cost more. Landlords have to continually find new renters for the open apartments so a month-to-month lease is a riskier option for them.
Usually, with a short-term lease, you’ll need to give the landlord 30-days’ notice before you vacate the apartment. For month-to-month leases, this means you need to know if you’re staying into the next month when you sign the short-term lease.
Basically, you’ll need to plan 60 days out when you want to move in and move out before signing anything. Otherwise, you might owe fees for breaking the lease early.
With other short-term leases, you’ll still need to give the landlord a heads-up before you plan to move out. Remember, the lease is a legally binding contract so make sure you understand the fine print before signing it.
Reasons to choose a short-term lease
So, why would people choose a short-term lease? Here are a few pros and cons.
Pros of a short-term lease
You can try a new city — Short-term leases are great if you’re considering moving to a different city. You can sign a month-to-month lease without having to commit to an extended time in that location. If you like the city, great! You can consider signing a long-term lease after your first month is up. Or, if you don’t love where you live, you can find a different city or apartment.
You can move out into your first apartment with low risk — Your first time moving out is a big, intimidating decision so avoiding a long-term lease is a good idea if you’re unsure about living on your own. By signing a shorter lease agreement, you can test if you like living on your own or not.
You can rent furnished apartments — If you travel a lot for work or are a digital nomad, then a short-term lease with furnishings included are a great option. You can move from place to place fairly easily without having too many objects or commitments tying you down.
Cons of a short-term lease
They cost more — Because short-term rentals are riskier for a landlord, they typically cost more. You might see a ding in your bank account because the fees, like rent and the security deposit, are higher.
You’ll need to plan your next move frequently — A short lease term means you need to have the next move already planned out. Thirty, 60 or 90 days will come and go quickly, so you need to think ahead about if you’ll stay or go. This is stressful for some people who don’t like constantly planning the next move.
What is the longest lease term for an apartment?
If a short-term lease is anything under 12 months, then a long-term lease is 12 months or more. The lease term will vary, but you can find leases for 12 months, 15 months or even 24. It’s up to the landlord to determine the exact lease term.
Reasons to choose a long-term lease
A long-term lease is a good option for renters who know they want to stay in one place for a longer period of time. These lease agreements provide:
Stability — When you stay at one apartment for a while, you have more stability because you’re able to plant roots and know you won’t have to move frequently.
Guaranteed place to live — Unless you’re evicted, you have an equal housing opportunity to find a place and stay there through the length of your lease.
Ability to budget — Knowing that you’ll be in the same place for a set amount of time, you can budget how much you’ll spend in rent for the length of the lease. This can help ease financial stress.
Building a relationship with the landlord – As you stay in one place because of a long-term lease, you’ll build rapport with your landlord, which is a nice benefit for when you move in the future to have a landlord reference on-hand.
What you need to know about monthly rent and an apartment lease
When you’re apartment hunting, you need to consider everything from location to the cost of rent to lease length. Regardless of the lease duration, you need to know that state laws view leases as legally binding contracts. So, don’t sign anything before you fully comprehend the ins and outs of the lease.
Do you understand the lease terms so you know what you’re getting yourself into? Before you dot your “i’s” and cross your “t’s”, ask yourself these questions:
How much can I spend in monthly rent?
Can I afford the security deposit and other fees?
How long do I want to live in one place?
Do I want a month-to-month lease or a year-long lease?
Truthfully answering these questions for yourself will help the process move smoothly and ensure you’re moving into the place of your dreams and signing the terms you are comfortable with.
Sage Singleton is a freelance writer with a passion for literature and words. She enjoys writing articles that will inspire, educate and influence readers. She loves that words have the power to create change and make a positive impact in the world. Some of her work has been featured on LendingTree, Venture Beat, Architectural Digest, Porch.com and Homes.com. In her free time, she loves traveling, reading and learning French.
It’s been a particularly bad twister season this year—and not just for those living in “Tornado Alley.”
The preliminary count of twisters between January and March, when tornado season began ramping up, means 2023 will be one of the most active first quarters on record, according to the National Oceanic and Atmospheric Administration. And it could end up being the worst ever seen.
This all has us wondering about tornado risks for homeowners across the country and how much climate change is affecting the frequency, severity, and locations of these unstoppable storms that remind us of how small we are. So we analyzed climate risk data from CoreLogic, a real estate data supplier, to figure out how much tornado damages are likely to cost homeowners each year, depending on where they live—and what sort of bills they could be facing in the future as tornadoes become more dangerous.
While tornadoes mostly affect the Eastern swath of the country, this year places not normally associated with tornado risk have been touched by them. A 140-mph tornado struck Delaware (measured as the widest on record for the state) on April 1, the same day an “outbreak” of tornadoes touched down in New Jersey, Maryland, and Pennsylvania. That followed a tornado that hit Los Angeles on March 22 and where a set of “twin tornadoes” hit again on May 4.
For a homeowner living in an area where tornadoes are a possibility, this is a reminder that although the chance a tornado affects you is small, it can still happen. But the science on how a changing climate affects tornadoes is far from settled.
“There’s no agreement, and there’s good reason for that,” says Howard Bluestein, a professor of meteorology at the University of Oklahoma.
Bluestein says there are far too many factors to predict with accuracy the changes in tornado frequency or intensity, from wind shears to soil moisture.
