Converting Hotels to Housing

The National Association of Realtors (NAR) has released new research on the conversion of hotels and motels into housing. While the study was spurred by a 37% drop in hotel occupancy rates driven by the pandemic, the findings have broader implications. Hotel conversions provide a means to simultaneously create renewed profitability and help address the national housing shortage.

Commercial members surveyed

A survey was sent to 75,000 commercial members of the NAR between February and March of 2021. 168 reported being engaged in the sale, leasing, development, property management or appraisal of converted hotels/motels between 2018 and 2020. Of the reported conversions:

  • 79% were for housing.
  • 12% were for homeless shelters, either temporary or permanent.
  • 6% were for healthcare or quarantine facilities.
  • 3% were for retail, industrial, ranch land or other development.

Success stories

The report ends with five case studies detailing acquisition, zoning, renovations and expected final property values. For those interested in engaging in hotel/motel conversions, they’ll find an excellent road map in this report.

Source: century21.com

Teen Drivers: 10 Things You Must Know About Your First Car Insurance Policy

  • Car Insurance

You’ve got your license and your first car, now it’s time to get your first car insurance policy. The problem is, car insurance for teen drivers is expensive and as you’re approaching it without a great deal of experience or knowledge behind you, it can also be confusing. 

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To help you get the best auto insurance as a new driver, keep these ten top tips in mind.

1. You Will Pay More

It doesn’t matter how good of a driver you think you are or how much you try to convince them that you’ll be safe on the roads, as a teen driver and a new driver, you will pay more.

Auto insurance, like all forms of insurance, is about probabilities. A life insurance company sets your death benefit and insurance premiums based on the likelihood that you will die during the term. If there is a high likelihood, your premiums will increase your death benefit will decrease. It is a similar story with car insurance, only this time they’re measuring the probability of you making a claim.

The underwriters will look at your age, gender, job, and driving experience and then compare these to the national average to determine how likely you are to claim. They know, for instance, that inexperienced drivers are significantly more likely to be involved in an accident. They also know that the risk increases greatly for drivers under the age of 20.

Simply put, you will pay more because drivers your age and experience level cost the insurance company more.

2. Good Grades Can Help

An A or B average could net you a sizeable discount on your car insurance discounts. Known as good student discounts, these encouraged students to perform well and, in some cases, it can shave as much as 25% off your premiums.

Insurance providers differ with regards to what sort of discounts they provide and how big these discounts are, but if you have the grades and you shop around, you will find a good student discount.

3. Driver Education Can Help

Driver’s education courses can save you money on your auto insurance premiums. Defensive driving courses, in particular, could net you some sizeable discounts, as it proves that you’re committed to improving your driving habits and staying safe on the road.

Take a training course, prove you’re a safe driver, and reduce that “high-risk” tag and you could save a lot of money on your premiums.

4. Your Vehicle Can Make a Big Difference

A flash sports car will always cost more than a safe car fitted with a host of safety features and anti-theft features. The former is much more likely to be involved in fatal crashes and other costly incidents, which increases the risk and drives the costs high.

Think about what kind of car you’re driving. Not only can you save yourself a few grand by purchasing a cheaper, safer car, but you’ll also save a small fortune on your premiums.

5. You Can be Added to a Parent’s Policy

It may be much cheaper for you to be added to your parent’s policy than to get a policy of your own. Your parents’ policy premiums will increase, but it will be a much cheaper option for the family than getting a brand-new policy.

Make sure you get quotes for your own policy and a separate policy, seeing which one is cheapest.

6. College Could Save You

If you leave your car at home when you go to college and you spend most of your time on campus, you can get discounts on your premiums. If

Source: pocketyourdollars.com

New Technology Promises to Revolutionize the Construction

There’s no question that technology is making an impact on the construction industry – even though construction is an industry that’s been historically slow to embrace innovation. The reluctance to change and evolve is due to fragmentation in the industry. With so many small firms specializing in different aspects of the construction process, it’s a challenge to adopt seamless processes and adapt to new technologies.

But recent advances that increase the efficiency, flexibility and adaptability of many emerging construction technologies are making them more cost-effective for firms to adopt. Just a few of the new technologies in use today include modular construction (using free-standing, integrated modules that are manufactured off-site and then transported to a site for installation), geospatial technologies (used to visualize, measure and analyze Earth’s features) and wearable technologies (such as head-mounted displays).