“We don’t understand why some supercell storms produce tornadoes and others don’t,” he adds.
CoreLogic’s predictions, which rely on widely used greenhouse gas modeling, show that damage costs resulting from severe convective storms—the kind that causes tornadoes and also other damaging wind, rain, and hail—could rise by more than 10% by 2040 and more than 25% by 2050, depending on the location, and that’s without adjusting for whatever future inflation occurs.
One caveat: The possibility exists of observation bias, where the count of tornadoes might have increased in part because the tools we use to observe these storms have gotten better. In addition, as more homes go up and areas become more populated, damages are likely to become more widespread. That’s not because there are more tornadoes, necessarily, only that there are more homes in their way.
According to CoreLogic’s data, in a place like Tarrant County, TX, severe convective storms currently cause around $411 million in residential damage in any given year. That translates into a risk of about $690 per homeowner each year. That, in turn, is worked into insurance premiums.
But by 2040, CoreLogic expects those costs to rise by 10%, to about $436 million across the county, or about $729 per homeowner, using the most extreme model (RCP85, which is based on increasing fossil fuel use). By 2050, those costs could rise by almost 20%, to about $522 million, or about $872 per homeowner—and that’s before accounting for inflation or the effects of population growth.
That’s where the science hits homeowners’ wallets. As the risks increase, homeowners are likely to spend more on their insurance premiums.
We plotted CoreLogic’s data on a map, to show where in the country tornado damage costs are expected to increase, and by how much.
For each of the 2,610 counties where there’s enough past tornado data to make predictions about the future (about three-quarters of all counties), CoreLogic’s data shows the current estimated average annual cost to a homeowner from severe convective storms, as well as the amount that figure is expected to rise under the RCP85 scenario. You can explore the data using the map below.
Though predictions about the effects of climate change are still not an exact science, says Harold Brooks, a senior research scientist at the NOAA’s severe storms laboratory, improvements in home construction techniques can be used to help mitigate these risks.
“The bottom line is we aren’t completely sure what climate change will do,” he says. “But we know enough to know the bounds of what climate change might do.”
And that’s enough to prompt him to take measures in his own home, where Brooks recently had an in-residence tornado bunker installed.
“It’s a walk-in closet, with 6-inch concrete walls and a steel-reinforced door. FEMA has plans online for these,” he says. “The guy who poured the concrete said it was relatively simple, and when he was done, he asked if he could come over if there’s a bad storm.”
The tornado fortification doesn’t stop there, though.
“Historically, roofs have been nailed on, but really held in place by gravity,” Brooks says. “What happens in most home failures in a tornado is the roof gets lifted off. You have pressure on the walls, there’s no place for it to go, you get upward pressure, and the roof goes.”
But builders are now using hurricane clips to protect against severe weather events that threaten to tear roofs from buildings. These clips secure roof rafters to the walls with inexpensive metal fittings.
“The buzzword in the community is ‘continuous load path,’” Brooks says. “These can add an order of magnitude to the pressure the roof can take.”
Bolts that more securely hold walls to a structure’s foundation are another of the “relatively inexpensive things that can reduce the risk for this kind of damage,” Brooks adds.
Want to master your real estate market fast? Listen to today’s podcast with Geoff Zahler and learn how to become a well-rounded Realtor in record time. Geoff also shares a stat that every real estate agent should know, what clients really care about, and how to make sales without selling. Don’t miss it!
Listen to today’s show and learn:
The Las Vegas real estate market [2:30]
About Zahler Properties [7:28]
The best way to learn a new market [12:45]
Zillow leads back in 2014 [19:18]
Accepting the need to pivot [25:44]
Baby steps toward building a real estate business [28:00]
Buyers accepting the new mortgage rates [32:00]
The different types of leads [36:09]
Staying top of mind with previous clients [37:55]
A stat that every real estate agent should be aware of [39:32]
Selling without selling [41:34]
What potential clients really care about [44:12]
A mental shift that will help you become a better salesperson [46:47]
The real estate journey [50:04]
Where to find and follow Geoff Zahler [51:42]
Geoff Zahler
A loving Husband, doting Father, dedicated Real Estate Broker, and community volunteer that absolutely loves giving back to his city. Geoff is passionate about his family, watching his three children (2 girls and a baby boy) grow, cooking, traveling both in the US and abroad, growing vegetables in his garden, and being present in the lives of friends, family, and clients.
Geoff cheers passionately for his favorite Sports teams, laughs to tears at funny movies (and the occasional stupid internet video), and will forever love 90’s Hip-Hop.
He believes in a giving mentality, realizing that personal and business growth are all about putting others in front of his own goals. By putting others first, he is able to provide an amazing life for his family and live life one laugh at a time.
He is the Broker | Founder and Team Leader for his family at work, Zahler Properties.
Related Links and Resources:
It might go without saying, but I’m going to say it anyway: We really value listeners like you. We’re constantly working to improve the show, so why not leave us a review? If you love the content and can’t stand the thought of missing the nuggets our Rockstar guests share every week, please subscribe; it’ll get you instant access to our latest episodes and is the best way to support your favorite real estate podcast. Have questions? Suggestions? Want to say hi? Shoot me a message via Twitter, Instagram, Facebook, or Email.
A bon vivant is a person who lives well — someone who enjoys the best things in life, especially with regard to food and drink. The stereotypical bon vivant is someone who can afford the best (or has generous friends), but that’s not the only way. You can be a bon vivant on a budget.
What is “the best” anyway? Your own tastes play the biggest role, but the tastes of family and friends have a strong influence. To a lesser extent, so do the tastes of opinion leaders, celebrities, experts, and others — even fictional characters. Because of this, appreciating the finer things in life makes you vulnerable to serious “keeping up with the Joneses” issues.
There are a lot of ways to fight this.
Have Confidence
The best way to enjoy life — the principle tool of anyone who wants to live large on a small budget — is to have the courage to rely on your own sense of style. Figure out what matters to you — and then live that way regardless of what others do.
A willingness to ignore “the Joneses” and go your own way is such a powerful tool that it’s tempting treat that it as a magic wand: Just decide that what you like best is Two-Buck Chuck and take-out from from the dollar menu and your problems are solved.
There are several problems with this, the biggest being that you’re probably lying to yourself about what you really think is the best. Of course, for any particular item the cheapest choice may well be the best (I happen to think a $49 digital watch is a lot better than a $5000 Rolex), but often the truth will be that deep down you think some other option is better.
Another problem with stubbornly relying on your own sense of style is that you’re yanking yourself out of the conversation about what’s best.
“The best” is more than just preferences. It’s also a social construct. It’s a discussion — or rather, many discussions. Those discussions take place in families, between friends, within and among social groups, on the pages of books and on the screens of TV shows, movies, and even video games. (Perhaps more than any place else, they take place in TV commercials. Did you see the one where the men attending the “wine and cheese” party use fake hollowed-out blocks of cheese to smuggle in their beer?)
A bon vivant has confidence in her own sense of style, but she also has the confidence to make use of this swirl of cultural implications both to inform her choices and to express herself.
Seek Knowledge
To my mind, the key characteristic of a bon vivant is having an educated opinion about what is “the best.” The bon vivant doesn’t simply rely on some authority to dictate what’s best (and certainly doesn’t assume that whatever’s most expensive is best). The bon vivant makes up his own mind. However, he also knows that he’s participating in the discussion — which is something that he can use to his advantage:
The bon vivant learns the history and vocabulary of whatever field he’s interested in so that he can be a full participant in the discussion.
The bon vivant makes use of expert opinion — it’s a lot cheaper to read reviews of 100 wines than to buy them.
The bon vivant, because he takes appreciating the finer things seriously, can be the opinion leader that his friends and family look too–even when he makes frugal choices.
Having knowledge lets you make informed choices. But even more important than the knowledge that you already have is engaging in the process of seeking more.
Have Patience
Another key tool for the frugal bon vivant is patience. Some people seem to be in a hurry to choose what’s best and acquire it. This is insane behavior. Both choosing and enjoying are part of the discussion. And, like any discussion, much of the pleasure is in the lingering.
Enjoyment always happens in the moment. A simple meal prepared with fresh ingredients is every bit as enjoyable as a gourmet feast. And of course, good company can make any meal a pleasure.
These principles apply far beyond the world of food and drink — books, tools, shoes, gadgets — every field has its own communities of experts, opinion leaders, and all the people engaged with them in the conversation about what’s best. For some things, you simply want to make a practical choice. For others, you want to choose the best. In the case where choosing the best matters, you probably want to join the conversation.
Enjoy the Conversation
For the bon vivant, it’s all about the conversation. And, as mentioned above, there are a lot of advantages to being in the conversation. You still need the confidence to trust in your own preferences — in fact, you probably need more confidence — but as part of the conversation you’re able to influence other people. (There are few things that will boost your confidence in your own taste more than convincing your social group that your choice is better than some more expensive choice.)
Part of enjoying things — an important part, if you ask me — is appreciating them. It’s all well and good to say, “I don’t know art, but I know what I like,” but the fact is that knowledge of art (or food or drink — or desk chairs, for that matter) can contribute a great deal to appreciation — and appreciation to enjoyment. This is the payoff for learning a bit of the history and vocabulary of all the best things in life.
Engage with others in your search for the best things in life. Take your time. Trust yourself. This is the path of the bon vivant.
For more tips on how to live a rich life, check out Wise Bread’s new book 10,001 Ways to Live Large on a Small Budget. The book includes guest contributions from Get Rich Slowly, Zen Habits, The Simple Dollar, Digerati Life, and the Frugal Duchess. If you buy the book today, you get a $15 Ebates bonus and a chance to win a Flip Cam.
Temperatures are currently soaring across the U.S. South, with little expected relief ahead of the Fourth of July holiday.
Texas alone has seen record-high forecasts of temperatures around 110 degrees. The heat wave has come hot on the heels of several destructive storms that put severe pressure on the region’s energy grid and left thousands without power.
Weather experts expect the heat wave to expand further north into Missouri, the Mississippi Valley, Oklahoma, the western Florida Panhandle and western Alabama. As of last Saturday, more than 40 million people in the U.S. have been placed under a heat alert.
And the heat, combined with typical summer storms, is already affecting travelers. For example, when traveling recently on an Embraer 175, TPG’s Summer Hull and her two kids volunteered to receive $1,000 in future travel credits each as the plane was overweight for its trip from Houston’s George Bush Intercontinental Airport (IAH) to New York’s LaGuardia Airport (LGA) due to weather-related weight and balance issues.