There’s more on the horizon. Some emerging technologies in the construction industry include mass timber (an engineered wood product), construction robotics (using robots to build) and autonomous construction vehicles (equipment operated by a computer).

To read a NAIOP report about new construction technologies, click here.

Source: century21.com

How to Attract Remote Workers to Your Apartment Community

Thanks to the pandemic, the number of employees who work from home swelled over the past year. Even though offices are beginning to open, with workers returning to the workplace, surveys show that many plan to telework at least part-time in the future.

Apartment owners and managers need to take notice of this trend. After all, at a time when unemployment remains high, remote workers are employed – and capable of paying their rent. They also represent a large pool of prospective tenants, so targeting them can turn into a competitive advantage.

Here are three things you can do to attract the work-from-home cohort:

  • Provide the tools teleworkers need. High-speed internet service and reliable cell phone reception are a must. The 2020 NMHC/Kingsley Apartment Resident Preferences Report found that 92% of tenants want high-speed internet access, while 91% said the community amenity they most desire is reliable cell phone reception. Tenants are even willing to pay higher rent for high-speed internet — $35.05 per month more, the survey found.
  • Tweak your marketing plan. Help the prospect envision working in your space. Stage model units (live or virtually) to include work spaces in bedrooms, or create zoom-worthy spaces on balconies or rooftops.
  • Don’t focus only on attracting new tenants; meet the needs of existing ones. Happy tenants are more likely to renew their leases, saving you the cost of turnover. They also can be a source of referrals. Convert business centers from open spaces to individual offices, and add programming designed to meet the needs of remote workers, such as a poolside yoga class to relieve stress or an online time-management workshop. People are craving human interaction these days, and programming can enhance a sense of community.

Source: century21.com

Cheapest Cars for Car Insurance

  • Car Insurance

It’s your first car; your first foray into the automotive world. You’re excited, eager, and you spend your time looking for cars that you can show off to your friends, cars made for speed, power, performance.

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But none of those things really matter when you’re buying your first car. Your main goal should be function and cost; a car that can do what you need it to do without costing the earth. And when price is your priority, car insurance is just as important as fuel economy and maintenance, potentially saving you up to 50% on your premiums.

The Cheapest Cars for Car Insurance

Before we look at the types of cars that insurers prefer, the types that offer the cheapest rates, let’s focus on the cars that are consistently generating the lowest insurance quotes.

Most of these vehicles are SUVs, as they score the highest average ratings in safety tests, but once you venture outside the top 10, you’ll find some sedans and luxury cars as well.

  1. Honda Odyssey: A highly rated minivan with a retail price that begins at around $31,000.
  2. Jeep Wrangler Sport: A sporty, convertible SUV with an average cost of around $35,000.
  3. Subaru Outback: A powerful SUV with a suggested retail price of less than $30,000.
  4. Mazda CX-3 Sport: A low-cost, powerful and sleek subcompact SUV.
  5. Honda HR-V: A 1.8l SUV that begins at less than $21,000.
  6. Honda CR-V LX: Another safe and affordable Honda SUV.
  7. Jeep Renegade Sport: A cute and powerful Jeep for less than $23,000.
  8. Ford Escape: Compact, with an engine size ranging from 1.5l to 2.5l.
  9. Subaru Forester: 182 horsepower and an MSRP of less than $25,000.
  10. Jeep Compass Sport: Yet another stylish Jeep. This one packs 180hp into a compact design.

Other Cars

The aforementioned vehicles aren’t the only ones that come with low car insurance quotes.  The Subaru Crosstrek, Jeep Cherokee, Nissan Frontier, GMC Canyon, and Chevrolet Traverse are all up there, and you’ll also get good deals on a host of other reliable vehicles, such as those manufactured by Hyundai, Fiat, Kia, and Toyota.

But as soon as you venture into sports car territory, such as more expensive vehicles made by the likes of Mercedes, Porsche, BMW, and even the higher-end car models offered by Nissan (Nissan GT-R) and Ford, those car insurance premiums increase.

How Are Car Insurance Rates Calculated?

The goal of all insurance companies is to ensure that premiums are higher than projected costs. Underwriters use a series of statistics to calculate these premiums, knowing that probability is always on their side.

This is true for all types of insurance and allows these companies to operate at a profit even in the face of extreme outliers and exceptions. With term life insurance, for instance, they’ll look at your age, sex, medical conditions, and smoking status to predict if you are likely to die during the term; with homeowner’s insurance, it’s all about the risk factors in your area, as well as the size and cost of the house.

Where auto insurance is concerned, there are many factors that insurers can consider and these either revolve around you or your vehicle. They know, for instance, that a driver under the age of 18 is more than twice as likely to have an accident than a driver over the age of 18. They also know that renters and individuals with low credit scores are more likely to be involved in an accident.

Many of these factors can’t be influenced by the policyholder. They can promise to drive safely and insist they are not as reckless as their peers, but until they have established a long and clean driving record, the insurer won’t care.

However, the policyholder can influence the risks associated with the vehicle. By choosing a safer, more sensible ride, they can win favor with the car insurance company and potentially save hundreds of dollars on annual insurance premiums.

When judging the safety of a particular vehicle, car insurance companies will consider the following:

Anti-Theft Features

New cars are fitted with a host of features designed to make criminals’ lives harder. In the old days, cars could be stolen with a wire hanger/screwdriver and a little persistence. These days, thankfully, they’re much harder to crack and these features provide insurers and owners with a little peace of mind.

Safety Features

The National Highway Traffic Safety Administration (NHTSA) applies rigorous safety tests to all new vehicles, giving them a safety rating of between 1 and 5 stars, with 5 being the highest.

The NHTSA runs collision checks to see how the vehicle fares when hit from the front or the side, while also looking at stability, air bags, tires, and additional safety features. The higher the rating, the lower the insurance premiums, at least in theory.

Repair Costs

How much does your car cost to repair, are the parts widely available, does the car have any specific features or requirements that make a mechanic’s job harder? All these things will be considered during the underwriting process.

It’s one of the reasons sports cars have higher insurance premiums. Not only are they faster and involved in more high-speed accidents, but they’re also very expensive cars to fix.

Statistics

Underwriters don’t simply focus on safety ratings, repairs, and built-in features. They want to know how the car fares in the real world; how those features translate into practical costs. Generally speaking, a new car with advanced anti-theft features will be stolen less often than an older car. 

However, if the statistics suggest otherwise, for whatever reason, you may not be offered the low premiums you’re expecting. Maybe there is a serious security flaw in the car’s anti-theft mechanism, and this has resulted in a spate of thefts; maybe it’s just really popular with criminals. 

Whatever the reason, a car’s safety mechanisms are only as good as their real-world applications.

Other Things to Consider

Your driving record and type of car aren’t the only things that can impact insurance costs, nor are they the only things you can influence:

  • Driving Courses: Defensive driving courses can reduce the cost of your insurance policy as it proves you’re a capable driver and suggests you’re less likely to be involved in an accident.
  • Parking Your Car: Where you park your car on an evening can have a serious impact on your insurance premiums.

How Much you Drive: It stands to reason that a policyholder who drives for one or two hours a week is less likely to be involved in an accident than someone who spends all day on the road.

Source: pocketyourdollars.com

Cheap Car Insurance for High-Risk Drivers

  • Car Insurance

Insurance companies profit by carefully calculating probability and then accounting for it. Your insurance premiums are closely tied to your risk factors; the more at-risk you are, the higher those premiums will be. But that doesn’t mean that you can’t get affordable insurance just because you’ve had a few violations.

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What Makes you High-Risk?

You may be deemed high-risk if you have received a violation of any kind. There are minor and major violations, ranging from parking fines, moving violations and traffic violations to drunk driving and more. The most serious and destructive violations include:

Driving Under the Influence (DUI)

A DUI, also known as a DWI, can have a big impact on your car insurance premiums. It’s a citation that results in more bodily harm and property damage than any other, and it’s also connected with more death benefit payouts than any other type of driving citation, making DUIs a huge red flag for all insurance companies.

If you have a recent DUI conviction on your record, you’ll struggle to get comprehensive insurance coverage for a reasonable price, but there are a few things you can do, as discussed in our guide to Getting Car Insurance with a DUI.

Racing and Speeding

Speeding increases your risk and many insurance carriers will charge you over $100 more for every speeding ticket that you receive. If you’re charged with “Racing”, the penalties are more severe and you may be charged an additional $1,000 a year.

It only makes sense, as street racing turns you into a high-speed liability. Your car insurance premiums increase because you’re more likely to do harm to yourself, your car, your passengers, and all innocent bystanders. It doesn’t matter how good of a driver you think you are, in the eyes of an auto insurance company, you’re an expensive disaster waiting to happen.

At-Fault Accident

A car accident that was caused by you and led to significant payouts by the insurance company can have a massive impact on your auto insurance rates. 