Make no bones about it, this year’s Fourth of July celebrations are going to be hot, with an increased likelihood of more storms and heat-related travel disruptions.
For those without air conditioning, these temperatures can be extremely difficult to live with. The commute to work becomes more stressful, and it might be nearly impossible to sleep at night. All in all, it’s not a pleasant experience.
Not only do hot days affect how we work and sleep, but they also affect the aircraft that we fly on.
Air density
We’ve all heard the phrase “hot air rises,” but what does this actually mean and how does it affect your flight?
The air around us is composed of various particles, and, for the most part, it consists of 78% nitrogen, 21% oxygen and 1% various other gasses (such as carbon dioxide and water vapor). These molecules of air bounce around the place like balls in a lottery machine, taking up as much space as is available to them. This is known as the atmosphere.
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As the temperature increases, the atoms within these molecules get excited and start to move around more. The hotter they get, the more they move and the farther apart from each other they become — making the air less dense. Conversely, the colder the air becomes, the less excited the atoms are and the denser the air becomes, which makes it sink lower.
On a typical day, as the sun heats the ground and the air above it, the temperature of that air mass increases. This causes the air molecules to increase their movements and rise into the sky, reducing the air pressure as the density reduces. The hot air becomes “thinner” and therefore rises.
As the hottest part of the day passes and the air begins to cool, the molecules become less excited and sink back down toward the earth, increasing the density and, consequently, the air pressure. The same mass of air is now much heavier than it was during the hottest part of the day.
How aircraft fly — a quick refresher
So why does the air density matter for aircraft? Well, contrary to common belief, aircraft fly not because of their engines but because of their wings.
As air flows over the wings, it creates a difference in pressure between the lower and upper surfaces. (There is lower pressure on top and higher pressure underneath.) It’s this difference in pressure that causes lift. When the lift generated by the wings becomes greater than the weight of the aircraft, the aircraft can leave the ground and fly.
For the math-minded among you, the formula for lift is …
Therefore, the amount of lift produced depends on the speed of the air over the wing, the density of the air and the wing area.
The engines are there to provide the forward movement the aircraft needs to drive the air over the wings. During the takeoff run, the engines accelerate the aircraft forward, forcing air over the wings. Because the amount of lift generated is partly determined by how fast air flows over the wings, once the aircraft reaches a certain speed, there will be enough lift to become airborne.
It’s for this reason that aircraft won’t simply fall out of the sky even if both engines fail. If that incredibly rare event were to happen, the pilots would simply lower the nose slightly and use gravity to keep the air flowing over the wings, creating lift. This will give a glide ratio of roughly 3 miles for every 1,000 feet above the ground; this means an aircraft at 43,000 feet can glide for around 130 miles.
How air density affects aircraft
So now that we know a little about how aircraft fly, we can begin to understand how the air temperature affects them.
As I mentioned, the amount of lift generated depends on a number of factors in the lift equation, including the speed of the air over the wing and the density of that air.
Related: The challenges for pilots when landing at hot and high airports
We’ve already agreed that on a cold day, the air is more dense, and the molecules fall lower and pack in tight together. As this air flows over the wing, there are many air molecules passing over the surface, creating the perfect conditions for lift.
However, on a hot day, the air is much less dense. As a result, when that hot air passes over the wing, there are far fewer air molecules near the surface, which reduces the amount of lift created.
This difference is why pilots prefer to fly on cold (dense air) days rather than hot (less dense air) days. Not only do the wings generate more lift at a given speed, but the aircraft “bites” the air much better and is more responsive to control inputs.
What if it gets too hot?
We’ve seen that on a hot day it’s more difficult for wings to generate lift than on a cold day. When temperatures reach 86 degrees and above, this has a noticeable effect on aircraft performance.
So what can we do if the air density decreases, but we want to keep the lift generated the same? One option is to delay the flight until the air temperature decreases. It’s for this reason that many ultra-long-haul flights depart late at night when the air is the coolest.
However, delaying a flight due to high temperature isn’t ideal. With that in mind, there are two other variables in the formula — the area of the wing and the speed of the air over the wing.
Make the wing bigger
The first option is to make the wing bigger. Even though this may seem like an unrealistic idea (how can you just make it larger?), it’s not as unrealistic as you may first think.
When you first board an aircraft and can see the wing, it looks pretty smooth and sleek. However, just after the engines start, a loud whirring noise comes from under your feet and the surfaces on the leading edge and trailing edge of the wing move outward.
By extending the slats (leading edge) and flaps (trailing edge), we can increase the aerodynamic surface area of the wing, giving us a higher value for our lift formula. For takeoff, most commercial aircraft set the flaps to around a 5-degree extension.
They can go up to around 30 degrees — a measurement used for landing. Since increasing the wing area will create more lift, one option is to use a greater flap setting and increase the area of the wing.
While this is a solution, it’s important to note the more flap you use, the more another factor comes into play — drag.
Drag is the aerodynamic force that slows an object down. The more an object is “hanging out” into the oncoming wind, the more drag it has. This is why sports cars and fighter jets have low, sleek profiles.
Related: No, your flight didn’t go supersonic. That was just really fast wind
If we use more flap to increase the surface area of the wing, there’s a point where the drag generated becomes a bigger problem. The more drag there is, the faster the plane has to fly to overcome the extra force, reducing the lift generated.