Collision coverage and liability coverage are essential components of any insurance policy and if there is extensive property damage and motorist injuries, resulting in major repair work and liability claims, the provider will be hit with a sizable bill.

It should come as no surprise, therefore, that an at-fault accident can increase your insurance premiums by over $600 a year.

Reckless Driving

If you’re cited for reckless driving, your premiums may increase by anywhere from $300 to $1,000 a year. The risk of bodily injury and property damage increases, as reckless driving is defined as driving without care and putting yourself and others in danger.

Other High-Risk Factors

You are also considered to be a high-risk driver if you’re young and male, as young drivers are significantly more likely to claim than drivers aged 25 or older and male teen drivers are twice as likely to claim as females. That’s why young drivers pay higher car insurance rates on average.

But your demographic and driving record aren’t the only things that can prevent you from getting a cheap auto insurance policy. You’ll also be charged higher rates if you:

Have a Poor Credit History

Your credit score impacts pretty much everything that you do financially. It can reduce your chances of getting a credit card or mortgage; it can stop you from getting security clearance and securing the job of your dreams. 

Believe it or not, your credit score is also considered by your insurance provider, as studies suggest that bad credit policyholders are more likely to claim.

Live in a High Claim Area

The best safety features and the safest cars won’t matter much if the driver lives in a high claim area and drives a car that is frequently stolen. In this case, you’re paying for the mistakes of others as the insurance company tries to balance its books.

Have no Driving Experience

Your experience is key, so your driving history will always be factored into the equation when applying for car insurance quotes. If you have some experience behind you and haven’t made any claims, you can secure lower premiums. If not, you have no proof that you’re a good driver or a safe driver and will be considered a risk.

Live in Rented Accommodation

Your credit score isn’t the only surprising criteria considered by insurance carriers. They will also consider whether you are a tenant or a homeowner, with the latter offered lower premiums on average. Again, it all comes down to probability, as studies suggest that renters are more likely to claim than homeowners.

How to Get the Cheapest Car Insurance

As noted above, all insurance companies calculate risk and probability to determine how much of a liability you are. This is true for life insurance, homeowner’s insurance, and pretty much all other forms of insurance. Your goal, therefore, is to reduce that risk, keep that liability to a minimum, and make sure you look like a prime candidate in the eyes of car insurance companies.

To get cheap car insurance, therefore, just keep the following in mind and you can secure some car insurance discounts:

Choose the Right Car

A new car can reduce your premiums, especially if it comes with a high safety rating and has anti-theft features installed. SUVs have the highest safety ratings and can save you a lot of money when dealing with major insurers like Geico, State Farm, and Allstate, but there are some highly insurable sedans and smaller cars as well.

Look for the safety rating, check for an anti-theft device, and scour the rates before you buy your car.

Get Training

By completing a defensive driving course, you can prove to your insurers that you are a safe driver who knows what they are doing on the road, thus securing a lower rate than you would get if you didn’t have that all-important certificate.

Improve your Credit Score

A few points can make a big difference, netting you a policy discount and giving you more options if you ever need to apply for a new line of credit or loan. 

Multi-Policy Discount

By taking out different types of coverage with the same provider, you can benefit from bulk rates, known as “bundling”. Like a multi-car discount, you’re essentially getting wholesale rates on your insurance policies.

Providers like Progressive, Nationwide, State Farm, and Geico offer discounts when you bundle car insurance with home insurance, life insurance, and more.

Bide Your Time

Time is your friend when looking for the best car insurance rates. If you have multiple violations and you’re still a teenager, then making do without a car for a while could save you a small fortune. Not only will those violations expire, but you’ll be a little older and will therefore not be considered as much of a risk.

You’ll still be considered high risk as a new driver, but there will be significant savings to make, nonetheless.

Bottom Line: Getting the Cheapest Insurance Policy

Being high risk doesn’t mean you can’t get insured. It just means your car insurance policy will cost more than someone who has a clean driving record and ticks several other boxes with regards to the ideal policyholder. By searching, comparing, and doing what you can to decrease your liability, you can keep those insurance costs to a minimum and save hundreds of dollars a year.

Source: pocketyourdollars.com

How to Get Free Car Insurance Quotes

  • Car Insurance

Choosing the right car and getting an auto loan is only half the battle. You still need car insurance coverage and finding the right insurance policy is a taxing, boring, and often expensive process. But if you keep some simple tips and techniques in mind, you can find affordable car insurance quotes and save yourself a fortune on insurance premiums. 

Find your best rate on Car Insurance!

Attention: Still Open During the Financial Crisis…

Tip: Act now to see if you qualify for lower rates!

Compare free personalized quotes from the nation’s top providers.

How Can You Get a Free Car Insurance Quote?

Car insurance quotes should be provided free of charge. That’s not the case for all of them, but there are plenty of companies and services that will provide you with a free quote. You can then compare these quotes to help you find the best policy.

Online car insurance quotes are generally free, so if you’re being charged a fee, take your business elsewhere.

How to Find Cheap Auto Insurance Quotes

There are a few simple steps to getting a free quote and using this to secure the cheapest car insurance rates:

1. Be Prepared

To save yourself some time when dealing with car insurance companies, make sure you have some essential information, including:

  • Personal Information: You’ll need to have your basic information at hand when dealing with insurance companies. This includes your driver’s license and the details of everyone else included in the auto insurance policy.
  • Vehicle Information: Make a note of the mileage and the date that you purchased the vehicle, as well as the make and model.
  • Vehicle Identification Number (VIN): You can get the VIN from the dealer or seller.
  • Driving Record: Note down all accidents and claims, as well as any driving courses you have completed.
  • Insurance Record: Finally, many car insurance policies will insist on at least 6 months of insurance before they supply you with a new policy.

2. Understand What They’re Looking for

Knowing what car insurance companies are looking for can help you prepare and allow you to secure some cheap and comprehensive coverage. Generally speaking, the things that have the biggest impact on your quote include:

  • Age: Young drivers are significantly more likely to be involved in an accident and to make a claim, so they can expect to pay more for motorist coverage. Policies should get cheaper as you age, but this changes once you reach your 50s and you will start receiving more expensive quotes thereafter.
  • Coverage: The extent of your coverage is key to the price of your policy. Do you need roadside assistance, how much liability coverage do you need, and what other coverage options should you consider?
  • Car Insurance Discounts: A safe driver in a new car with no claims can secure some big discounts on an auto insurance policy. There are even student discounts for teen drivers and policyholders who have completed defensive driving courses.
  • Location: Your location has a major impact on the cost of your auto policy, and whether you’re in California or Hawaii, Florida or New York, could impact your policy by tens of dollars.
  • Marital Status: You’re more likely to get cheap car insurance quotes if you’re married, as you’re statistically less likely to make a claim.
  • Renter vs Homeowner: A homeowner pays less, on average, than a renter.  The difference is slight but could save you tens of dollars a year.

3. Improve Your Chances of Getting Cheap Insurance

You can’t magically make yourself a few years younger (if only!) and if you’ve already made a claim on your insurance there’s not much you can do to reverse time and undo that claim. However, there are a few ways you can reduce your premiums and bring those insurance costs down, including:

Check Your Credit Score

Your credit score plays an important role in pretty much every financial decision that you make, whether you’re applying for a credit card, looking into life insurance or getting an auto insurance quote. 

A good credit score shows that you’re a trustworthy individual who knows how to handle your finances. It also suggests that you’re less impulsive. 

Of course, that’s not always the case and having a bad credit score doesn’t mean you’re impulsive and reckless. Far from it. However, insurance is based on statistics and probability, and statistically speaking, an individual with bad credit is more likely to be reckless than an individual with good credit.

Check Your Auto Insurance Coverage

There’s no point paying for full coverage if you’re driving a cheap car that costs less than $500. Be careful how you structure your auto insurance with regards to liability, collision coverage, and auto repair. Make sure you weigh the pros and cons against your car and the likelihood of encountering an issue and use these to set realistic and affordable premiums.

Look for Insurance Discounts

You can secure auto insurance discounts for a variety of reasons. One of the best of these is a multi-policy discount, which is offered to policyholders who have several different policies with the same insurance provider. For instance, you can purchase life insurance, property liability insurance, and more, with the insurer essentially offering you a wholesale discount.

There are also discounts for multi-car and driver policies, whereby you add several cars or drivers onto the same policy. But the reductions don’t stop there, and you should also look into the following:

  • Good driver discounts
  • Discounts for student drivers
  • Discounts for paying in full
  • Paperless discount (provided when you agree to paperless billing)
  • Company and employee-based discounts
  • Military discounts

Shop and Compare

Don’t accept the first policy you’re offered; don’t assume they’re giving you the best price and complete coverage. Work with different insurance agents, check multiple providers, and run some searches on comparison websites.