Go faster
Using extra force to generate more lift works but is hugely inefficient. The other option is to simply increase the speed of the air over the wing. There are two ways to accomplish this.
The first is to take off into a strong head wind. If an aircraft needs an airspeed of 100 mph over the wings and you angle it into a 100 mph wind, the aircraft will become airborne even if it is stationary compared to the ground.
In the video below, the small aircraft needs very little air over its wings to become airborne. So little, in fact, that during a storm, bad weather can generate winds strong enough to meet these criteria. The result? Any aircraft that isn’t tied down can very quickly relocate to another area.
However, because most commercial airliners need airspeeds of around 180 mph to become airborne, and the lift generated by wind alone will only make up maybe 30 mph, the other 150 mph must be generated by the engines.
Another little-known fact is that we rarely take off with our engines at full power. This is because it uses a lot of fuel, increases the amount of maintenance needed, and is noisy for those living and working around the airport. As a result, we try to get airborne using as little engine power as safely possible.
To do this, we calculate just how much engine power we need before each departure by considering all the variables — air temperature, air pressure, wind speed and weight of the aircraft. By adding in the runway length available to us, we can then calculate just how much engine power we will need to reach our takeoff speed with the runway length available.
If we need to increase the speed because we can’t increase the wing area anymore and the air density is too low because the length of the runway is fixed, the only way we can do this is to increase our engine power. However, there may come a point where we are using full power but the runway isn’t long enough to reach our takeoff speed before the end.
This is why airports in hot places such as Dubai and Singapore have exceptionally long runways. When airports with shorter runways, sufficient for normal weather, go through periods of extremely high temperatures, the runway length can suddenly become a limiting factor.
When there’s not enough runway
When we’ve reached this stage, things really get challenging. We can’t increase the wing area anymore due to excessive drag, and we can’t go any faster because the runway isn’t long enough. It seems that we would be stuck as these are the only variables in our lift formula. However, there is one more element that we can change: the amount of lift required to get airborne.
We’ve already mentioned that an aircraft flies when the lift generated by the wings is greater than the weight of the aircraft. So, if we are unable to generate any more lift, the only way to still get airborne is to reduce the weight of the aircraft to a value that allows us to get safely airborne.
When loading an aircraft, the one thing we can’t change is how heavy the aircraft is when empty. What we have to do once again is look for the variables. These come in four areas: the amount of fuel we load, the number of passengers we carry, the number of bags we load and the amount of cargo we carry.
The first of these to go will be the cargo, as this can be loaded onto a later flight without much inconvenience to the customer. The next element we’ll try to change is the fuel figure; however, understandably, there is a limit to how much we can reduce this.
We may look at how much fuel we will use to taxi to the runway or how much contingency fuel we carry in case of unexpected routings or altitudes. However, realistically we only save a few hundred kilograms in weight by doing this, even on a long-haul flight.
The final variable is when airlines become really unpopular with customers — offloading them or leaving their bags behind.
Related: Runway approaching: How pilots find their way safely to the ground in all elements
Let’s be clear on this: No airline wants to leave passengers or bags behind. However, there is absolutely no way the pilots will risk taking off knowing that the aircraft is too heavy for the environmental conditions.
As a result, the only option is to either cancel the flight or offload some passengers and/or bags and send them on another flight.
Bottom line
Not only do high temperatures affect how we work and sleep, but they also have an effect on how aircraft fly. As the mercury rises, the air density changes, which reduces the performance of the lift-generating wings. Pilots have ways around this — but only up to a certain point.
Should the temperature become so hot that the pilots can’t make any further changes to their takeoff performance, the only way to get safely airborne is to either offload passengers and bags or cancel the flight altogether.
This is far from ideal, but it’s our job to keep all those on board our aircraft safe. Every so often this involves taking extreme steps.
North Carolina is experiencing a boom these days, with record employment growth and an increasing population. If you live in the state, you already know there’s plenty to offer, including beautiful tourist attractions, breathtaking scenery, and a rich history that makes it unique.
But North Carolina also has plenty to offer when it comes to banks and credit unions. Whether you’re looking for an interest-bearing checking account or retirement accounts that offer the biggest bang for your buck, the best bank is the one that suits your needs.
15 Best Banks in North Carolina
If you’re on the hunt for a new bank or credit union, you’re in luck. North Carolina has a little of everything when it comes to bank accounts, from that small local bank with a focus on community service to large banks with branches in the state. This list of the best banks in North Carolina covers a variety of areas to ensure you find the best place to park your cash.
1. U.S. Bank
U.S. Bank offers customers the unique combination of local access with the extensive services of a nationwide bank. By opening a Bank Smartly® Checking account with U.S. Bank, clients can potentially earn up to $300. The qualification process involves two steps within the first 90 days of opening the account online:
Ensure at least two direct deposits totaling $6,000 or more
Register for online banking or download the U.S. Bank Mobile App
This promotional offer is subject to specific terms and restrictions and will remain valid until July 11, 2023. As a member of the FDIC, U.S. Bank ensures customer deposits are protected up to the FDIC’s established limits.