Bottom Line: Free Auto Insurance Quote

Most auto insurance companies provide you with auto insurance quotes for free, and there’s no reason why you should be paying money for these quotes. Be wary of any companies or sites that charge you for this service, remember to compare several quotes from several different companies, and once your policy begins, keep searching for discounts and doing what you can to reduce quotes in the future.

Source: pocketyourdollars.com

Life Events that Impact Car Insurance Rates

  • Car Insurance

Insurance is a numbers game. Underwriters base their rates on the likelihood of an insured making a claim; the more likely you are to claim, the higher your insurance premiums will be. It’s as simple as that. To get the best rates, therefore, you need to present yourself as a low-risk customer. 

Find your best rate on Car Insurance!

Attention: Still Open During the Financial Crisis…

Tip: Act now to see if you qualify for lower rates!

Compare free personalized quotes from the nation’s top providers.

But what can you do to reduce this risk; what major life events are impacting your chances of getting affordable car insurance cover?

Birthdays

Your 18th and 25th birthday have a massive impact on your auto insurance policy. After these dates, your risk plummets, and your rates soon follow. Car insurance companies base their rates on probabilities, as discussed above, and a 16- to 17-year-old is twice as likely to have a car crash than an 18- to 19-year-old. 

At this young age, you pay a higher deductible because your insurance needs are greater, but as soon as you turn 18, you can secure lower rates and bring those car insurance costs down.

A teen driver is between 2 and 5 times more likely to have an accident and suffer bodily injury than a driver aged between 25 and 35, so car insurance costs will reduce even further once you reach 25.

The cheapest rates tend to be reserved for policyholders aged between 50 and 60. At this age, insurance premiums cost around $1,200 on average, compared to the $5,000+ paid by the average 16- to 18-year-old teen driver. However, costs begin to increase again after this age. Even if you have a relatively clean driving record, auto insurers will consider you to be a greater risk and will increase your premiums as you age.

Motorists over the age of 80 can expect to pay roughly the same as those aged between 20 and 29, for example.

Getting Married

Your marital status is considered by underwriters for most insurance policies, including homeowners insurance. Again, it’s all about probability, and statistically speaking, married policyholders carry less risk than their single counterparts. Where car insurance is concerned, this is even more poignant, as you’re more likely to use your spouse’s car. 

Your insurance company may also provide you with a multi-car discount, allowing you to save even more on your car insurance policy. Speak with your provider to discuss potential savings and benefits. 

As an example, a married couple will pay around $1,600 on average for a joint policy with Geico, and if they have more than two cars between them, they can shave up to 25% off the cost.

By the same token, however, these rates may increase if you get divorced, with the average increase being around $120 to $140.

Buying A Home

In the eyes of an insurance company, you’re more responsible when you buy a home and your rates may decrease as a result. However, the best thing about this life event is that it allows you to take advantage of multi-policy discounts. 

If you take out many different policies with the same provider, you can shave hundreds of dollars off your annual premiums and will be covered for everything from property damage to medical costs, physical injuries, vandalism, and breakdowns, all with the same company.

Buying a home also improves your chances of securing credit and it gives you more options when times are tough. Homeowners can tap into their home equity whenever they need a little cash and because they can use their home as collateral, they can also benefit from low-interest secured loans.

Buying a home is one of the biggest life changes you can make and it’s also a costly one as it leaves you with substantial and long-term debt, but it’s a decision that generally carries more positives than negatives.

Getting a Job

As an employee you can benefit from company discounts and policy offers, potentially saving on a host of insurance policies and shaving dollars off your car insurance policy. This isn’t true for all jobs and all employers, but it’s worth looking into.

Ask your employer if there is any way you can save money on your insurance and if there are any other benefits you can take advantage of.

Paying Off Debt

Repaying debt is a huge accomplishment, especially when you consider that three-quarters of all Americans will die with substantial debts and many of those will have lived with debt throughout their adult life. 

Repaying debt provides you with a little more financial freedom and is a significant weight off your shoulders, but it can also reduce the price of your auto policy by improving your credit score.

Bad credit increases your risk significantly and is factored into a lot of calculations, including job applications and security clearances.

How Much Does Car Insurance Cost?

The exact price of your car insurance policy will depend on a number of factors, from coverage limits to your age, personal circumstances, driving history, and type of car. Whether you have a new car or a used car will impact the price, but whether it has features such as emergency braking, anti-lock brakes, and airbags, will also make a difference.

Discuss your options with insurance agents, compare rates from multiple companies, and don’t forget to consider extras such as rental car expenses and collision coverage. Your goal is not to simply get the cheapest auto insurance premiums and move on. You need to think about what will happen if you ever have an accident and file a claim. If you’re cheap today you could be hit with some costly expenses in the future.

Summary: Comparison Shop and Benefit

Every time a major life event occurs, you should consider changing your insurance policy. Car insurance isn’t like life insurance or health insurance; it doesn’t increase as you age and the cheapest policy isn’t the one you’re offered at the first time of asking. If anything, the opposite is true, because as discussed above, teen drivers and young drivers pay huge premiums every month.

Comparison shop, negotiate, and don’t be afraid to look for a new provider. Car insurance companies do everything they can to compete with one another and switching is a great way for policyholders to take advantage of different circumstances and secure reduced premiums.

Source: pocketyourdollars.com

The Economic Impact of Commercial Real Estate

New commercial real estate development, and the ongoing operations of existing CRE buildings in the United States, had a vital impact on the U.S. economy in 2020, supporting 8 million jobs and contributing $1.01 trillion to U.S. GDP, according to a study released last month by the NAIOP Research Foundation.

The study broke out several key measures by sector – and demonstrate the impact of the pandemic:

  • Office construction expenditures totaled $38.8 billion in 2020, down 28.5% from 2019.
  • Retail construction totaled $11.7 billion in 2020, down 29.5% YOY. This was the fifth straight year of decline.
  • Warehouse construction outlays decreased slightly in 2020, down just 0.3% YOY.
  • Industrial (manufacturing) construction spending was hard hit, declining 29.5%.

The top five states in 2020, by development impact, were Texas, New York, Florida, California and Illinois.

This year, job growth is expected to improve, and GDP growth will make up some of what it lost in 2020. And NAIOP remains optimistic. “Many factors point to a commercial real estate rebound in 2021,” said Thomas J. Bisacquino, president and CEO. “We believe that while the pandemic has accelerated trends already progressing in real estate, we have a bright future.”

Source: century21.com

How to Get the Best Car Insurance Discounts

  • Car Insurance

Car insurance rates can be impacted by everything from your driving record to your age, and as you get older and more experienced, you may be entitled to auto insurance discounts. These discounts are often available when you renew, but you can also take advantage of them before you apply.

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In this guide to car insurance discounts, we’ll tell you what discounts you’re likely to be entitled to, how you can get them, how much they can save you, and more. 

Car insurance quotes can be astronomically high for some applicants, but armed with this advice you can bring those rates down and shave tens and even hundreds of dollars off your policy.

What are Car Insurance Discounts?

​Auto insurance companies base their prices on a series of risks and probabilities. They use statistics to determine the likelihood of each applicant applying, and this allows them to earn a profit when all policyholders have been considered.

If you’re young, drive frequently, and have a history of road traffic accidents, you’re a higher risk as you’ll likely cost them more over the term. If you drive less, claim less, and reach an age where you’re deemed to be low-risk, you will cost them less so they can save you more.

In some states, a driver discount is required by law. State law requires these benefits to be offered to encourage good driving, as many policyholders take their driving records very seriously.

What Types of Discount Can You Get?

There are many types of car insurance discounts available, all of which can help you to save money on your insurance policy. These discounts relate to everything from your driving record to your loyalty and more.

Driving Record

You can get better rates if you can prove that you’re a low-risk driver, which typically means you have driven for several years without claims. A good driver who has never been in a car accident can shave over 25% off their insurance premiums. The types of discount and potential savings include:

  • No Accidents (up to 25%): You need to be accident-free for at least 3 years. However, this only applies to chargeable or no fault accidents, which is essentially an accident for which the insurance company needs to payout.
  • Low-mileage (2%): If you drive between 5,000 and 15,000 miles a year, you could qualify for a low-mileage car insurance discount.

Age and Gender

Driving habits are closely tied to your age and gender. A man between the age of 16 and 18 is significantly more likely to be involved in an accident than any other demographic. And that’s not the only difference, as the likelihood of claiming decreases for each decade until a certain point, after which it begins increasing again.