Fees:
$0 – $6.95
No-fee overdraft protection
Balance requirements:
$1,500 minimum balance or $1,000 direct deposit to qualify for free checking
$25 opening deposit
ATMs:
No ATM transaction fees at U.S. Bank ATMs
No surcharge fees at MoneyPass® Network ATMs
Interest rates:
Up to 4.50% APY on money market accounts
Up to 4.75% on fixed-rate CDs
Additional perks:
$300 bonus
Competitive rates on money market accounts & CDs
2. First Citizens Bank
Founded in North Carolina in 1898, First Citizens Bank has expanded over the years. You’ll find First Citizens Bank branches in 21 states, but the majority of its locations are in North Carolina and South Carolina.
If you frequently travel, though, check the service area. You’ll pay a $2.50 out-of-network ATM transaction fee if you can’t locate a First Citizens ATM while you’re away from home.
Fees:
No monthly fees
$10 overdraft fee
Balance requirements:
$50 minimum opening deposit
No minimum monthly balance
ATMs:
Fee-free at 500+ First Citizens Bank ATMs
$2.50 for out-of-network ATM transactions
Interest on balance:
0.03% APY on savings accounts
Up to 0.15% APY on CDs
Up to 0.15% APY on money market accounts
Additional perks:
Credit cards offer generous rewards
Robust mobile banking solutions
3. Chime
Chime is ideal for those who do most of their banking virtually. While you won’t find any brick-and-mortar locations, Chime does offer 24/7 phone support and access to cash through more than 60,000 ATMs nationwide. You can also deposit cash at more than 90,000 retail partners, including CVS and Walmart.
Fees:
No service fee
No overdraft fee
Balance requirements:
No deposit to open
No minimum balance required
ATMs:
Fee-free at 60,000+ ATMs nationwide
$2.50 for each out-of-network ATM transaction
Interest on balance:
2.00% APY on savings account balances
Additional perks:
Access to direct deposits up to 2 days early
SpotMe covers up to $200 in overdrafts
4. CIT Bank
North Carolina residents interested in online banks should take a look at CIT Bank, which is based in Raleigh, North Carolina. This national bank recently merged with First Citizens Bank, which means CIT Bank customers can enjoy brick-and-mortar banking at any CIT location.
You’ll get everything you need to manage your money in CIT’s mobile banking app, as well as refunds of up to $30 in out-of-network ATM fees each month.
Fees:
No monthly fees
No overdraft fees
Balance requirements:
$25 minimum deposit to open
No minimum daily balance required
ATMs:
No ATMs provided
Up to $30 in ATM fees reimbursed monthly
Interest on balance:
Up to 0.25% APY on checking
Up to 4.736% APY on savings accounts
Up to 5.00% APY on CDs
Up to 1.538% APY on money market accounts
Additional perks:
Competitive rates on business loans
Award-winning customer service
5. Coastal Federal Credit Union
Credit unions tend to offer perks you won’t find with banks, and Coastal Federal is no exception. You can qualify if you’re with one of the employers or associations approved for membership or if you live or work in one of the North Carolina cities CFCU services.
As with many credit unions, though, CFCU’s real value comes with its interest rates. Not only will you enjoy an interest checking account, but you can also find great rates on share certificates, which are the credit union version of CDs.
Fees:
No monthly service fees
$31 overdraft fee
Balance requirements:
No minimum opening deposit
No minimum daily balance required
ATMs:
Fee-free at CFCU ATMs
Fee-free at CO-OP ATMs nationwide
$2 out-of-network ATM fee (waived for first five per month)
Interest on balance:
Up to 3.00% APY on savings account balances
Up to 5.00% APY on share certificates
Up to 3.50% APY on money market accounts
Additional perks:
Competitive rates on loans
Financial planning assistance available
6. GO2bank
Another online-only bank is GO2bank, which stands out for its cash accessibility. Not only can you withdraw cash, fee-free, at any Allpoint ATM, but you can deposit cash at more than 90,000 retailers nationwide.
All you need to waive monthly maintenance fees is at least one direct deposit monthly, either from an employer or the government. Those looking to build credit should check out the secured credit card, which you can get with no credit check. Pay your bill on time each month and GO2bank will report your activity to the three credit bureaus, helping you boost your score.
Fees:
$5 monthly fee (waived with requirements)
$15 overdraft fee
Balance requirements:
No minimum deposit to open
No minimum daily balance required
ATMs:
Fee-free at Allpoint ATMs nationwide
$3 for each out-of-network ATM transaction
Interest on balance:
4.50% APY on savings accounts
Additional perks:
Deposit cash at 90,000+ retailers nationwide
Secured credit card helps you build credit with no credit check required
7. Ally Bank
Ally Bank is an online and mobile banking option that puts a priority on budgeting and wealth building. The fee-free checking account comes with no minimum requirements and gives you access to more than 53,000 ATMs nationwide. But one of the best features of Ally Bank is its annual percentage yield on savings and CDs. You’ll earn 4.00% APY on savings and up to 5.00% APY on CDs.
Fees:
No monthly fees
No overdraft fees
Balance requirements:
No minimum opening deposit
No minimum balance requirements
ATMs:
Fee-free at 53,000+ Allpoint ATMs nationwide
No out-of-network ATM fees
Up to $10 in ATM fee refunds monthly
Interest on balance:
Up to 0.25% APY on checking accounts
4.00% APY on savings accounts
Up to 5.00% APY on CDs
4.15% APY on money market accounts
Additional perks:
Spending buckets make it easy to save money
Robo Portfolios help automate investing
8. Chase
Like Bank of America, Chase Bank is one of the biggest banks in North Carolina, with more than 4,700 branches and 16,000 ATMs across the country. Currently, Chase is offering a $100 bonus for new checking account customers as long as you complete at least 10 qualifying transactions within the first 60 days.