You can save huge sums of money by changing your provider or your policy as you age, and all this stems from the following car insurance discounts:

  • Good Student Discount (up to 25%): Work hard in high school and college, secure some good grades and you could qualify for a good student discount, reducing your policy by anywhere from 15% to 25%.
  • Students Away from Home (up to 30%): Students who study a long way from home (typically over 100 miles) can qualify for discounts as they are less likely to use the vehicle.
  • Homeowner Discount (up to 15%): Homeowners are deemed to be more responsible than renters. This might seem a little harsh, but it all comes back to statistics and they suggest that you’re less likely to claim if you own your own home.
  • Low Income (varies): Car insurance companies are required to offer discounts for policyholders in low-income employment, and these discounts can differ considerably.
  • Senior (up to 35%): Car insurance companies are also required to offer discounts to applicants aged over 65, even though the risk of claiming on an auto insurance policy increases above the age of 60.

Brand Loyalty

Many companies offer loyalty discounts these days and your insurance provider is no different. You can save money on your auto policy just because you have stuck by a single provider for a number of years, with discounts for all the following:

  • Multi-Policy (up to 10%): You can get a multi-policy discount when you purchase several different insurance options from the same company. Speak with an insurance agent to discover how much you can save by combining homeowner’s insurance, car insurance, and more from the same company. The biggest car insurance providers (GEICO, Allstate, State Farm) provide numerous options. This is also known as “bundling”.
  • Multi-Car Policy (up to 25%): Add all the drivers in your home onto the same policy. This can make things complicated if you have young drivers on the policy, but it’ll be cheaper than if you were to get separate policies for them. A multicar discount could net you a saving of up to 25% on comprehensive coverage, so it’s well worth looking into.
  • Renewal (up to 10%): Renew with the same provider at the end of the term and they might offer you a discount, offsetting the extra cash you might spend by going elsewhere.

Driver Training and Safety Features

Everything from training courses to safety equipment can reduce your likelihood of claiming. And this goes beyond seat belts, airbags and the insistence that your driving is better than average. You need to make a concerted effort if you want to secure some serious safe-driver discounts:

  • Anti-lock Brakes (10%): An important safety feature that could reduce your car insurance policy by as much as 10%.
  • Anti-Theft Features (up to 20%): Theft is a common occurrence, with roughly 230 thefts for every 100,000 car owners. This simple feature could net you some vehicle discounts by reducing the likelihood of your car being stolen.
  • Green Car (10%): Driving a green or hybrid car can save you money on gas while also reducing your auto insurance premium.
  • New Car (10%): Newer cars are more likely to have an anti-theft device installed and also offer better safety features and other benefits. They are less likely to breakdown, as well.
  • Airbags: While we joked that you won’t receive a discount just because your car has airbags, there is an exception. You may require more car insurance coverage if you have an old car with no airbags, but if you have factory-installed airbags in an old car you can save on this feature. This discount is also known as passive restraint.
  • Driving Training (Varies): Take a defensive driving course to prove you can handle yourself better. A defensive driver is less likely to claim and the money you save by taking this course is likely to offset its cost.

Affiliations

Simply being associated with certain companies or associations can reduce your auto insurance premiums, as outlined below:

  • Company Affiliation (up to 25%): Membership clubs, schools, and workplaces may have discount programs in place to help you save.
  • Military (up to 90%): Military vets can save up to 10%, but this increases significantly for anyone actively employed, with discounts going as high as 90%.

Payment Options

A few simple adjustments to the way you pay for your car insurance premiums could net you a substantial saving on your policy.

  • Auto-Pay (Varies): Schedule an auto-pay to ensure you never miss a payment and your provider may give you a percentage discount or some cash back.
  • Paperless (3%): Go paperless to reduce waste and to save your auto insurance provider a few dollars in the process. There really is no need to get paper statements in this day and age, so this is something that every policyholder should consider.
  • Paid in Full (up to 10%): If you pay your annual policy up front you may be offered a sizeable discount. These discounts are nearly always provided by subscription services as it keeps you locked in and allows them to collect all the cash straight away. By offering you a discount, they can pass some of the savings on.

How Much Can I Save?

We have given you a few examples of how much you can save, but that’s all they are, examples. You shouldn’t take this as fact and assume that your provider will offer you these discounts. 

Talk it through with them or with your insurance agent, see what discounts they can offer you, and if you’re not happy with what’s on the table then don’t be afraid to look elsewhere.

You can also improve your auto insurance quote by increasing your credit score and shopping around for the best car insurance. There are dozens of major providers nationwide and once you factor the smaller players into the equation that number stretches well above 100. Don’t assume that you’re getting the best offer possible just because the same company has offered you a good rate for other types of insurance.

It’s also worth noting that the cost will be impacted by your location, with car insurance prices and discounts differing considerably from state to state.

Source: pocketyourdollars.com