Whether you go with Chase for your regular banking or not, though, take a look at Chase’s credit card offerings. Chase has multiple card options, with each offering perks like bonuses and cash back rewards.
Fees:
$12 monthly maintenance fee
$34 overdraft fee
Balance requirements:
No deposit to open
No minimum balance required
ATMs:
Fee-free at 16,000 Chase Bank ATMs nationwide
$3-$5 for each out-of-network ATM transaction
Interest on balance:
0.01% APY on savings account balances
Up to 3.75% APY on CDs
Additional perks:
$100 bonus for new checking accounts
Multiple credit card options with bonuses and generous rewards
9. First Horizon Bank
First Horizon Bank is a regional bank with branches in 11 states across the Southeast, including a heavy presence in North Carolina. One standout feature of First Horizon is its money market rates, which currently go as high as 5.38%. You’ll find ATMs throughout the Southeast, but you can also use your debit card at any Allpoint ATM nationwide without a fee.
Fees:
No monthly service fee
$37 overdraft fee
Balance requirements:
$50 minimum deposit to open
No minimum balance required
ATMs:
Fee-free at more than 600 First Horizon ATMs
Fee-free at Allpoint ATMs nationwide
$3 for each out-of-network ATM transaction
Interest on balance:
Up to 2.78% APY on savings accounts
0.10% APY on CDs
Up to 5.38% APY on money market account
Additional perks:
Business banking options available
Wealth management help available
10. Truist Bank
In 2019, BB&T and SunTrust Banks merged to become Truist Bank. Although Truist has a limited ATM footprint, the Truist One checking account makes it worth it. You’ll get a 10% loyalty bonus based on your monthly balance in addition to a 10% bonus if you choose a Truist credit card.
The interest rates also make Truist a suitable option, since you’ll earn 5.00% APY on 7-month CDs. To waive the $12 monthly service fee on your checking account, you’ll need at least $500 in direct deposit activity each month.
Other options include a combined daily balance of $500 across all your Truist accounts, a Truist credit card or qualifying loan, or a linked business checking account. Students 25 and younger also qualify for a fee-free checking account.
Fees:
$12 monthly service fee (waived with requirements)
No overdraft fees
Balance requirements:
$50 minimum deposit to open
No minimum balance required
ATMs:
Fee-free at Truist Bank ATMs
$1 for each out-of-network ATM transaction
Interest on balance:
0.01% APY on savings accounts
Up to 5.00% APY on CDs
Additional perks:
Generous cash rewards with Truist Bank credit card
Checking balances earn rewards
11. Mechanics & Farmers Banks
You may know it as M&F Bank, but it actually started under the name of Mechanics & Farmers Bank in 1907. Throughout the 1900s, it was known as one of the most influential Black-owned businesses in the state of North Carolina. Today, M&F has locations throughout North Carolina and access to 44,000 ATMs nationwide, thanks to partnerships with Bank of America, JPMorgan Chase, and Wells Fargo.
Fees:
No service fee
$35 overdraft fee
Balance requirements:
$50 deposit to open
No minimum balance required
ATMs:
Fee-free at M&F Bank ATMs
Fee-free at Bank of America, JPMorgan Chase, and Wells Fargo ATMs
$3 for each out-of-network ATM transaction
Interest on balance:
Rates not publicly disclosed
Additional perks:
Rewards on debit card transactions
Robust business banking options
12. First National Bank
First National Bank has branches throughout North Carolina, as well as in DC, Maryland, Ohio, Pennsylvania, South Carolina, Virginia, and West Virginia. The free checking account is Freestyle Checking, but it does come with overdraft fees, and the exact fee amount isn’t disclosed until you sign up for an account.
You’ll also only get fee-free transactions at First National Bank ATMs, and they’re limited to the First National Bank service area.
Fees:
No monthly fee
Balance requirements:
$50 minimum deposit to open
No minimum balance required
ATMs:
Fee-free at 1,500+ First National Bank ATMs
Interest on balance:
Up to 0.05% APY on savings accounts
Up to 5.00% APY on CDs
Up to 1.25% APY on money market account
Additional perks:
Cash and check deposit available at Smart Deposit ATMs
The site makes ordering banking products and scheduling branch appointments easy
13. PNC Bank
PNC Bank has branches in 29 states, including 107 branches in North Carolina. Currently, new customers are eligible for bonuses of up to $400. You’ll get a $50 bonus simply for opening a Virtual Wallet with a basic checking package, but that bonus bumps up to $200 if you add a Performance Spend checking account and $400 if you upgrade to a Performance Select account.
The PNC Bank basic account only requires $500 in monthly direct deposits or a combined $500 balance between accounts.
Fees:
$7 monthly fee (waived with requirements)
$36 overdraft fee
Balance requirements:
$25 minimum deposit to open
No minimum balance required
ATMs:
Fee-free at PNC Bank ATMs
Fee-free at 60,000+ partner ATMs nationwide
$3 for each out-of-network ATM transaction
Interest on balance:
Up to 0.03% APY on savings accounts
Up to 4.00% APY on CDs
Additional perks:
Up to $400 bonus for new virtual wallet customers
Financial planning tools built into the app
14. Fifth Third Bank
Fifth Third Bank focuses operations on the Midwest and Southeast U.S. regions, with 1,087 full-service locations in 11 states. You’ll find a variety of banking products, from savings and checking accounts to investment and retirement accounts. Fifth Third Bank offers competitive interest rates on CDs, with a 7-month CD currently offering 5.00% APY.
Fees:
No monthly maintenance fee
$37 overdraft fee
Balance requirements:
No minimum deposit to open
No minimum balance required
ATMs:
Fee-free at 2,100+ Fifth Third Bank ATMs
Fee-free at 40,000+ partner ATMs nationwide
$3 for each out-of-network ATM transaction
Interest on balance:
0.01% APY on savings account balances
Up to 5.00% APY on CDs
Additional perks:
Early Pay gives you access to direct deposit two days early
Grace period to resolve overdrafts
15. Bank of America
If you prefer what national banks have to offer, you can’t go wrong with Bank of America, which is one of the biggest banks in the country. You’ll find ATMs and branches across the country, as well as a wide variety of services. Although Bank of America does have competitive interest rates on CDs, the basic checking account comes with a $12 monthly fee and a $100 deposit to open.
Fees:
$12 monthly fee
$10 overdraft fee
Balance requirements:
$100 deposit to open
No minimum balance required
ATMs:
Fee-free at 15,000+ Bank of America ATMs nationwide
$5 for each out-of-network ATM transaction
Interest on balance:
Up to 0.04% APY on savings account balances
Up to 4.75% APY on CDs
Additional perks:
Generous bonus on new credit cards
Wealth planning services available
Our Methodology: How We Chose the Best Banks in North Carolina
North Carolina has a large selection of banks, some paying more in interest than the national average. In putting together this list, we kept in mind that each person has different criteria when choosing savings and checking accounts. Your choice of bank will largely depend on your own banking habits. If you tend to do all your banking online, a user-friendly app might be a top priority, while those who prefer the in-person experience might put nearby branches first.
Our top goal was to bring a variety of banking options to this list. We’ve combined local, regional, online, and national banks to help you choose. We also looked at fees and interest rates to help you protect and grow your earnings.
Frequently Asked Questions
You have questions, and we have answers. Here are some of the most frequently asked questions about banks in North Carolina.
What is the safest bank for your money?
Lately, financial security has been a top priority for account holders in search of a new bank. The top thing to look at is a bank’s Federal Deposit Insurance Corporation coverage. This insurance protects each deposit holder for up to $250,000 if a financial institution goes belly up.
Once you’ve verified a bank is FDIC insured, pay attention to any news of mergers or buyouts involving your bank. Selling can be a sign of financial distress.
See also: Safest Banks in the U.S. for 2023
What is the best bank in North Carolina?
That’s a tough question because the definition of “best bank” can vary from one person to another. If you think the best checking accounts come with an annual percentage yield and a mobile app to manage it all, you’ll be looking at different criteria from someone who wants a local bank with personalized customer service.
If you’re going for customer satisfaction ratings, J.D. Power gives high marks to both Capital One and Chase, which both have a heavy presence in North Carolina. But if you’re looking for that local banking experience, you can’t go wrong with First Citizens Bank or M&F Bank.
What is the best credit union in North Carolina?
There are several credit unions in North Carolina, but the one that impressed us most was Coastal Federal. CFCU’s fee-free checking and annual percentage yield on savings and share certificates makes it stand out. But it’s also important to take a look at the interest rates on personal loans and compare them to banks in the area to make sure you’re getting the best deal.
One issue with credit unions is that they tend to come with strict membership requirements. You may find you’re limited to only those that will accept your employer or city of residence, and those credit unions might not have financial accounts that meet your needs. However, there are also some credit unions that anyone can join.
Which bank has the most branches in North Carolina?
If you do most of your banking in North Carolina, you might not care if your debit card works at ATMs across the country. In that case, you’ll need a bank with plenty of branches and ATMs in the areas where you work and live.
When it comes to sheer branch numbers, take a look at Truist Bank and Wells Fargo. Both have a heavy branch presence throughout the state. For smaller banks, First Citizens and First Horizon both have substantial branch coverage in North Carolina.
However, you’ll also need to check your neighborhood. If you’re interested in that in-person bank experience, you’ll be disappointed if you have to drive a half hour or more to get to the closest branch.
What banks are in Charlotte, NC?
North Carolina isn’t just a thriving state filled with business opportunities. The state is a financial center in itself. Not only does Charlotte have smaller banks like M&F Bank and First Citizens Bank, but both Bank of America and Truist Bank are headquartered in North Carolina, as well.
This heavy financial presence has made North Carolina great for finding banking services. The many banks in the state are eager to win your business and offer competitive rates to ensure it happens. That means it’s more likely that checking accounts come with low fees and savings accounts earn top-dollar interest rates. When combined with the many online bank options, the biggest issue will be narrowing the list to just one.
From high-yield savings accounts to fee-free checking accounts, North Carolina has it all. Shopping around will help you choose from the best banks so that you can find the perfect banking partner for you.